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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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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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Litecoin Joins TokenPay | Joint Venture to Purchase Shares in WEG Bank

Litecoin joins TokenPay: Two days ago, the Litecoin Foundation announced that it had entered an extensive strategic partnership with TokenPay and acquired nearly 10% of the German bank WEG Bank.

Litecoin Joins TokenPay

The press release explains:

“Today, this 9.9% stake in WEGBank was further transacted to the benefit of Litecoin Foundation in exchange for a broad and comprehensive marketing and technology service agreement to benefit TokenPay and its related cryptocurrency and business operations. As a result of this partnership, TokenPay and Litecoin combine as a leading force in creating and delivering to the market modern consumer-driven crypto FinTech solutions.”

Charlie Lee, founder and now managing director of the Litecoin Foundation, states that he is looking forward to the partnership and wants to “make it simple for anyone to buy and use Litecoin.”

TokenPay was started back in 2015 and has built its own blockchain protocol and native token (TPAY) to facilitate stable fiat-to-crypto transactions.

LTC Investors Respond

Some investors aren’t too thrilled that TokenPay has an ongoing partnership with Verge (XVG) and now that Litecoin is involved, they are linked.

Others aren’t happy that the Litecoin Foundation is now tied to a bank.

Others aren’t impressed with the size of the bank they acquired.

The responses weren’t all negative though. Many LTC enthusiasts piped up and sang praises on the new deal.

What are your thoughts? Do you think ‘Down with all banks,’ or do you agree with the Lee/Garlinghouse approach of working with banks for takeover? Leave your opinions in the comment box below!

>> Toyota, Ford, and General Motors (GM) All Exploring Blockchain Technology

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EOS and Litecoin (LTC) | Good News for Everyone

It’s green skies for crypto today, including EOS and Litecoin (LTC). What’s happening with these coins?

EOS

EOS is currently selling for $8.34, which puts the coin up 14.06% in the past 24 hours.

EOS
Source: CoinMarketCap

EOS had a bumpy start to its mainnet launch, to say the least. And the hiccups certainly aren’t over yet. Despite being up for the last 24 hours, EOS has been dropping for the last seven days, dropping nearly 20% since last Monday.

The coin started climbing again on Sunday, after hitting a low of $7.19, and we’re just going to have to wait and see whether this climb will be enough for it to recover its price leading up to the date when its mainnet was supposed to launch (ah, those were blissful days).

It’s not all rocky news for EOS though. Last week, the China Electronic Information Industry Development (CCID) released a new version of its blockchain rankings (which previously listed Ethereum [ETH] as the number one blockchain). In the updated list, CCID rated EOS as the number one blockchain in China.

Some good news for the fifth largest cryptocurrency right now is much needed. Will it be enough to maintain the price of the coin?

Is EOS the number one blockchain for you?

>> EOS Freezes Seven Accounts: Chaos Ensues

Litecoin (LTC)

Litecoin (LTC) is currently selling for $83.17, which puts the coin up 8.46% in the past 24 hours.

EOS
Source: CoinMarketCap

Litecoin’s price is also looking towards what is hopefully a recovery. In the past seven days, LTC has lost nearly 13%. Litecoin started climbing again on Sunday, after hitting a low of $74.39. Keep an eye on LTC to see how much further it might climb.

Most recently, a Litecoin futures trading venture was announced, which was successfully launched on Friday by a UK company called Crypto Facility.

Would you short or long Litecoin?

>> Paxos Adds Litecoin (LTC): More Coins to Come Soon

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