This Hong-Kong based cryptocurrency exchange has decided to start to list Litecoin. The company has taken this decision in order to expand the virtual currencies that they are listing at the moment. Litecoin will be able to be traded against USD ,EUR and HKD.
In the last days Litecoin has performed the first ever recorded atomic swap with Bitcoin. UseTheBitcoin covered this information and told that the markets reacted really well to these news. In this way, good news keep arriving to Litecoin, one of the most known cryptocurrencies and one of the favourites alternatives to Bitcoin.
Litecoin as a Hedge Against Volatility
Some of the reasons that pushed Gatecoin to list Litecoin is that this currency could work as a hedge against the potential volatility that will accompany any future bitcoin or Ethereum forks.
“Gatecoin is always looking to add more cryptocurrencies and tokens to our exchange. Litecoin has proven to be successful in the market and has gained a lot of popularity among traders and merchants,” reads the company statement.
The intention behind the creation of Litecoin is not to replace Bitcoin but to work as a reliable alternative to it. Charlie Lee, its creator, has said: “even with the worldwide adoption of Bitcoin, another alternative will be needed to aid in transactions to ensure they are both fast and low cost.”
Litecoin was the first cryptocurrency to enable SegWit (Segregated Witness) earlier this year. Litecoin is a similar cryptocurrency to Bitcoin, but it works as a testing coin to the new developments in the virtual currency world. Litecoin is maintained by a decentralized network of miners, nodes and developers and it is an open-source protocol.
The main difference between Bitcoin and Litecoin is that the second offers faster and cheaper transactions and a better storage efficiency. In this way, Litecoin is able to support bigger transaction volumes and users. In addition to it, Bitcoin mining uses an algorithm named 256-bit (SHA 256), while Litecoin uses an algorithm called Scrypt that works in combination with the SHA256. Scrypt allows for large amounts of high speed RAM and not processing power alone.
After these news, Litecoin is being traded at $71,33 dollars, losing 0,4 percent in the last 24 hours. This week brought good news for this currency and the community has noticed it.