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SEC-Approved Litecoin Matches Bitcoin Trading Volumes — Partners With PayPal And Ledger After Halving

Published August 29, 2023 12:21 PM
Omar Elorfaly
Published August 29, 2023 12:21 PM

Key Takeaways

  • Litecoin trading volume increased on Bitpay.
  • Trading volume rose following bullish halving.
  • Litecoin taps PayPal to make crypto purchases through the Ledger Live app
  • What is cryptocurrency halving?

Litecoin is one of the few cryptocurrencies currently immune against scrutiny from the US Securities and Exchange Commission (SEC). The regulating body sees a handful of tokens, including Litecoin, as non-securities, protecting them from legal claims filed against adjacent tokens such as Ripple’s XRP.

The Bitcoin fork recently celebrated  a new milestone as it saw a “50% increase in the percentage of use on @BitPay”.

Litecoin is on a course to further surge as the token partners with PayPal and Ledger to facilitate crypto trading for customers.

A Huge Milestone For Litecoin

Litecoin is often referred to as “Digital Silver” and Bitcoin’s “Digital Gold,” as the token’s blockchain claims to be the only blockchain with over 11 years of uninterrupted uptime.

Despite halving events  on the blockchain, the token continues to boast an ongoing series of successes, even reminding users on the chain to look out for the next halving event in 2027.

  • “The first halving event occurred on the 25th of August, 2015 UTC at block height 840,000
  • The second halving event occurred on the 5th of August, 2019 UTC at block height 1,680,000
  • The third halving event occurred on the 2nd of August, 2023 UTC at block height 2,520,000”

Despite a marginal increase in the token’s value in recent days, Litecoin made up 34.05% of payment activity on Bitpay, a Bitcoin payment service provider headquartered in Atlanta, Georgia, falling slightly behind Bitcoin at 36.47%.

Curiously enough, Litecoin has been consistently underperforming price-wise, despite its ongoing success. At the time of publishing, Litecoin has a $65 value per token, down from over $94 at the start of the month.

Litecoin August 2023 sharp drop in price
Litecoin drops in price despite increasing popularity

Reasoning Behind Litecoin Halving

According to Litecoinblockhalf.com  “Litecoin was designed as a deflationary currency. Like gold, the premise is that over time, the issuance of litecoins will decrease and thus become scarcer over time.”

In simple words, the network automatically halves rewards issued to miners after minting a new block on the chain.

“After every 840,000 blocks mining (approximately every 4 years), the block reward halves and will keep on halving until the block reward per block becomes 0 (approximately by year 2142). As of now, the block reward is 6.25 coins per block and will decrease to 3.125 coins per block post halving.”

New Partnerships

Crypto security firm and hardware wallet manufacturer, Ledger announced  its new partnership with PayPal to offer easier crypto trading for U.S customers. 

The same list of SEC pre-approved tokens (Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC)) will benefit from the new partnership.

“We’re glad to announce an on-ramp integration with PayPal, allowing users to explore crypto in a convenient, simple and secure way via the Ledger Live companion app.”

“When using PayPal through Ledger Live, Ledger users in the US (subject to applicable state law) will be able to directly buy BTC, ETH, BCH and LTC using their linked PayPal account. Users who have purchased crypto with a PayPal account can buy crypto in Ledger Live with no extra verification.

“Purchases through PayPal will be automatically sent to your Ledger hardware wallet similar to other Ledger Live options.”

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