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Litecoin Cash Lifts Off on First Day of Trading

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When forks occur, which is quite often in crypto land, the original one tends to have a good run up. This is largely due to the promise of free equivalent tokens from the new fork to holders of the original. Traders want to get in both for the price boost of the first coin, and the added bonus of free crypto, whatever it is worth at the time.

When Litecoin hard forked on Sunday at block 1371111 Litecoin Cash was born. There was a fair bit of controversy leading up to the blockchain split as LTC founder Charlie Lee called it a scam. His own coin however finally awoke from weeks of down trending jumping from $154 on February 13 by almost 58% to $243 where it currently trades a week later today. Renewed interest in LTC is likely come from the upcoming launch of LitePay which enables businesses and merchants to accept payments in Litecoin which is faster and cheaper to send than Bitcoin.

Litecoin Cash Lifts Off

Litecoin Cash landed on the Russian crypto exchange Yobit in the early hours of Monday 19 where it was valued at around $1.20 per token. Since then the price has gone skywards to a high of $9.28 representing an increase of over 675% in its first 24 hours trading. In the past 12 hours it has corrected a little back to around $7.6 where it currently trades. According to Yobit the 24 hour volume at the time of writing is over $4.2 million which is higher than Bytecoin, Rchain, Electroneum, Maker, and Decred, all of which are in the top 50 chart with a market capacity over $500k.

Since most major crypto exchanges did not support LCC it is unlikely that many LTC holders actually claimed their free tokens as the process was convoluted and involved opening multiple wallets and exporting private keys. LCC has also yet to be listed on the analytics websites such as Coinmarketcap and Livecoinwatch.

It is currently too early to tell whether this is an initial pump and dump or Litecoin Cash has any legs. Without more exposure on more exchanges it is not going to get the influx of traders that it’s big and disapproving brother has. There have also been a number of posts on social media throughout the day from users experiencing technical issues with LCC wallets. Good news for Charlie Lee and co but maybe not so for the creators of Litecoin Cash who are still pushing out their next best thing in crypto land.

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Litecoin Lifted on LitePay and Upcoming Litecoin Cash Fork

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Cryptocurrencies have their moments, each day one will outshine the rest on the back of good news or a FOMO (fear of missing out) moment. Today Litecoin has been on a roll as a double whammy of news has awoken the crypto coin from a long slumbering down trend.

At the time of writing Litecoin is trading at just over $232 according to Livecoinwatch (including South Korean markets) which puts it around 28% higher than this time yesterday. This time last week the altcoin was hovering around $145 so its weekly increase is an even more impressive 60%. Litecoin has had a rough year plummeting from an all-time high of $370 just before Christmas to a low of $107 on the big February 6 dip. This is the first time the digital asset has shown solid gains in just under two months.

LitePay lights it up

According to CNBC, which is more accustomed to spreading FUD, Litecoin’s surge can be attributed to the launch of a new payments processor. LitePay, due for launch on February 26, will enable merchants and businesses in 41 countries including the US, UK, China, Japan and Germany to accept payments in Litecoin. It is a Visa-compatible system that converts Litecoin to dollars, which would enable users to use Litecoin anywhere Visa is accepted.

Additionally the Singapore registered non-profit Litecoin Foundation is also an investor in the new system. LitePay CEO Kenneth S. Asare told media;

“Our goal is to create a way for merchants to earn Litecoin, which is a particularly good crypto currency for payments,” 

In addition to LitePay, Coinbase recently launched a crypto payments app enabling merchants to receive the top digital currencies, including Litecoin.

Forking frenzy

Further interest in the once slow moving altcoin has come from an impending fork due around February 18 at block 1371111. When the chain splits holders of Litecoin have been promised 10 new Litecoin Cash tokens for every 1 LTC they have. There is a catch though which has raised concerns of a scam and drawn criticism from Litecoin founder Charlie Lee.

Usually blockchain forks are supported by the exchanges, as was the case with Bitcoin Cash, however this time there has been no mention of it. To claim free LCC is not easy and involves setting up multiple wallets and exporting and importing private keys which is highly insecure. Litecoin founders have warned users about the independent fork;

At the time of writing Litecoin’s market capacity stands at $12.8 billion, it has overtaken Cardano in the charts and is now the fifth most popular cryptocurrency. Over $2 billion has been traded in LTC over the past 24 hours, and it continues to rise on the long awaited good news.

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Asian Altcoin Trading Roundup: the top crypto is Litecoin

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FOMO Moments

As the first firecrackers of Chinese New Year ring out across the cities and towns of Southeast Asia the markets are looking good. Nearly all of the cryptocurrencies in the top 25 are in the green and Bitcoin has broken through the $9,500 barrier and is heading upwards during this morning’s Asian trading session. One altcoin has shown exceptional growth over the past couple of days and it is the stalwart Litecoin.

Litecoin is trading 30% higher over the past 24 hours according to Coinmarketcap. This time yesterday it was also up to $180 but today it has reached a monthly high of $233. Litecoin has never really recovered from it’s all time high and has been down trending since December 20. Several things have caused this including founder Charlie Lee selling his entire stash, though he claims this would reduce any conflict of interest should the altcoin go into any large partnerships.

