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Litecoin Celebrates Its Eighth Anniversary with $500 Bln Worth of LTC Transactions

  • Alex Dovbnya
    ๐Ÿ“ฐ News

    Litecoin, the silver to Bitcoin's gold, has been up and running for eight years, defying all gloomy predictions

Litecoin Celebrates Its Eighth Anniversary with $500 Bln Worth of LTC Transactions
Cover image via www.123rf.com

In case you didn't notice, Litecoin, one of the oldest cryptocurrencies, has turned eight. While there is no point in denying that the O.G. altcoin has always been in Bitcoin's shadow, its journey was still remarkable. 

The public launch of the Litecoin network took place on Oct. 13, 2011, after the first block was mined on Oct. 5, 2011, the day the world was devastated by the death of Apple founder Steve Jobs. Before the advent of Ripple's XRP and Ethereum (ETH), Litecoin would steadily remain the second most-traded cryptocurrency after Bitcoin. 

Charlie Lee, the mastermind behind Bitcoin-lite, points out that the network has been endlessly running for all these years without any downtime despite a plethora of doom-laden predictions.

Over the span of these eight years, LTC has recorded around $500 bln worth of transactions.

โ€œA lot has happened in 8 years, we have seen two major bull market cycles that have propelled crypto to the forefront of public consciousness and new technologies such as Segwit, Lightning, and MimbleWimble emerge advancing the usability and prospects of the space,โ€ the Litecoin Foundation claims.    

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It's also worth mentioning Litecoin's most controversial moment โ€” Lee selling almost all of his LTC right on the verge of the market crash at the beginning of 2018 to avoid conflict of interest.   

Back in August 2019, Lee once again faced some criticism after his leaked conversation suggested that Litecoin developers stopped working on the project. However, as reported by U.Today, Lee later dispelled these rumors

With that being said, Litecoin is still doing just fine, quietly sitting at 6th spot with a market cap of $3.6 bln, CoinStats data shows. 

Will Litecoin manage to survive another eight years? Share your take in the comment section!   
 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry โ€” from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. Heโ€™s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
    ๐Ÿ“ฐ News

    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fedโ€™s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fedโ€™s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

โ€œIt is inevitable. I think it is better for us to start getting our hands around it.โ€

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of โ€‹โ€‹creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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