New Litecoin Core Release Promises Substantial Drop in Transaction Fees
As the popularity of cryptocurrencies has exploded over the past 6 months, so has the stress the associated networks have been put under. With average Bitcoin transaction fees during December peaking at $26, many have begun to question how Bitcoin can ever fulfill its original intended purpose as a decentralized peer-to-peer payment system. Litecoin fees are fractional in comparison, but still reached nearly $1.5 during the same period.
Even so, Litecoin is not really suitable as a currency for lower value transactions in its current state. However, the latest Litecoin Core release promises to change that. The update is lowering the minimum relay fee to 0.01 lites per kB, which the team state is in preparation for dropping the minimum transaction fee to 0.0001 LTC in the following update. With the majority of transactions being around 300 bytes, this would put fees at roughly $0.003 – 0.004!
Many consider Litecoin to be a ‘boring’ coin in the crypto world, but the team have been consistently meeting their goals and improving the product. Brandishing the hashtag #paywithlitecoin, founder Charlie Lee is keen to share with investors that they are now focusing on partnerships with merchants. We look forward to seeing further adoption of Litecoin into 2018.
Watch my talk from August of 2014, 3.5 yrs ago. “Litecoin: From Genesis to the Moon” https://t.co/isoEwdNgUO
— Charlie Lee [LTC] (@SatoshiLite) February 7, 2018