The next big event on the crypto calendar is the upcoming Litecoin halving. Litecoin is a proof of work altcoin that is popular for people transfering funds around with its relatively low transaction costs.
Other than hodling, I could not find any other usecases for Litecoin. Therefore, it seems useful for transferring funds cheaply and as a store of value only.
We are now inside the 30 day countdown to the halving and there are some expectations that there could be a pump in Litecoin. Inflation will drop to around 1,8% with block rewards reducing from 12,5 LTC to 6,25 LTC per block.
If you were lucky enough to pick up some Litecoin late last year when it was under $50, you are already up over 100%. Since then, it has been pumping quite abit, although it did have a pullback to around $66.
There will only ever be 84m LTC made which is 4x the amount of Bitcoin, although do many people actually hodl LTC? Do they just use it to transfer funds between exchanges more cheaply? So is there plenty of liquidity on the exchanges?
There seems to be plenty of self custody wallet options and the first one that I installed was Litewallet. This is a mobile wallet option and required that I had a screensaver password activated on my phone to use.
This wallet is also from the Lite Foundation itself, so should be pretty trustworthy you would think. Once installed I needed to give a pin-number to use and then it asked me to write down a paper key. Although this was not a key but a 12 phrase key word. Therefore, you don't really have ownership.
Next I installed Electrum LTC which is a port of the Bitcoin wallet but is not made by the same people.
Here I set up a new wallet and gave a password and seed phrase. However, unlike the other wallets, I could export my private keys so there would be no issue to access my crypto if needed.
Litecoin is around 74% below its former ATH and has been decimated like many alt and shitcoins. Will it ever recover to its former high or will it go to 0 like everything else against Bitcoin?
Some may think that Litecoin has had its day and there is nothing happening here since its founder sold his stake. I think however, that it is still a proof of work token and may have some use in the future with it's much reduced fee structure compared to Bitcoin.
Do you hodl Litecoin? Which wallet do you use?
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