Litecoin Price Rises 30% in a Day, LitePay Launch Date Confirmed
Litecoin (LTC) has been making major strides in the cryptocurrency world. The coin jumped roughly 30% in under 24 hours. This is due to the company called LitePay and their announcement that they will be launching their retail and merchant payment solution which is designed to allow Litecoin users to use their coins through a debit card style wallet similar to the one offered by BitPay for bitcoin users.
LitePay announced via the company Twitter account that they would be picking up the challenge of bringing payment methods to the LTC network.
— LitePay, Inc. (@LitePayInc) February 13, 2018
Litecoin’s performance over the past months has been similar to bitcoin and the other top currencies, staying in a bit of a bear market. About a month ago, there was a rumor that the Litecoin network was planning on performing a hard-fork to create another currency dubbed “Litecoin Cash”. Investors who were eager to receive their “free” airdropped Litecoin Cash coins became bullish on the network, stocking up on LTC so that they receive as many of the new tokens as possible.
However, the rumor was discovered to be unfounded when Charlie Lee, the creator of Litecoin, tweeted that the company has never had any interest in forking the network and any suggestion that it is a legitimate claim is completely false, going as far as saying it is an outright scam. We have seen moves like this before with small enclaves of miners rebelling against the core developers of a cryptocurrency with the desire to fork the blockchain.
Miners are drawn to this tactic because a new coin is easier to mine and receive reward tokens from, whereas in many places mining the legacy coin is costlier. However, what makes this particular fork even more out of the ordinary is the lack of any true issues on the legacy LTC blockchain. Bitcoin forked in response to the developers not implementing scaling solutions to the blockchain in order to solve scalability issues. Litecoin doesn’t have the same issues since transaction fees are already far lower than the bitcoin network. Once LitePay comes online we will see a dramatic uptick in the price of LTC, currently trading around $213 at the time or writing
Image via: The Merkle