The Upcoming Litecoin Core 0.17 Will Make Transaction Fees Even Lower for LTC
Since the very beginning of Litecoin as the first hard fork to be derived from the Bitcoin chain, Charlie Lee, the founder, and CEO of Litecoin wanted LTC to become an alternative payment method that serves the lowest fees and some of the fastest transaction times.
By 2018, LTC was one of the top 5 cryptocurrencies, known as one of the promptest and cheapest blockchain solutions for exchanging monetary value, however, the team is noting that the price of fees easily went over 0.10$ and even a bit over 1$ back in 2017.
That is why the core developers decided to make Litecoin transactions cheaper for users and get the speed and fees for LTC to the state as it was back in 2015, aiming to bring fees that won’t go above the amount of a single cent, which should be some of the lowest fees available in the market.
The current average of transaction fees is 0.05$, however, the tea plans on bringing fees down by ten times with the upcoming release dubbed Litecoin Core 0.17.
Litecoin Core New Release to Bring 10 Times Lower Fees to LTC Users
The team announced back in October, by releasing an official update on the future release of Litecoin that the new version of Litecoin Core should bring the transaction fees for Litecoin down.
The team states that the average fees for LTC transactions make 0.05$, however, the team is planning on lowering the fees by 10 times in order to bring some of the cheapest transactions to the market.
The announcement came even before the major period of dips that came with the mid-November, showcasing the readiness of the team to make Litecoin even more available as a widely adopted payment method.
In that spirit, the new version that the team is working on should bring 10 times lower fees that wouldn’t go far from half a cent like it was the case back in 2015.
The lead core developer, Adrian Gallagher, stated that lowering fees should increase the adoption of Litecoin, deeming it a good strategic move for the future of LTC and LTC based transactions.
The lead core developer is also predicting that the bear market should switch to more bullish trends in the course of the next 3 to 6 months when the foundation for lower fees should become proactive for the further growth of Litecoin.
How Will Litecoin Core 0.17 Release Affect LTC in the Market?
Litecoin is already going through major integrations, having announced the arrival of LTC to Facebook’s messaging application and also gaining support from the upcoming HTC Exodus cryptocurrency focused phone by HTC, however, the team believes that 10 times lower fees for the same transaction speed will make a huge difference for Litecoin adoption.
The team is hoping to increase the adoption of Litecoin with offering low fees and fast transaction times, which is the primary vision behind the creation of Litecoin in the first place according to the founder Charlie Lee.
162total visits,1visits today