One digital currency exchange is replacing their previously existing Litecoin market with another alternative digital currency. Bittrex is replacing Litecoin with Blackcoin. The shift in coin is a move that many in the altcoin community didn’t see coming, as Litecoin is the second most popular altcoin, and has been for years.
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On July 25, Blackcoin announced on their website that the Bittrex shift will be taking place, urging their users to switch to their exchange in support.
Today is another monumental day as another door of opportunity has been opened. After BlackCoin’s landmark success in April, BlackCoin now boasts a total of 60 developers including 3 companies that rely on the coin. With the recent additions of Blackwave Labs, BlackCoin is continuing to prove itself as a fast, innovative, secure digital currency. BlackCoin’s network is secured by it’s growing community and the BlackCoin infrastructure is continually increasing.
After recent discussion with Bittrex, they have proposed to drop their Litecoin market in favour of BlackCoin. The reason being as the current methods of arbitrage are not beneficial to fast moving markets, which in the world of trading is vital. This will bring trading to an all new faster domain.
A Litecoin Association Ambassador named Andrew, also known as The Mage, spoke with CCN about his feelings on the shift.
"From an objective perspective, it seems to me that the exchange is trying to either revive themselves because of lack of customers or increase their customer base,” he told us. “The Litecoin market is very strong with certain exchanges, just like the Bitcoin market; therefore, from a business perspective it makes perfect sense to enable different trading pairs.”
Charlie Lee, the creator of Litecoin, also still believes in the coin. He recently spoke at the North American Bitcoin Conference in Chicago, where he told the audience how to make a successful altcoin and re-proposed merge-mining to the Dogecoin community.
Other Litecoin users are not happy with the change. Some users called the news a simple publicity stunt. Some even went as far as to say that this will just incite a pump and dump on Blackcoin, inflating its price. The replacement is not a positive one on the Litecoin community, but the currency still has a strong presence in the overall digital currency spectrum.
“This opens up those exchanges to a newer customer base that could increase profits for those exchanges,” Andrew told CCN. “I feel this will do little to affect Litecoin in general since our market share is so significantly large with many other exchanges.”
Blackcoin has shown an impressive bout recently in the altcoin market cage-match, working hard to create an infrastructure. Their recent advancements on BlackHalo, a multi-signature two party double deposit trustless escrow in cryptographic networks, have shown a major willingness to work and innovate. The Proof of Stake coin has an active and eager community. They have made their mark thus far, and the addition of Bittrex is a big win for them.
Since the Bittrex announcement to open the Blackcoin exchange, the Blackcoin community is urged to aid the exchange by moving coins to their market to allow the volume to work in everyone’s favor. McKie, the Director for Blackcoin Research and Development, still reminded people that they can be uncomfortable putting their currency on an exchange, but that the suggestion is simply a show of support for Bittrex.
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