A good part of this year was deemed horrific for Litecoin, unfortunately for more than one reason. Although 2018 was predicted to be THE year for cryptocurrencies and blockchain technology in general, it seems that Litecoin didn’t get that piece of the pie, as it didn’t get to see almost any of the promised glory.
The first quarter of 2018 already showed a solid portion of tough time for Litecoin when LTC was overthrown by the rising EOS, that was doing more than well at the time while setting new highs even in March when most of its peers were going down against the dollar.
That is how EOS managed to climb up several spots up, consequently taking over the spot number 5, which was reserved for Litecoin for a long time, up until the moment EOS become the top 5th currency in accordance with the coin ranking list.
As if Litecoin wasn’t already going through a rough patch after being overthrown by EOS, we could see its price heavily decreasing not that while ago, as LTC touched its definite low for 2018.
However, despite the turbulent period, LTC shouldn’t be marked as lost to the crypto market.
itBit Adds Litecoin to its List of Trading Cryptos
itBit is an exchange platform owned by a company called Paxos Trust. Approximately one month ago, around mid-June, Paxos Trust has announced that since Litecoin has been given the green light for trading on the US-based exchanges; they will be adding LTC to their trading list of currencies.
itBit has also gone forward with announcing the newly added Litecoin that became available for itBit users, alongside with Ethereum, Stellar Lumens, and Bitcoin Cash.
As of the most recent occasion, itBit users will now be able to sell and trade with ETH, LTC, BCH, and XLM alongside with previously added Bitcoin.
The New York State Department of Financial Services has approved LTC for being traded in the US; hence the decision was made by this exchange to add Litecoin.
Litecoin is not yet getting a use of this latest listing, however, LTC won’t be able to get back to the price above 100$ all at once, but should rather expect a gradual rise of this currency in oppose to the market.
For now, having LTC approved by the New York State Department of Financial Services makes up for a much-needed sign that Litecoin is not over with, while LC might see some benefits from the increased exposure on itBit over the next following months.
Litecoin Foundation: Pay With Litecoin
Litecoin has been around for nearly five years, being out as an ICO back in August of 2013. Since then, Bitcoin’s “little brother” has shown that its security levels as well as processing time for on chain transactions, could without any problem beat the level of security as well as the time needed to process a payment with Bitcoin.
As of the most recent event, COINUT exchange has gone forward with testing Litecoin’s network, marking the testing as successful. On this occasion, Litecoin was tested for security and the time needed for a payment to be processed and marked as complete, while Litecoin’s performance was compared to Bitcoin.
During the test, a test user claims that he only needed 4 minutes for opening a payment channel with Litecoin, while it took him over 20 minutes for the same operation with Bitcoin, concluding the fact that Litecoin makes up as a faster and much secure choice than BTC, which was the original idea that created LTC in the first place – keep everything good from BTC and improve all features that could be made better.
In order to put their product to a good use, Litecoin Foundation has taken a step towards offering the integration of LTC into a variety of different businesses, services, and product stores as a part of their mass adoption campaign called Pay With Litecoin.
Hundreds of small and medium-sized companies and business have already gone forward with applying for this program, that way accepting Litecoin as one of the payment methods available for their products and services.
This mass adoption campaign might probably affect LTC positively in the time to come, so although LTC can’t seem to get a decent rebound for the past couple of months, it seems that Litecoin has a great adoption strategy that should pay off in the long run.
LTC has been most recently mentioned in the same context with Western Union, a prominent financial institution that has previously shown interest in Ripple’s xCurrent, still testing it, hinting that Western Union is referring to Litecoin in the latest patent publication they have released.