LiteCoin's Major Announcement of LitePay & LitePal | Litecoin Cash Harfork but is it Safe? | 10 STEEM Giveaway Winner Announcement
Litecoin has always been a currency to implement updates faster than bitcoin. As we know, in words of its founder Mr.Charlie Lee, if Bitcoin is digital gold then Litecoin is digital silver. It has always been fighting for its status to be a digital silver against bitcoin.
Even when there were discussions about SegWit & lightning network activation in bitcoin network. Litecoin got them implemented first and showed us, how important those updates are for bitcoin network.
It also is worth mentioning that even after the announcement of Mr.Charlie Lee selling all his Litecoin, It didn't get the rejection as most people predicted in the past.
Now, Litecoin has come up with two major announcements in payment settlement solution with LitePay and LitePal. These two additions can become a game changer for Litecoin network and can help increase Litecoin adoption in masses.
What is LitePay?
LitePay is around the corner, Their release is in the month of February itself. LitePay is set to provide with Litecoin Visa Debit card for people. Where anyone can load Litecoin into their wallet and make payments in USD by using Visa powered debit card. It has also come to light that their charges as nominal as 1% for card loading and spending.
How LitePay Works?
Currently, they are not open for signup but you can subscribe to their email list to get updates fast on their official website LitePay.us If you are in the United States, You'll probably be the lucky one to get the Litecoin debit card soon enough. However, it's still unclear to me if they will be providing these cards worldwide.
What is LitePal?
LitePal sounds to me like it's a PayPal rival, according to its announcement and it's official website "LitePal.io" this seems to be the case. It is more of a decentralized version of PayPal for merchants to accept online transactions worldwide with lower fees and high-speed transactions.
According to their official website, LitePal will not only be accept lightning fast Litecoins but funds can be accepted from other sources as well which includes Bitcoin, Paypal or even western union. However, their release date is by the end of this year.
Litecoin Cash Hardfork
Litecoin is also coming up with a hard fork which would reportedly provide us with Litecoin Cash but would it be safe enough to claim Litecoin cash tokens?
According to a Tweet from Mr.Charlie Lee Founder of Litecoin he quoted:
“PSA: The Litecoin team and I are not forking Litecoin. Any forks that you hear about is a scam trying to confuse you to think it’s related to Litecoin.”
“Don’t fall for it and definitely don’t enter your private keys or seed into their website or client,” he added. “Be careful out there!”
This seems to be a new trend these days. Since blockchain is open-source, It's easy for developers to hard fork a coin with no actual update in technology but just to take a portion of it from the start. We don't have much information on Litecoin Cash as if now but this hard fork seems to happen on 19th Feb tentative with 1:10 ratio which means for every 1 Litecoin you are going to get 10 Litecoin Cash, This hard fork is set to happen at block number 1371111 (According to their official website: litecoinca.sh).
However, if you transfer your coins to Binance Exchange and keep there till hard fork. If you are willing to get Litecoin Cash without sharing your private key to the network this is by far the safest solution out there, in my opinion.
We have already seen Litecoin climbing up and after the announcement of LitePay & LitePal. It is more likely to hit/cross 500 USD until March 2018. Please let me know your thoughts on this in the comment section below.
Please Note: I do my own research and like to share my thoughts with people for open discussion and Ideas. I am by no means a professional financial advisor and Always encourage everyone to do their own research before investing in any cryptocurrency.
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Sweet! Binance will support Litecoin Cash! Ther was no way in hell I’d give them my key!
I haven't seen any evidence of binance supporting it. But you can claim the fork coins without revealing keys to your LTC funds (although you'd have to move them to a new wallet after the fork time). @rasor did a nice breakdown of process: https://steemit.com/litecoin/@rasor/how-to-safely-and-securely-claim-your-litecoin-cash-from-the-litecoin-hard-fork
Yes, that's binance's basic feature. It provides all hard fork coins @mcoinz79
you can also choose to go with @bartley's mentioned post from @rasor, that's also quite good and safe.
I never heard it’s a basic feature of binance.
I have received every single hard fork of Bitcoin there. even, BTCD and SBTC. (Not suggesting. It's a good idea to hold your coins for long in exchanges). It was just a thought to claim Litecoin Cash safely and easily (safer than using your private key). @mcoinz79
could you please give me link to info about binance and litecoin cash fork? thanks!
Binance is an exchange that provides all the hard forked coins in your balance. It also provides Free GAS if you are holding NEO tokens, you can signup with my link here: https://www.binance.com/?ref=10782921
Bitcoin prices always shoot up after hardfork. I excepted the same for siacoin also and i was right. Now i am keeping my fingers cross for litecoin .
Siacoin has a lot to improve, Hopefully, their upcoming update will improve most of it's functionality @shagungupta
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I've always been bullish on litecoin. This is good news! just what Litecoin needs.
@kouba01 Agreed, Litecoin team is putting a lot of efforts into making it successful payment process solution.
By the end of the year 2017 litecoin has achieved the name. The value has increased to a great deal. Here is a link that shows the market cap and litecoin chart for some previous years.
https://coinmarketcap.com/currencies/litecoin/
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I would like to be more cautious with this litecoin fork. Now specially i will be more cautious after the founder of litecoin has released his statement.
@themobilewriter I don't think it's wise to use your private to fetch Litecoin cash, especially at this moment.
The great Steemian @bunnychum, you have brought another great update again and it's indeed wonderful. Thank you. I wish coins like litecoin grows as bitcoin, at least to some extent one can still compare the sliver to gold, if litecoin is the sliver digital currency, then let's see it fly soon.
@tezzmax thank you for this wonderful comment, I really appreciate it 😀
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I've written a guide on how to safely claim your Litecoin Cash #LCC from a Litecoin #LTC core wallet.
Would appreciate if you share and comment on it guys.
How to safely and securely claim your Litecoin Cash from the upcoming fork
@rasor thank you for sharing this with nice and easy steps