Litecoin Owners Just Got New Wallet on Telegram!

In a tweet on Thursday, Charlie Lee, the creator of Litecoin, the 7th largest cryptocurrency by market capitalization, spread the word about a new service that lets users make litecoin transactions to each other via the popular messaging app Telegram.

LIONBIT

Lee pointed out that “a bear market is the best time for people to work on adoption,” and praised the team at the startup Zulu Republic for their work.

Based in Zug, Switzerland – known as Europe’s “Crypto Valley” – Zulu Republic wrote in a blog post that they built the new Telegram-based Litecoin wallet to help realize the “founding ideals of the cryptocurrency revolution.”

The service, dubbed Lite.im, is built as a Telegram bot that users can send commands to, for example to see their balance, reveal their address to receive a payment, or sending litecoin to a litecoin address or an email address.

TIP

Originally designed to be “the silver to bitcoin’s gold” Charlie Lee’s vision for litecoin has always been to turn it into people’s preferred cryptocurrency for everyday payments with smaller transactions. As one of the earliest cryptocurrencies to be created, litecoin has also benefited from strong brand recognition and an active community for several years.

Earlier this month, Mati Greenspan, senior market analyst at the social trading platform eToro, wrote in a report that litecoin could be trading at a “massive discount to what it should be worth,” given the various initiatives on real-world adoption of the cryptocurrency.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author: Fredrik Vold
Image Credit: iStock/tomch


Don’t forget to join our Telegram channel for Crypto, Business & Technology news delivered to you daily.

XRP Falls to Lowest Price Seen in 2018!

The price of XRP, the world’s third-largest cryptocurrency by market capitalization, fell to a new 2018 low on Wednesday.

LIONBIT

Data from Bitfinex shows the cryptocurrency dropped to $0.35 – seven cents from the previous yearly low of $0.42 in July. Indeed the current price stands at its lowest level since December 12, 2017, days before XRP shot up to all-time-highs over $3 amid a bull run on the crypto market.

All told, XRP is now down 89.2 percent over an eight-month period.

TIP

Driving the trend is likely not only the wider bear market, but bad press for Ripple, the startup most often associated with XRP, and which continues to be bombarded by bad press and investor lawsuits stemming from the coin’s price decline.

At press time, the price of XRP continues its downward trajectory – down 11.76 percent over a 24-hour basis according to CoinMarketCap data and down 1 percent on the hour.

As a matter of fact, other major names are also flashing red. For example, bitcoin is down 4.86 percent over a 24-hour period after it dropped from its $7,000 support zone on Tuesday.



Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author: Sebastian Sinclair
Image Credit


Don’t forget to join our Twitter channel for Crypto, Business & Technology news delivered to you daily.

Why Litecoin’s Creator Is Buying Into a Bank (And How It Could Go Wrong)

One of the most unusual and potentially transformative deals in the cryptocurrency space started as an argument on social media.
Back in April, Charlie Lee, the creator of litecoin, was exchanging barbs on Twitter with Derek Capo, the CEO of payment processor TokenPay. But their fight quickly turned into a friendly exchange of direct messages, in which the two crypto enthusiasts realized they shared a common problem: In a word, banking.
Both the Litecoin Foundation, the non-profit that promotes the sixth-largest cryptocurrency and where Lee is a managing director, and Capo’s Virgin Islands-based startup had encountered difficulty securing bank accounts – a longstanding problem for the industry.
“We had lots of trouble” on that front, Lee said.



Capo elaborated: “Some banks, they close down bank accounts if they get a whiff of anything to do with crypto. We saw a lot of competitors with similar offerings get cut off because they didn’t own the bank and they didn’t have control.”
But Capo was working on a solution for TokenPay by trying to buy a bank. And he realized this plan, if successful, could address another problem for Lee.
“Why don’t we talk about having a litecoin debit card so that you’ll have a real solution?” Capo recalled telling him. “Because, you know, they had been trying very hard to have a litecoin debit card… I said, why don’t we talk?”

That is how the Singapore-based Litecoin Foundation ended up owning 9.9 percent of WEG Bank AG, an until-now obscure German financial institution, in a surprise transaction revealed this week.

