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Litecoin [LTC] creator has been on a mission to get the cryptocurrency added to exchanges after Mt. Gox’s failure

Priya

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Litecoin [LTC] creator has been on a mission to get the cryptocurrency added to exchanges after Mt. Gox's failure
Source: Unsplash

Litecoin [LTC], the 7th biggest cryptocurrency in the market, was recently listed on Gemini, one of the leading cryptocurrency exchange platforms around the world. The announcement has stirred up the whole Litecoin community, with the creator of Litecoin, Charlie Lee joining the bandwagon.

Charlie Lee stated that with the coin listed on Gemini, all the prime Bitcoin exchanges now provide trading services for the cryptocurrency. Moreover, the Managing Director of Litecoin Foundation stated that ever since the failure of Mt. Gox in the year 2014, his quest was to ensure that the coin was listed on exchanges with the focus being on increasing the liquidity.

He said on Twitter:

“Ever since MtGox announced Litecoin support in 2013 and failed to deliver, I’ve been on a mission to get LTC added to exchanges to help increase liquidity. With the launch of LTC on Gemini today, every single major Bitcoin exchange supports Litecoin. Mission accomplished!”

Mt. Gox was the biggest Bitcoin exchange platform in 2013. Along with Bitcoin [BTC], the exchange had listed top coins in the market including Litecoin. The exchange continues to be popular because of its hack which resulted in the compromise of around 7% of the exchange’s BTC. Following the hack, the exchange tumbled in the market within a few months and is currently undergoing legal proceeding to pay back the creditors.

Nova, a Twitterati said:



“Instead of liquidity you should be working towards adoption. Smfh. The community is shouting Pay With Ltc and you are out here looking for exchanges lol da faq? #ltc #litecoin @SatoshiLite have you not realized the value of Ltc falls every time you add an exchange. Stop ‘helping'”

Moreover, BlockFi, a company offering credit backed by cryptocurrency, announced they will be providing loans backed by Litecoin [LTC] and Gemini stable coin [GUSD], marking this as another step towards adoption.

Recently, the coin went live on Robinhood, a brokerage and cryptocurrency platform, with $0 commission. Succeding the launch of the cryptocurrency on the platform, Charlie had stated that the interface of Robinhood was “really slick” and that it was a great way to “get exposure for LTC price movements”. In addition, the coin got support from Bittrex, one of the leading exchange platforms, as the coin was open for trading in the USD markets.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Altcoins

Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block

Akash Anand

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Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block
Source: Pixabay

Bitcoin SV [BSV] and its proponents have been making headlines over the past couple of weeks, either due to developments or because of comments made by its major proponents, Craig Wright, the chief scientist at nChain, and Calvin Ayre.

The network was also hit with several members of the cryptocurrency community alleging that the cryptocurrency itself is a sham without any use cases, as evidenced by its delisting on several popular cryptocurrency exchanges like Binance, Kraken and Shapeshift.

The latest news added salt to BSV’s wounds after it was revealed that the network went through another blockchain reorganization on a 128 MB block. This fact was pointed out by Nikita Zhavoronkov, the lead developer of Blockchair, who had tweeted:

“Whoops! $BSV has experienced yet another reorg, this time 6 (six!) consecutive blocks were orphaned (#578640–578645), this chain included a 128 MB block #578644 🤦‍♂️ The network was basically stuck for 1.5 hours, and this shows that even 6 confirmations are not enough.”

Orphaned blocks are valid blocks which are not part of the main chain. There are ways that they can occur naturally when two miners produce blocks at similar times or they can be a result of an attacker with enough hashing power using it for nefarious activities like reversing transactions.

A major reason why this reorg event made news was that a major 128 MB block was stuck in transaction, something that was not supposed to occur according to the initial claims made by the SV camp. Supporters of the cryptocurrency, however, have stated that despite being slower than promised, the transactions on the block settled faster than that on a Bitcoin Core block.



One supporter of BSV, mboyd1, tweeted:

“Orphaned blocks are a feature, not a bug”

To this tweet, Zyo, another cryptocurrency enthusiast replied:

“yes, but orphaning 6 blocks in a row is not good, that means that 6 confirmations is not safe. It’s a bug because the 100+ MB take way too long to propagate and validate. There is a reason why BCH doesn’t have [yet] 100+ MB blocks.”





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