Lite-tastic - The Litecoin Halving and Taking Self Custody
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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Bitcoin is gold then Litecoin is the silver. At the beginning time I used Litecoin for transferring and it was my favorite one also.
In that case trust wallet is my better in my opinion.
I am also expecting at least 40% pump for Litecoin Halving and it can happen anytime..
Thats a good analogy. That is a good pump if it happens and it is good to be prepared! 😃
I got a bit a while ago since @thecyberdexter told me about the halving. As you said, already doubled up.
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Yes, he was talking about Litecoin at much lower prices! I am looking forward to the halving party!
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I never use LTC to Hodl, but I do use it a lot to transfer between different wallets and exchanges and stuff like that, my standard way if doing that really, it's not good at keeping it's value, but it's cheap to do transfers compared to most, and also accepted basically everywhere.
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I am thinking the same Erik. Whether it would be a good long term hold I am not sure.
Yeah, it's not been so far, and as you said transfer and hodl is basically the use cases.
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I've got a softspot for the old litey, as you say great way of transferring.
You can pool it with Rune of Thorswap!
Yeah there is something good about it that it is simple and cheap to transfer. Thats good to know about Rune, I am just hodling at the moment.
wow you're holdindg this too u have so much stuff. how much do u have for this o.o
Not much, just a little speculation.
i see hope it does well for u :3
thanks bro!
Your welcome :3 its all good i need to sleep now hehe
Yay! 🤗
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I currently don't hodl any LTC. I think it has a good utility as a way to transfer funds cheaply. It will be great if the foundation works on creating more utility for it.
Yeah it is great for moving crypto around. Hopefully they will add more utility in the future and we can see some growth in value.
I've been holding for a very long time, so I'm as happy as a pig in a pool of mud! I think there will be a drop either right before or after the event. People tend to buy on the news and sell right before the party.
Great to hear that. I am following the price and see if you are right with the prediction 😀
I may sell off some just to be safe, take profits while I can. I can always buy back in!
No harm in taking profits. Im still stacking at the moment, so no profits for me yet 😅
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Yeah, I bought more at $87 for my #halving trade... looking to add even more. Am up a fair amount... as long as we reach at least $200 by the end of the month, I will be happy!
Nice one. Bit of a pull back this week, but I am going to add.
Yeah, still has room to go...