But the foundation didn’t put money in; TokenPay previously acquired the stake and traded it to the non-profit in exchange for future technical support. TokenPay also acquired another 9.9 percent (the maximum allowed in Germany without prior regulatory approval) of WEG and is seeking the green light to buy up to 80 percent. (The price was not disclosed.)

If all goes according to plan, not only will TokenPay and the Litecoin Foundation have a reliable banking partner, they would also transform WEG into an on-ramp for consumers worldwide who want to trade fiat for cryptocurrency or pay for goods and services with crypto.
But owning a bank, by itself, won’t necessarily solve crypto’s banking problem, according to compliance experts who’ve worked in both fields. Even if the regulators bless the pending takeover, Capo and Lee may face new challenges operating in a heavily regulated industry where “coin” is frequently treated as a four-letter word.

Undaunted by regulatory hurdles, Capo and Lee have ambitious plans to usher in a new wave of crypto banking services.

Stepping back, while transacting in cryptocurrency may be frictionless, converting from dollars or euros to crypto and back is anything but. Buying crypto through an online exchange can mean registering a credit card with an exchange platform, then waiting days, sometimes longer, to complete the transaction.

Meanwhile, most of the merchants that accept crypto are wary of the price volatility and generally rely on a payment processor like BitPay to convert it to fiat. All these options incur processing fees along the way.
That’s why Capo wants to offer crypto debit cards and the ability to convert litecoin to euros directly through a traditional bank account, to make it a smoother experience for crypto users transacting in a fiat-dominated economy. He hopes to offer such services within nine months of receiving regulatory approval for the acquisition.
“Connecting cryptocurrency to fiat rails is very useful,” said Lee, who told CoinDesk he aims to join the WEG board as the Litecoin Foundation’s representative (a move that would make him possibly the first person to simultaneously hold the titles of “cryptocurrency founder” and “bank director”).

“We will have a say in influencing the bank to work on crypto projects,” he said.
Eventually, after tackling debit cards and payment processing, Capo and Lee plan to integrate banking services directly with TokenPay’s decentralized exchange (DEX) platform, eFin, which offers peer-to-peer trading between cryptocurrencies.
If traders pass all the know-your-customer (KYC) and anti-money-laundering (AML) demands for a crypto bank account, they will be able to seamlessly cash out TokenPay’s own token, known as tpay, from the exchange as fiat, plus buy or sell cryptos like litecoin without delay.
“eFin will have LTC. We will help them with it technically,” Lee said. “And they will also airdrop [eFin] tokens to litecoin users.”

In addition to the promise of technical expertise and litecoin’s relatively stable popularity among cryptocurrency fans, Capo said he gave the nonprofit equity in the bank based on Lee’s massive online following, a marketing boon, and professional connections.
“Litecoin has a very influential leader, someone who’s been around for a very long time,” Capo said in describing Lee, an alumnus of the popular cryptocurrency exchange Coinbase.

Yet even if they obtain a banking license, Capo and Lee are not guaranteed unlimited liquidity.
Located in the town of Ottobrunn (population: 21,378), WEG was previously a property management bank that offered loans to housing associations. After TokenPay acquires a majority stake, the plan calls for the bank’s CEO, Matthias von Hauff, to stay involved as WEG transitions to a retail bank with more consumer-facing products and services.
But such a tiny institution likely would likely rely on outside organizations – larger global banks, the German central bank, or SWIFT – to be able to move large amounts of fiat around the world, according to Simon Taylor, a former Barclays banker and co-founder and director of the U.K. fintech advisory firm 11:FS. If those partners became squeamish about crypto in general, they could cut off WEG’s access to fiat, Taylor cautioned.
“The really, really big banks tend to be the ones that connect you through the global corridor to the U.S. dollar, they’re the ones that get the big KYC fines,” Taylor said, adding, with regard to the WEG acquisition plan:

“I don’t think it’s going to achieve what they want it to achieve. I get the temptation to buy a bank. But buying a bank doesn’t give you what you think it gives you.”
Joe Ciccolo, president of the compliance service provider BitAML Inc., said regulators would probably expect extra diligence on WEG’s part if it were to become a crypto-focused bank.
“On its own, running a bank and implementing AML anti-money laundering] across a broad range of products and services is difficult to begin with,” Ciccolo said. “This is going to be a much higher barrier to entry than one would associate with traditional AML.”

