Daily Litecoin News Update
The bloodbath continues in the crypto world as cryptocurrencies edge lower for the fourth consecutive day. There are no second guesses that jumpy investors are, in fact, jumping ship.
But the disciplined investors who continue to “HODL” must find solace in the fact that Litecoin is inching closer to achieving its goals. We have our fingers crossed as we anxiously await the release of the impending Litecoin upgrade.
For readers unaware of the upcoming upgrade, Litecoin founder Charlie Lee announced that it was in the works about two weeks ago. As part of the upgrade, Litecoin users will see transaction fees drop significantly.
Lee recently released a small update to Litecoin’s core technology, under which relay fees have been lowered. He has not given a final release date for the bigger upgrade, but we’re hoping it would be sooner than later.
Precisely speaking, in the recent upgrade, relay fees have dropped from the previous 0.001 LTC to 0.00001 LTC. The bigger future upgrade following this one will reduce transaction fees from 0.001 LTC to 0.0001 LTC.
Is that too much mumbo-jumbo to process? Allow me to decipher it for you.
Transaction fees are pretty straightforward to understand. These are the fees you pay the miners for putting your transaction on the block. Simply put, it’s the fee you’re charged in an average LTC transaction.
In case your transaction is so small that the transaction fee it’ll generate is insufficient for your transaction to enter the memory pool where miners pick it up, you pay the relay fee to relay your transaction across the network looking for anybody to come in and enter it on a block. In other words, it is the minimum incentive you’re ready to pay for your transaction to be processed.
Read all of this text to simply mean that fees to use LTC are about to go further lower than Bitcoin.
In other words, we’re getting another step closer to seeing Litecoin attain the status of the ultimate “payments coin,” ahead of the mighty Bitcoin.
Mind you, Litecoin is already a cheaper and faster alternative to Bitcoin and is slowly but steadily reaching the mainstream.
Litecoin survived a worse crash in 2014 and lived to see many glorious days. At this point, we are finding solace in four words: this too shall pass. As we await the upgrade, our Litecoin price prediction is unaltered with an LTC price target of $400.00 for 2018.