It has been quite an important week for Litecoin, to say the least. The Yours network announced they are dropping Bitcoin in favor for Litecoin. That is quite a major announcement, although it will not have an immediate impact on the price whatsoever. There is also a rumor Newegg may start to accept LTC soon, although that has not been confirmed at this stage.
Things Looks Good for Litecoin Right Now
The fact that a promising service is dropping Bitcoin in favor of Litecoin is quite significant. Although Yours has to establish itself in the market still, their desire to work with Litecoin is quite significant. Although Bitcoin makes a lot of sense for the Yours platform, Litecoin seems to hold the better cards right now. SegWit is activated on the network and the Lightning Network is coming to fruition as well.
When the Yours team unveiled Litecoin support, a lot of people were caught by surprise. Then again, the mounting Bitcoin fees force the company to rethink its strategy. Litecoin suits the platform a lot better than Bitcoin will in its current state. It will be interesting to see if this change can have a positive impact on the LTC price. After all, the price has taken quite a beating over the past few weeks. That change came as quite a surprise, considering Litecoin has a lot of momentum right now.
Luckily, the new Litecoin development roadmap may help things move along. A lot of people have been waiting to find out what is in store for Litecoin for some time now. The Android app will be relaunched, which is something a lot of people will be very happy about. Mobile support is important to cryptocurrency users. The Litecoin client will be rebased to Bitcoin Core 0.14.1 as well once the new client is released.
Additionally, the Loafwallet application will receive integrated support to buy LTC. This feature is made possible thanks to the Coinbase Buy Widget. Having the support of Coinbase could prove to be quite invaluable for Litecoin in the long run. A new version of the Electrum-LTC client will be coming in the future as well. It is well worth checking out the full roadmap here.
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.