Litecoin

The renewed interest is an upcoming fork in which Litecoin Cash will be created. Despite the divisions in the LTC community and Lee himself calling the new version a scam, Litecoin has skyrocketed. This usually happens when free tokens are distributed at the time of the blockchain fork. Litecoin Cash creators have dangled the digital carrot and promised LCC tokens at a ten to one ratio for LTC holders.  Feelings are mixed but something doesn’t ring right as to get these tokens users have to compromise the security of their wallet key.

Adding to the FOMO is the February 26 release of the LitePay service which will allow merchants to accept Litecoin has also revived interest in this crypto stalwart. LitePay is a Visa-compatible system that converts Litecoin to dollars, which would enable users to use Litecoin anywhere Visa is accepted.

As a result Litecoin has moved up the market cap chart to 5th place with a $12.8 billion capacity. Litecoin can be traded with fiat on many exchanges which has also increased its adoption. Around $2.6 billion has been traded in the past 24 hours and LTC continues upwards.

Other altcoins enjoying double digit positive momentum this morning are Iota, Monero, VeChain and OmiseGO.

More on Litecoin can be found here: https://litecoin.com/

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals. 

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Citrix: Research Indicates 50% of Large UK Businesses Have Stockpiled Digital Currency

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New research by citrix suggests that 50% of large UK businesses have accumulated a stockpile of digital currency in case of a ransomware attack — and just 7% are only stockpiling Bitcoin — the vast majority, 93%, are spreading their risk by investing in other digital currencies as well.

The research — commissioned by Citrix and carried out by OnePoll — is based on interviews with 750 IT decision makers in companies with 250 or more employees across the UK, to uncover the extent to which large British businesses are accumulating stores of digital currencies, the impact of the fluctuating price of digital currencies, and how organizations plan to keep these investments secure.

Diversifying:

The poll revealed that 9/10 (90%) of respondents that do keep a ready stockpile of digital currency stockpile Bitcoin. While Bitcoin has proven extremely popular, the vast majority of these companies have also invested in additional digital currencies. More than half (54%) have bought Litecoin, but a significant proportion of these organizations have also invested in Ethereum (43%), Ethereum Classic (33%), Ripple (33%), and Dash (29%). In fact, as noted above, just 7% of large UK businesses are choosing to accumulate Bitcoin only.

Returns:

While more UK companies are building a ready stockpile of digital currency — rising from 42% in 2016 to 50% in 2017 — the number of Bitcoin kept on standby has remained largely consistent: Large UK businesses now stockpile an average of 24 Bitcoin — only one more than the 2016 average.

This consistency in terms of the amount of Bitcoin kept on standby may reflect many organizations’ decision to cash in on fluctuating prices to make a profit. The poll uncovered that more than half (57%) of those companies stockpiling Bitcoin have sold some of their supply to make a profit. An additional 2/5 (38%) of these businesses are currently considering making a sale — leaving just 5% choosing to keep all their Bitcoin.

Security:

Almost 2/3 (64%) of those companies keeping a ready supply of Bitcoin believe that its inflated price has led cybercriminals to target their Bitcoin stockpile. In fact, large British businesses are very aware of the cyber threat to valuable Bitcoin wallets: Only 5% of organizations which stockpile the currency have not taken any steps to protect their Bitcoin reserves.

Of those which have made changes to secure their Bitcoin assets, more than half (52%) have used specific backup procedures. Popular security measures include: Using cold storage/offline storage (36%), moving to multiple wallets (36%), using a dedicated computer (35%), and using dual control (22%) — where multiple people are required to access the cryptocurrency.

Concerns: Value, Internal policy, and Security

More organizations are investing in digital currencies, yet its value is a key deterrent. More than 1/3 of large UK businesses polled cite concerns that the digital currency will crash (35%) and fluctuating prices (34%) as factors that discourage them from stockpiling digital currencies. Additionally, almost 1/5 (18%) are concerned that the business will not be able to cash the cryptocurrency in when required.

Organizational policies and uncertainty are also holding companies back. 1/3 (33%) admit that the fact they don’t have a policy on how to deal with digital currency as a type of company asset deters them from stockpiling a digital currency — while 31% pinpoint the lack of an assigned budget to use to purchase digital currencies as a discouraging factor. Security concerns are similarly rife. Almost 1/3 (31%) believe a stockpile of digital currency might make the business a target for cybercriminals, while almost 1/5 (18%) worry that it might put them at risk of insider theft.

Chris Mayers, Citrix chief security architect, sums up the findings as follows: “Initially many organisations were treating ransomware as a cost of doing business – just like shrinkage and fraud in some sectors – and building a stockpile of cryptocurrency to cover potential cyber ransoms. Yet this is changing as companies begin to embrace its potential as a revenue driver, as well as an alternative means to pay for staff and services. As British companies continue to build and diversify their cryptocurrency portfolios, vital security measures must be put in place to protect these reserves and ensure they can be used for a growing range of business processes instead of falling into criminal hands through ransom or theft.”

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