The idea of integrating a decentralized exchange into a bank gave Ciccolo the most pause. He described DEXs as “nails on a chalkboard for regulators,” who have taken years to wrap their heads around bitcoin. If Capo and Lee plan to pull this off, Ciccolo said, it will require significant investment in educating regulators on an ongoing basis and constant communication with larger banks.

Acknowledging the challenges, Capo said the first and most costly step of converting WEG into a crypto-savvy bank will be restructuring all of its KYC and AML processes to create a new crypto-centric model.
“We’re being conservative because we want to build this bank so it will be around for a long time,” he told CoinDesk, concluding:
“The infrastructure is there, we just might have to potentially modify it for crypto-based services.”


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author: Leigh Cuen
Image Credit

Don’t forget to join our Telegram channel for Crypto, Business & Technology news delivered to you daily.

Litecoin ‘on the brink of GREATNESS’ Cryptocurrency could spark global trading BOOM

EXCLUSIVE: LITECOIN is poised on the “brink of greatness” and could go on a “bull run” that leads to a mass trading boom across global markets, cryptocurrency experts have said.


Join in the fun and play on the world’s First Hybrid on-line Casino with BTC and Fiat currency payments. Check on-line for latest promotions


The open-sourced peer-to-peer online currency, which is inspired by Bitcoin, enables instant, near-zero cost payments to anyone in the world.

The global cryptocurrency market has struggled to stay in the green for most of the second quarter of this year, with Litecoin falling to $116.

But Litecoin, only released in October 2011, began to show signs of recovery during the week in rising to $121 and to hit a major bull run, it must break the $122 resistance, before then targeting the $130 milestone.

As a result its market cap increased by $80 million, making it the sixth largest cryptocurrency.

Experts claim Litecoin can continue to rise, soon seeing mass adoption to become the third biggest cryptocurrency behind Bitcoin and Ethereum.

Gabriel Francisco, cryptocurrency expert at TMT Blockchain Fund, said Litecoin’s resurgence was visible as early as late 2016 when its level of growth was quadruple that of Bitcoin, which had been released nearly three years earlier in January 2009.

He argued Litecoin is on course to become one of the first real cryptocurrencies that shoppers can use to purchase goods and services as mass adoption grows.

Mr Francisco said: “Poised on the brink of greatness”, Litecoin is preparing for a breath taking moon shot. Dubbed ‘the rock’ at times, this clone of Bitcoin has shown incredible market resilience and price inertia.

Don’t forget to join our Telegram channel for Crypto, Business & Technology news delivered to you daily

Pegged at 84 million coins, Litecoin is four times faster than Bitcoin and has four times the supply. In other words, Bitcoin is to gold what Litecoin is to silver.

Bitcoin will be used as a store of value and Litecoin will be one of the first real world cryptocurrencies to be used to purchase goods and services.

“This year and the gradual global adoption of cryptocurrencies will see Litecoin retesting and if not breaking its previous all time high.”

The cryptocurrency launched its new marketing campaign “Pay with Litecoin” at the start of June in an attempt to drive merchants to accepting the coin as a payment method.

R_Block co-founder Luke Shipley claimed that if this push proves successful, Litecoin could go on a bull run and become the third biggest cryptocurrency.

He said: “Everyone in the core Litecoin camp is speaking very positively at the moment.”

They are very publicly having a marketing drive with the view to achieving wider merchant adoption.

It reached highs of over $330 in January and many have been tipping it to go on a bull-run once again.

“If Litecoin is successful in it’s new adoption campaign I think it will make a move back to the third largest cap crypto.”

Jacob Piotrowski, CEO and founder of Give Bytes, said: “Litecoin is definitely a well established and a reliable coin. It has its history and a good track record peaking at $358 in December 2017.”

Given its low transaction fees – $99 million worth of Litecoin was sent for just 40 cents worth of fees – Litecoin is a strong candidate for mass adoption which would of course boost its value.

