The past few days have been very interesting for Litecoin and its community. As the LTC market cap surpassed that of Bitcoin Cash, an important first step has been taken. It is equally crucial to look at what triggered this ongoing increase in value.
USA Gas – Philadelphia Makes a Change
Although one may not think much of it when reading the title at first, this is a very big step forward for Litecoin. USA Gas in Philadelphia runs a Bitcoin ATM in the area. That is not entirely abnormal, but a major change took place under the hood.
The ATM now offers the lowest transaction fees when buying or selling Litecoin and Bitcoin. This is made possible thanks to the work by Pay Depot. Lower transaction fees are always beneficial when using ATMs, as these machines tend to incur rather high overall fees.
The Belarusbank News
It has been coming for a while now, but more banks are opening up to cryptocurrencies. Belarusbank is the latest to do so, as the institution now lets customers buy Bitcoin directly. With the help of OTC broker White Bird, the service is a big step forward for cryptocurrency adoption in the region.
Furthermore, the plan is to introduce support for Litecoin and Ethereum in the coming months. Combined with the planned expansion to Ukraine, Georgia, and CIS nations, there is some reason to be cautiously optimistic.
The Litecoin Card is Alive
Another bit of news initially perceived as a rumor comes in the form of the Litecoin card. This debit card is accessible to US residents only – for now – but can make it a lot easier to begin spending Litecoin online and offline. This card is the result of a partnership between the Litecoin team and Ternio.
It represents a key partnership, as Ternio is VISA’s only crypto-focused partner as of right now. A positive sign for the Litecoin Foundation, as this card had been rumored to begin shipping for months now.
Grayscale Premiums are Getting Absurd
Most people are well aware of how Grayscale allows users to expose themselves to cryptocurrency. As is often the case when going through intermediaries, there is a premium fee to pay. For most assets, that fee is “normal”, with a few exceptions. Ethereum and Bitcoin Cash have a premium of 52.8% and 557.7% respectively.
Litecoin, however, goes one step further with its premium of 2,398.6%. It remains to be seen if this is a positive sign, or merely a fluke. It is also difficult to interpret these figures correctly, as no one in their right mind would pay such a high premium for LTC.
The Velvet Fork Rumors
In the past two weeks, there have been some interesting rumors regarding Litecoin. One such rumor pertains to introducing a “velvet fork”. Such an approach is less intrusive than a hard fork, nor does it require majority consensus. If implemented, the velvet fork will improve Litecoin’s cross-chain communication, introduce smart contracts, and improve scalability.
This concept is proposed by Charles Hoskinson, and may never become a part of Litecoin. However, it seems there is some merit to this particular concept. More importantly, the people who want to use the velvet fork won’t trigger a chain split with those who don’t see the benefits. An intriguing idea, but the outcome remains uncertain.
MobiePay Will Support Litecoin
Building a new universal payment ecosystem from the ground up is no easy feat. The MobiePay team is confident they can achieve the goal of making the spending of cash and digital currency more convenient. With its mobile-first vision, there are some potential options to explore.
MobiePay, the ePOS and Merchant gateway of Mobie, will support Litecoin by default. Enabling support for LTC through the MobieWallet can make this cryptocurrency more accessible, but also more appealing to merchants who favor lower transaction fees. For now, it remains to be seen what all of this means for LTC in the future, but the news seems promising.
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