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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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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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EOS, TRON (TRX), and Litecoin (LTC) Updates

The cryptocurrency market is trading mostly in the red this Friday morning. Most coins in the top 10 cryptocurrencies are either just above the percentage gains threshold or just below. EOS and TRON (TRX) are currently in the green, but Litecoin (LTC) is trading down.

Let’s take a closer look at these projects and their latest movements.

EOS

Recently, the official ‘EOS’ Twitter name was changed to Block.one. Block.one is the blockchain-based company that formed EOS. The company must be taking bets that most people truly interested in EOS know about Block.one, but I’m sure those new to the crypto community might get a bit confused.

However, in 2018 it seems the diehard crypto-loyalists are the only ones who have stuck around since the crypto rise and fall in January.

Recently, Block.one announced the location and date of the EOS Global Hackathon Grand Finale.

The grand finale will be held on December 7th, in Cape Town, South Africa.

>> EOS Gambling Platforms Hacked

TRON (TRX)

There has been lots of movement over at the TRON Foundation as of late. Since it acquired BitTorrent, the companies have formed a new web-based torrent streaming client called μTorrent.

It seems μTorrent Web currently has over one million active users already and the company announced that BitTorrent Web will be live soon. In addition to its BitTorrent movement, TRON has been expanding on exchanges.

On Bitfinex, users can now trade for TRX with JPY, GBP, and the EUR—making it far more accessible to those around the globe.

Litecoin (LTC)

Litecoin will be celebrating its seventh birthday coming up on October 13th. That same day, LTC will be added to Gemini’s exchange.

In mid-September, LTC was added to the Canadian exchange Coinut. Later this month, Litecoin Founder Charlie Lee will be attending and speaking at the World Crypto Conference in Las Vegas.

Tickets are still available for purchase if you would like to meet him in person.

EOS, TRON (TRX), and Litecoin (LTC) Price Movement

According to CoinMarketCap, EOS is currently trading at $5.74 a coin, up 0.99% in 24 hours. EOS still remains the fifth largest cryptocurrency by its total market cap.

TRX is currently trading at $0.0231 a coin, up 5.20% in 24 hours. TRON is currently the 12th largest cryptocurrency by its total market cap.

According to CoinMarketCap, LTC is currently trading at $58.18 a coin, down -0.59% in 24 hours. Litecoin remains the seventh largest cryptocurrency by its total market cap.

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Ripple (XRP), EOS, Litecoin (LTC)

The cryptocurrency market is trending upwards today as most coins within the top 100 are currently trading in the green. Bitcoin (BTC) is currently trading over $6,600 and Ethereum (ETH) is just below the $300 mark.

Let’s take a closer look at Ripple (XRP), EOS, and Litecoin (LTC) today and the latest movements with each of these projects.

Ripple (XRP)

Ripple has been making steady moves with its xRapid product lately.

xRapid is Ripple’s product geared towards financial institutions, that is powered by XRP. Just recently, Ripple signed partnerships with three crypto exchanges to make them preferred exchanges for the US dollar, Mexican Pesos, and Philline Pesos.

At press time, XRP is trading at $0.337 a coin, up 2.56%, in 24 hours. Ripple remains the third largest cryptocurrency by its total market cap.

>> Ripple’s Bittrex Partnership

EOS

Block.one, the company that invented EOS, is in the middle of their global hackathon. The EOS hackathon is a competition incentivizing developers to build dApps on the EOS platform for cash prizes.

The Beijing hackathon and Sydney hackathon have already been completed and the two other locations for the upcoming hackathons have been announced. The grand finale location and date has yet to be announced.

The next EOS hackathon will take place in London, on Sept 22nd and 23rd and the fourth hackathon in San Francisco will be held on November 10th and 11th. Exact locations of these events are TBD.

At press time, EOS is currently trading at $5.03 a coin, up 5.32%.

Litecoin (LTC)

There hasn’t been any major news regarding Litecoin this week, but last week, ItBit announced that it would be trading LTC soon.

ItBit is a digital currency trading platform that is regulated by the NYDFS. This is expected to drive up the price of the cryptocurrency.

Also, the first Litecoin Summit will be taking place in 22 days on September 14th and 15th. Tickets are still on sale and it will be held at the South San Francisco Conference Center, in San Francisco, California.

At press time, LTC is trading at $75.61 a coin, up 4.36%, in 24 hours.

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Litecoin News | Meet Charlie Lee at the Litecoin Summit!

In the latest Litecoin news, Charlie Lee, Litecoin (LTC) founder, will be present at the very first Litecoin Summit. Long-time project enthusiasts will have the chance to meet him for only $49.

Litecoin News: Meet Charlie Lee

The Litecoin Summit will be a held on September 14th and 15th in the South San Francisco Conference Center. The Charlie Lee meet-and-greet will only be on Day 2 of the event, at the very end. A Litecoin representative on Twitter states that the conference is expecting around 3,000 guests on both days.

You can pay for tickets to the event with either LTC or USD.

Crypto Investor Pushback

Some investors responded to the news and were curious where their $49 was going.

Others decided to troll the current price of Litecoin and Charlie Lee.

Another said:

This next user didn’t hold anything back with this tweet:

Litecoin (LTC) Price

At press time, LTC is trading at $63.91 a coin, up 0.83%, in 24 hours. The coin remains the 7th largest cryptocurrency with a market cap of $3.69 billion. Litecoin is sitting just below Stellar (XLM) which has a market cap just above $4.03 billion.

For the week, LTC is down -16.51% and for the month, the coin is down -21.68%.

Litecoin hit its all-time high of $338.85 a coin back on December 18th, 2017. Since its peak, the coin has dropped -81.13%. Litecoin’s current price is what frustrates many of the newbie crypto investors that got in around when the price was high.

>> Crypto Exchange Ethfinex: Vote for the Next Coin Going on the Platform!

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