Litecoin (LTC): You May Need To Act Fast – Here’s Why
The Litecoin Core v0.15.1 is out and you need to upgrade. While most LTC holders won’t have a reason not to upgrade to this new version, there are a few of us who may not be in a hurry.
There is a lot to be positive about this release and we tell you precisely why you need to upgrade and/or update. Like Litecoin (LTC) founder Charlie Lee said, you need to do it while it’s still hot.
Is this reason for you to follow @SatoshiLite’s advice? I have and you should probably do if you haven’t done so already.
Well, I do understand how we were disappointed not to see the highly anticipated Litecoin Debit Card launch last week. Litepay decided to indefinitely postpone the launch, citing issues with their card issuer. While many may be disillusioned by the turn of events, that is clearly water under the bridge now.
The official Litecoin.org posted that the release contained new features, a variety of bug fixes and several performance improvements. The minor version also contains a number of updated translations. On face value, this should be a no-brainer at all: upgrading gives you a better experience when transacting with Litecoin.
You can read more about the released version here. There is even more lined up by the Litecoin devs asv0.15.1 will be followed by v0.16 in coming days.
Let me highlight some of the things that make Litecoin Core v0.15.1 great for LTC holders.
Minimum relay fee has been lowered
With the new release, the network’s minimum relay fee was lowered to just 0.01 lites or 0.00001 LTC per kB. This is necessitated by the need to have the minimum transaction fees lowered to 0.1 lites or 0.0001 LTC per kB to be implemented in the next release. What this means is that charges for relaying LTC is significantly lowered, making it cheaper. This is what one LTC holders had to say this morning:
Graphical User Interface (GUI) settings revamped
The GUI settings that had some users stuck when trying to complete transactions will now be backed up when you reset. Your GUI settings are now going to be written to guisettings.ini.bak located in the data directory. To wipe them, you will run the –resetguisettings argument. Now users are able to troubleshoot problems related to the GUI settings easily.
Duplicate wallets disallowed
There have been cases when users got stuck while using their wallets, some not knowing what the problem was. It has been possible to erroneously open the same wallet twice, leading to operational challenges. Previously, you could have a wallet open by manually copying your wallet’s file. That has been fixed and no user will be able to have more than one copy of the same wallet open.
What else does v0.15.1 have?
Low-level RPC changes
The new Litecoin Core v0.15.1 has the following Remote Procedure Calls revamped for maximum usability.
- The “currentblocksize” value that was in the getmininginfo is removed.
- dumpwallet–will no longer allow you to overwrite files. Disabling this feature is a security measure that helps you to avoid calamitous mistakes.
- Kupwallet-a bug in this feature used to lead to the destruction of the wallet when users attempted backing it up to the source file. For now, the bug will fail instead of destroying your wallet.
- listsinceblock– this feature will now return an error when an unfamiliar blockhash command value is passed. It’s not going to return a list of all your transactions, including the genesis block.
The release of this version is confirmation that Litecoin team is firmly behind the roadmap towards making LTC use easier for investors and users.
However, you are cautioned that you must back up your wallet.dat file before you begin the upgrade. This is because this version of Litecoin Core may contain some bugs. If you run into difficulties when upgrading, be advised to contact the Development team for further assistance.
It has nothing to do with Charlie Lee
Forget the criticism that Lee pumped up Nano coin for his own selfish gain. He is within his rights to invest in any cryptocurrency he so chooses. And didn’t he just affirm his commitment to Litecoin by not holding any LTC coins to remove the conflict of interest? How? If he has to advertise Litecoin, he does so without risking being accused of pumping his own brainchild.
So, what is the LTC price like today?
The release of Litecoin Core v0.15.1 has not had a major impact on price today. However, Litecoin (LTC) is still ranked 5th on CoinMarketCap.com with a market cap of $11,437,899,008 against a daily trading volume of $66,014,000. It is trading at $206.29 which is a -1.27% drop in the 24-hour period.
Compared to BTC, it has dropped -3.14% to sell at 0.01893230 BTC. If you are looking to hodl some LTC, then do so. The long-term prognosis of Litecoin indicates that its value could reach $400 by close of the year.