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Litecoin Transaction Fees | Reducing in Next Core Release

Litecoin transaction fees are set to be lowered by ten times in the next Core release.

The team behind the seventh biggest coin by market cap revealed the news via a Medium post earlier today.

Litecoin Transaction Fees Set to Lower

Currently, the average Litecoin transaction fee equates to about $0.05 per KB. But the network’s upcoming release of Litecoin Core 0.17 is going to lower this by a factor of 10. With the new changes, the new fee should equate to $0.005, or half a cent.

At that price, Litecoin transaction fees will mimic 2015 levels.

Increasing Prices

The core developers made the decision to combat the rising price of Litecoin transactions fees. Transactions could cost over $0.10 and even hit just over $1.00 on occasion.

Core Lead Developer Adrian Gallagher elaborated on the move saying:

“To encourage more adoption and usage of Litecoin, I think lowering the fees are [a] good thing. We’re not even close to block limits and the block size on disk is pretty small (20GB) relative to other coins. Technically people can already adjust their fees right now to the one above because of the more relaxed min relay/dust relay fee. I also don’t think it will be too much longer before this bear market is over (3–6 months) so it will lay down the foundation for a fee rate which we can grow into proactively rather then [sic] re-actively.”

>> India’s Largest Bitcoin Exchange, Zebpay, Relocates to Malta

A Bit about Transaction Fees 

Transaction fees depend on the space used in a block to register the transaction. The fee is like paying for that space in the block and gives miners an incentive to process your transaction.

Processing fees begin to increase when demand outweighs space. Litecoin still has a lot of space in its blocks, and so there is no need to ‘bid’ for transactions. This is why Litecoin transaction fees can be so small.

In traditional fiat currency transactions, fees are dependant on the amount of money being sent. The larger the transaction amount, the larger the fee.

But crypto transactions are different. The larger the transaction data, the larger the fee. Transaction data means the number of outputs and inputs or addresses on the network where the crypto is moving to and from. Therefore, transaction fees can differ and someone sending a small amount, may actually pay more in transaction fees than someone sending a larger amount.

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Nicolas Maduro Urges Venezuelan Residents to Invest in Petro Coin

Nicolas Maduro, Venezuela’s president, called on workers in his country to save money in gold and his cryptocurrency ‘The Petro’ during a salary shake-up Thursday. According to the local news source Noticiero Digital, in the next few weeks workers will be receiving their bonuses in the Petro coin, instead of fiat.

Nicolas Maduro and The Petro

Maduro said:

“In the coming weeks the payment schedule of the bonuses will be fulfilled with the new salary tables set in the petro, which is from the economic recovery program that started 58 days ago on August 20 and will begin to pay all the bonuses as it should be, and if you think about the future, think about saving […] think about the gold and petro savings plan.”

Since the very beginning, the Petro has been receiving negative feedback, from both inside and outside Venezuela. The digital currency is seen as a desperate attempt to pull the country out of its economic crisis, by having others pay for the country’s debt.

Just recently, the technology publication Wired led an investigation piece and described it as a “scam on top of another scam.”

“You could say that desperate times with a starving population result in desperate action,” says Jonathan Fry from Team Blockchain. “What is any fiat currency but a promise to pay its debts or at least to pay the interest on its debts.”

>> Litecoin Transaction Fees will be Reduced in Next Core Release

The Petro coin is supposedly backed by oil, but that still remains unclear at this time. What’s ironic is Maduro has made Bitcoin mining is illegal within the country, which has landed many individuals in jail. The reason being is that mining requires a lot of electricity and currently, the government subsidizes electricity.

The Petro ICO is set to start on November 5th. Nicolas Maduro states that the Petro will be available on six major cryptocurrency exchanges, which are still known at this time.

The Venezuelan president is doing anything and everything to help raise his country out of its economic turmoil. Venezuela is known for its gold mines, and it seems gold may be the better investment option between that and the Petro coin.

What do you think?

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Relocating to Blockchain Island Due to Strict Regulations

Zebpay, India’s largest cryptocurrency exchange, is heading for Malta! Following in the footsteps of major platforms Binance and OKEx, the exchange has had no choice but to move its operations to the ‘blockchain island’ amid strict regulations in India.

Zebpay Moves to Malta

The exchange shut down its operations in India last month, due to strict regulations issued by the Reserve Bank of India (RBI) in April. The RBI dictated that banks cease business with any firms relative to cryptocurrency.

As such, Zebpay was forced to disable Indian Rupee deposits and withdrawals, and with a lack of funds, closed its exchange service across India. The company has lost some three million investors in light of this closure.

Zebpay in Malta

However, Zebpay in Malta will mean a bigger opportunity for the exchange. It will serve over 20 European countries with its support for over 20 cryptocurrencies.

However, it now won’t be accessible to users in India.

Instead, it will serve massive markets such as Germany, Sweden, and France, but breaking into the European market will be tough. It will have to work hard to regain some of those millions of lost users.