With Bitcoin still leading the race and Ethereum coming second, the fight for the third most popular coin seems to be between Bitcoin Cash, Dash, Monero, IOTA and Litecoin.

The race is on we’re still waiting for a leader that will have easy and accessible API and one that can be easily adopted by e-commerce, fast transactions under five seconds and low transaction fees.

But some experts have questioned Litecoin’s long-term potential and capabilities due to the fluctuating price changes and difficulty in therefore forecasting its value.

Kevin Milson, chief executive and founder of Crypto Investors Club, said “Litecoin’s ability to go on a bull run depends solely on Bitcoin’s growth.”

He added “investors are sitting on Bitcoin and waiting for confirmation that the market is once again bullish, which could see Litecoin’s price could rise to $150.”

Dr Michael McCann, a Senior Lecturer of the Economics Department at Nottingham Business School, labelled investment in Litecoin “highly risky”.

He said: “Unfortunately, unlike other currencies like sterling, there are no economic fundamentals to determine its underlying value. Therefore, it is difficult to know what will happen to the price.”

Investors are looking for the next Bitcoin. It could be Litecoin, but it may not be.

In economics, this is classic herd behaviour – investors buy the asset, not for its underlying value, but just because they see others doing it. This makes investment in Litecoin highly risky.

Warwick Business School Assistant Professor of Finance Daniele Bianchi, said “Litecoin is losing value and with the stagnating nature of the market, it is unlikely to go on a bull run.”

Litecoin has constantly lost value over the last weeks and months. I don’t think we can call it a “bull run” really, perhaps a somewhat expected rebound.

The whole cryptocurrency market is somewhat stagnating as far as major currencies are concerned. Litecoin reached more than £250 at the end of last year and now flies around £90.

“Depending on how the overall cryptocurrency market will go, we could expect it will recover some of the losses, but it is hard to believe it will be back to those numbers any time soon as the market is becoming more mature and competitive.”


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author Paul Withers 
Image Credit

Bitcoin, Ethereum and Litecoin Price Analysis

BTC/USD Daily Chart Technical Analysis

btc-analysisBitcoin prices are moving sideways unable to pierce through critical resistance.
Analysis
BTC/USD prices are consolidating and have been unable to pierce through key resistance near the 200-day moving average at 10,135. Prices on Monday slid through short term support which is now short-term resistance near the 10-day moving average at 9,432. Support is seen near the May lows at 8,990. Short-term momentum has turned negative as the short-term stochastic generated a crossover sell signal, in oversold territory. The MACD is showing that positive momentum is decelerating, as the MACD histogram is printing near the zero-index level with a flat trajectory which reflects consolidation.

Up-side Target: 10,135
Down-side Target: 8,990

Don’t forget to join our Telegram channel for Crypto, Business & Technolgy news delivered to you daily.

 

ETH/USD Daily Chart Technical Analysis

eth-analysisEthereum reversed course after hitting key resistance as momentum turns negative.
ETH/USD dropped on Monday for the second consecutive trading session after hitting key resistance near the 38% Fibonacci retracement at 800. Support is seen near the 10-day moving average at 719. Short-term momentum has turned negative as the fast stochastic generated a crossover sell signal in overbought territory. Positive momentum is decelerating as the MACD (moving average convergence divergence) histogram prints in the black with a declining trajectory which points to consolidation.

Up-side Target: 800
Down-side Target: 719

LTC/USD Daily Chart Technical Analysis

ltc-analysisLTC/USD prices are consolidating, after breaking out above trend line resistance.
LTC/USD prices are consolidating after breaking out above trend line resistance. LTC/USD is now resistance the breakout level which coincides with both the 10-day moving average, and the 200-day moving average near 159.5. Resistance is seen near the May highs at 182. Short-term momentum has also turned negative as the short-term stochastic generated a crossover sell signal in oversold territory. Positive momentum is decelerating as the MACD (moving average convergence divergence) index is printing in the black with a declining trajectory which reflects consolidation.

Up-side Target: 182
Down-side Target: 159


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author Interactivecrypto.com
Image Credit