Daily Litecoin News Update
Cryptocurrency prices continue to seesaw between green and red. The recovery from the crash remains sluggish. But we’re not reading too much into the daily price movements anymore unless it’s a jumbo-sized swing. Instead, what we are focused on now are the indicators driving a crypto’s long-term performance.
When speaking of Litecoin, we have long maintained that it is one cryptocurrency at the top of its game. In our dictionary, Litecoin has always been an “elite coin,” in the same league as Bitcoin.
Two pieces of good news in the past couple of days reaffirm our take. Litecoin has just received recognition in the public and private sector for its real-world potential.
First off, the government of Arizona announced last week that it is planning to allow residents to pay taxes in cryptocurrencies. The Senate has already passed the bill and is waiting for the House to approve it. If it gets adopted, Arizona would become the first U.S. state to accept tax payments in the form of cryptocurrencies.
Now, Litecoin is the cryptocurrency that earned a clear citation in the bill. According to the bill, residents of Arizona may be using “a payment gateway, such as Bitcoin, Litecoin or any other cryptocurrency recognized by the department, using electronic peer-to-peer systems” to pay for their taxes. (Source: “US: Arizona Senate Passes Bill To Allow Tax Payments In Bitcoin,” CoinTelegraph, February 11, 2018.)
Moving on, in other news yesterday, Microsoft Corporation (NASDAQ:MSFT) shared grand plans to create a system of decentralized digital identities (DIDs) on blockchain. The idea is to create a database of verifiable identities that will be uncensored and uncontrolled by any government or organization, including Microsoft.
This is where Litecoin received a mention in the blog post. “Some public blockchains (Bitcoin [BTC], Ethereum, Litecoin, to name a select few) provide a solid foundation for rooting DIDs.” (Source: “Decentralized Digital Identities and Blockchain – The Future as We See It.,” Microsoft Blog, February 12, 2018.)
There you go. Litecoin got mentioned in the same breath as Bitcoin. Twice. In fact, it’s the only cryptocurrency that received an explicit mention other than Bitcoin and Ethereum.
Reading between the lines, governments and corporations are putting Litecoin’s technology on par with crypto heavyweights Bitcoin and Ethereum. Popular cryptos like Ripple and Bitcoin Cash did not make the cut here.
It goes to show that this crypto is just about as admired, if not more, in the government and corporate circles as it is in the investor community.
The reason that these organizations are mentioning Litecoin is obvious. Litecoin has superior technology compared to Bitcoin. It is both more scalable and cheaper. Security is an added bonus, which will further improve as Litecoin adopts the “Schnorr Signatures.”
Litecoin is gradually establishing its name in the industry. Litecoin’s growing popularity only makes us more optimistic in our Litecoin price prediction for 2018. Our LTC price target stays steady at $400.00 apiece.