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Litecoin Update V 0.17.1: transaction fees to drop by a factor of 10 – Coin Hero

1b9e9ed56c9adb24a5866d1ae6b5fd9d - Litecoin Update V 0.17.1: transaction fees to drop by a factor of 10 - Coin Hero

Litecoin Update V 0.17.1: transaction fees to drop by a factor of 10

Home News Litecoin Update V 0.17.1: transaction fees to drop by a factor of 10

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Marcel Knobloch –
09.05.2019

Two days ago, the Litecoin Foundation has announced in a blog post the release of a new Client-Software-Version: Litecoin Core V 0.17.1. The Update brings slight user interface Changes, a new Wallet Format, advanced privacy features and a significant Change in the network fees, which decrease by one tenth and the mini-transaction cost to paint effectively of 0.001 LTC/kb to 0.0001 LTC/kb is reduced.

As soon as the Litecoin Core Update V 0.17.1 will be taken by a majority of the Nodes, will cost a Litecoin Transaction to a maximum of only 0.15 USD (ten times less than during the Bull Runs in December, 2017, the fee increased to a Maximum of 1.50 USD). This means that under normal conditions with a low demand, the average charge under a Cent. In regard to the opening of a Lightning Network channel, this is exactly the Right thing to do, in order to increase the acceptance and the cost of criticism against Bitcoin, especially since Atomic Swaps of LTC to BTC will be possible.

Many experts speculate that Litecoin will not dominate the market, but a useful means for Bitcoin can be. Litecoin might reach a larger market share and greater acceptance if it is used as a cheaper payment medium for Bitcoin. Experts are speculating, therefore, that dealers will be willing to invest in LTC.

In short: Instead of opening a Bitcoin Payment Channel for the Lightning Network and pay the higher fee, traders could opt for Litecoin. As soon as you join the network, you can exchange your LTC against BTC, and the total acceptance and the network effect of the trader’s benefit.

Also part of the Litecoin Core 0.17.1 Updates, a Feature that Litecoin will be more privacy. In the Update Andrew Chow’s 2017 GDP 174 is included, the LTC will allow for a greater functionality for Hardware Wallets, Multisig Setups and CoinJoin transactions. Like in January 2019 announced Litecoin as a target more fungibility and privacy set to reach. A part of this task, the addition of confidential transactions, and the solution of choice is the MimbleWimble seems to be implementation.

In addition, the LTC Ecosystem expected also the Halving in August 2019, a halving of the Block reward from 25 to 12.5 LTC. It is expected that the Halving will increase the value of the Trade of LTC.

Featured Image: Sergey Tarasov | Shuttertsock

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