Although BTC has pumped a little, alts are still making their way back up. Litecoin (LTC) is still at a low if you buy it using fiat through Coinbase (or Kraken), currently trading around $150 USD.
I think LTC is a solid buy for the next 14 to 21 days because it has a lot of momentous things happening soon. LTC is one of the mainstream alts that are generally considered a safe buy – even if these mainstream coins fall, they won’t fall by much. Normies usually stay in these safer coins, whereas most advanced crypto traders get too bored (it’s the ADHD, man) with the 1 or 2 percent daily to weekly changes in these safer coins.
First Ever LTC Debit Card and PayPal-like System Is Being Released This Week or Next Week
But now LTC will be bringing the best of two worlds, both safety and profit. They’re about to release LitePal and LitePay, which are global payment facilitators. From what I can tell, LitePay is an LTC visa card that also has a receiving instrument for sellers! LTC wallets are linked with both the card and the receiving end. Buyers use the LTC visa card to pay merchants who are able to convert the LTC and transfer it to their bank in real time. The creators say that the transaction fee for this visa card is only 1 percent (compared with the usual 2.5 to 3 percent charged by credit and debit cards), and the realtime LTC conversion to fiat protects sellers from price volatility.
LitePal seems to be a PayPal copycat that lets buyers buy merchandise using Western Union, PayPal, bank transfers, and credit or debit cards. Then, I guess, somewhere there the funds are converted to LTC and sent to the sellers’ LTC wallets. The gist is, you can pay using whatever you want, but the seller gets LTC.
I’m sure you can see how big these two are: an LTC visa debit card linked to your LTC that you can use anywhere credit and debit cards are accepted, and also a way for merchants to accept any kind of payment that converts to LTC. You can even use LitePal to convert PayPal to LTC (that should be big for all the bitcointalk and localbitcoins traders)! LitePay and LitePal aim to solve the fiat-to-crypto and crypto-to-fiat accessibility issue. For normies who are scared of crypto, LitePay calms their tits by converting LTC to fiat immediately, which means the fiat price they agreed to is the fiat they’re getting that second.
LTC Fork on Block 1371111
I’m not sure if this will be the first LTC fork, but it certainly will be the most significant one. LitecoinCash (LCC) is going to be created for the first time when it forks from LTC during block 1371111. You get 10 LCC for every 1 LTC.
The LCC website looks legit and professionally made. The team’s lead boasts 20 years experience, and there are other qualified members on the core team. But, Charlie Lee (creator of LTC) himself said that LCC is a scam meant to steal your LTC when you input your LTC private keys into the LCC wallet. Despite what Charlie says, LCC gives advice on how not to get scammed:
LCC warns you not to get scammed.
If they’re trying to scam us out of our LTC, why would they say this?
Also, LCC isn’t about buying LCC – their main philosophy, which they state over and over, is for people to be able to resurrect their old BTC and LTC miners so they can mine up LCC, which uses the old BTC algorithm (SHA256). They also want to create a faster LTC coin with lower fees – LCC’s blockchain is new, so you don’t have to sync up multiple gigabytes of data if you want to get into crypto.
Seems pretty harmless – they just want to revitalize the old market and create a new niche and a fresh start with a clean, fast coin that you can easily mine up.
Of course, I think that whether or not LitePay, LitePal, and LCC do well in the long term, LTC’s price is going to soar because of all this hype. People are going to buy up LTC for sure because of the physical visa card coming out, and they’ll want to get 10 free LCC for 1 LTC. Look at all the major bitcoin forks – everyone flocks to bitcoin when the forking block nears! (LCC’s forking block is tentatively set for February 19, 2018).
Do not follow me or rely on my word for your own crypto trading. This is not investment advice – it’s a blog post about my own adventures in trading cryptocurrencies. If you choose to copy my decisions, you do so at your own potentially probable financial peril. I’m not an expert in cryptocurrency trading and do not purport to be.
