All eyes on Litecoin

All eyes on Litecoin
All eyes are on Litecoin in March as it is gearing up for the launch of the MimbleWimble privacy upgrade. Today we look at Litecoin and why March is said to be explosive for the top 10 cryptocurrency.

What is Litecoin?

Litecoin was created by former Google engineer, Charlie Lee in 2011. The coin is often called the “digital silver” to Bitcoin’s digital gold. Litecoin is known as one of Bitcoin’s most aggressive competitors, even though they have similar characteristics.

Litecoin is a decentralized cryptocurrency that provides peer-to-peer transactions anywhere in the world with low fees.

It is one of the oldest cryptocurrencies on the market. Being able to maintain a position amongst the top ten cryptocurrenices by market cap, is evident of Litecoin’s staying power in the fast-paced crypto market.

The Litecoin Foundation aims to develop and facilitate the adoption of the cryptocurrency asset.

Launching the MimbleWimble privacy upgrade

Litecoin’s MimbleWimble is aimed at improving the coin’s privacy features. This will be done by means of a protocol based on Proof-of-Work consensus algorithm that features powerful scalability.

If you’re thinking MimbleWimble sounds like something from Harry Potter, you are quite right. The name comes from the Harry Potter series that features the MimbleWimble curse. According to the story, the curse prevents an enemy from talking about a specific subject.

For Litecoin, the ‘curse’ translates into hiding transaction data. Currently, two projects – Beam and Grin are using MimbleWimble.

The MimbleWimble privacy upgrade is expected during Q1 of 2021.

More reasons to invest in Litecoin

Besides the MimbleWimble privacy upgrade, there is a ton of good news to justify investing in Litecoin.

  • News outlet, Cointelegraph recently reported that open interest in Litecoin futures contracts has reached a record $584 million. This could be an indication that institutional investors such as Grayscale Investments and Bitwise are interested in Litecoin.
  • This week Google Finance added crypto prices to the finance.google.com domain. The section titled “Crypto” provides key pricing information for a number of cryptocurrencies like Bitcoin, Ether, Litecoin and Bitcoin Cash.
  • PayPal is expected to roll out its “Buy, Hold and Sell cryptocurrencies” initiative in Q1 2021. The global online payment company recorded unexpected growth of the limited initiative during Q4 2020. CEO Dan Schulman said the volume of cryptocurrency transactions surpassed expectations. Thanks to the initiative, PayPal added 16 million Net New Active Accounts (NNAs). For Q1 2021, PayPal will expand the initiative to Venmo and select international markets. The platform currently offers Bitcoin, Ethereum, Litecoin and Bitcoin Cash that customers can use to pay at PayPal’s 26 million merchants around the globe.

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