>> Ripple (XRP) and Litecoin (LTC) Make Moves in the Shadows

The European exchange market is a fruitful one, but it comes with massive competition.

Zebpay and the Malta Crypto Hub

Malta is a favorable jurisdiction for crypto business due to its transparent and fair regulations. Even its own prime minister has been touted as saying that cryptocurrency is “the inevitable future of money.”

Malta is positioning itself as a crypto hub with hopes of enhancing its economy and infrastructure by bringing these types of businesses to its shores.

Strict Asian regulations meant that Binance and OKEx were forced to move to Malta. And now Zebpay is the same. While this means great business for Malta, will India regulation authorities sit up and take notice?

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Ripple (XRP) and Litecoin (LTC)

The cryptocurrency market is currently sitting just above $210 billion this morning. While mainstream media is heavily focused on cannabis at the moment, blockchain companies are still making moves in the background. Today, we’ll take a closer look at Ripple (XRP) and Litecoin (LTC) and the latest advancements with the two projects.

Ripple (XRP)

Ripple and XRP are often confused as the same and are often grouped together because what Ripple the company does ultimately affects/influences the price of XRP.

Less than a month ago, Ripple revamped its website to solely focus on RippleNet. RippleNet has just expanded its xRapid platform that uses XRP as liquidity for financial institutions. While its xCurrent platform currently has over 100 banks and financial institutions signed up and testing its XRP-less platform, Ripple’s goal is to eventually transition these institutions to RippleNet.

Ripple’s press release explained why using XRP is crucial for cross-border transactions:

“Pilots in the crucial U.S. to Mexico remittance corridor using XRP as a digital asset demonstrated savings of 40-70% compared to traditional costs. At the same time, it helped lower settlement times from two to three days to just over two minutes.”

At press time, XRP is currently trading at $0.465 a coin, up 0.34%, in 24 hours.

>> Small Bitcoin Fee: Only 10 Cents for $194 Million on the Bitcoin Network

Litecoin (LTC)

On Tuesday, LTC began trading on Gemini.

Gemini is the cryptocurrency exchange owned by the US Olympian Winklevoss Twins. Gemini is currently the 42nd largest cryptocurrency exchange by its total trading volume on CoinMarketCap.

BTC/USD pairs still equate for over 80% of the exchange’s volume in the last 24 hours. So far, LTC/USD only makes up 0.73%, with a volume of $214,836. On the 15th when the announcement was made about LTC being launched on Gemini, LTC surged 10% in an hour but quickly corrected.

The Litecoin Foundation also just celebrated its 7th birthday on the 12th.

According to CoinMarketCap, LTC is currently trading at $53.00 a coin, down -0.40%.

Check back in for more Ripple and Litecoin news!

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Small Bitcoin Fee | Only 10 Cents for $194 Million on the Bitcoin Network

According to sources, on October 16th, a Bitcoin user managed to transfer 29,999 BTC with a transaction fee of only $0.10. This amount of Bitcoin equates to $194 million, and a transaction of this magnitude would usually incur bank fees in the tens of thousands of dollars. With such a small Bitcoin fee for such a large transaction, will we see widespread adoption for big over-sea payments?

Small Bitcoin Fee

Bitcoin transactions are a funny one. Often, complaints roll in by the dozen about the cost of transaction fees because to clear a transaction on such a high-volume network means paying for expensive miners.

But this transaction shows the potential of the Bitcoin blockchain to perform cross-border payments cost-efficiently and effectively.

Expensive Claims

Claims have risen before about transactions on the Bitcoin network costing $60. As recently as October 14th, cryptocurrency critic Nouriel Roubini, economist and professor at Stern School, made such a statement.

However, his claim was met with fire:

“BTC fees are less than $0.10, easily verifiable. If you value truth, you’d provide a public correction.”

So if this transaction did indeed only cost the sender a small Bitcoin fee of $0.10, then it throws regular banks into chaos.

>> Ethereum (ETH): Ethereum Foundation Hands Out Over $3 Million in Awards

Regular Banking Fees

To put it in perspective, the cheapest platforms available to transfer fiat currency abroad still ask for a percentage of the cost, and that percentage is far greater than $0.10.

For example, on a platform like Transferwise, to send over $1 million, it costs over $7,500 in transaction fees.

Percentage-wise, this figure is less than 1% of $1 million, so $7,500 is considered cheap for a transfer that large. However, using the Bitcoin network at $0.10 for the same transaction is astronomically (and literally) cheaper than $7,500!

Scalability

The biggest issue with the Bitcoin network and transactions has been scalability. But this is an issue that is being resolved. Bitcoin’s Lightning network is offering the ability of on-chain and second-layer solutions. This means the network, in effect, can process small payments faster.

But at the scale of $194 million, massive firms and investors will no doubt prefer the Bitcoin network for over-seas trading, would they not? Why would you want to pay hundreds of thousands of dollars in bank fees when you can pay a small Bitcoin fee of 10 cents only?

I know what I’d choose. What about you?

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