Daily Litecoin News Update
While the G20 leaders put their heads together to plan their next move on cryptocurrency regulations, the crypto market is turning hopeful that something positive is in store for cryptos. Bolstering this hope is Mark Carney’s letter sent to the G20 leaders on Sunday, which hinted that plans to impose strict regulations may be thrown out of the window.
Mark Carney is the head of the Financial Stability Board (FSB), which takes care of regulatory issues for the G20 economies. Basically, this man holds the strings on crypto regulations and it’s evident that he has no plans to pull them against our favor. Just yet.
Litecoin prices, like all other cryptocurrency prices, have bounced back with vigor after a major slump over the weekend. Litecoin prices were up about 10.04% at the time of writing.
Chart courtesy of TradingView.com
So while we anxiously await the minutes of Monday’s G20 meeting on cryptocurrencies, let’s rewind back to last week’s biggest development for Litecoin, which strengthens our bullish take on Litecoin.
Litecoin delivered us with its first real-world use-case beyond just a digital token of payments. For the first time, Litecoin has been used for something more than just exchanging value, which establishes Litecoin’s efficacy as a blockchain technology capable of powering applications. It is an attribute that’s often afforded to the likes of Ethereum, but not pure digital currencies like Bitcoin and Litecoin.
Simply put, Litecoin is breaking stereotypes.
I’m referring to “Abra” choosing Litecoin to power its crypto investing application. In case you missed it, Abra is the first-of-its-kind smartphone application for inter-trading cryptocurrencies and fiat currencies that was launched on Litecoin’s blockchain the past week.
The “Android” and “iOS” application allows users to trade and keep track of their investments from one seamless digital wallet application. Here are at least three salient features that make Abra stand out.
- Abra has been created with an aim to digitize any asset you own and express it in terms of Bitcoin (and eventually Litecoin). For now, the app allows you to use Bitcoin to buy and sell 20 other cryptocurrencies and over 50 other fiat currencies. Eventually, the app founders plan to include other assets like real estate and precious metals.
- Abra uses “multisig” (multiple signatures) technology for added security. It simply means that all transactions are verified by both the user and Abra before they make it to the blockchain. Meanwhile, the user alone remains in custody of his private keys.
- Users can deposit and withdraw funds in USD (or the Philippine peso) or in Bitcoin. All transactions from a bank are free, which means there are no fees to deposit or withdraw funds. Transactions in Bitcoin incur network fees but Abra doesn’t charge a penny. This makes it one of the most cost-friendly options to trade cryptos out there, even better than the efficient exchanges like Coinbase.
In short, Abra is a trailblazer that not only promises to take cryptocurrencies mainstream, but its particular focus on Litecoin makes Litecoin the ultimate winner.
We believe Charlie Lee has made good on his promise of a “huge expected surprise” in the shape of a very fruitful Abra-Litecoin alliance. So far, the market is undervaluing its potential.
But we’re foreseeing it to make a significant difference to Litecoin’s adoption in the coming years. Therefore, our Litecoin price prediction remains bullish with a price target of $400.00.