The Litecoin (LTC) development team has announced plans to slash the cryptocurrency?s transaction costs so that it will be ten times lower than the current transaction fees.
Litecoin is currently among the top cryptocurrencies in the world and has come a long way ever since Chalie Lee launched it as a Bitcoin (BTC) alternative. He launched Litecoin to provide better security, instant payments and lower transaction fees. The Litecoin development team will soon release an update through which they aim to lower the transaction fees.
? Litecoin.Com (@LitecoinDotCom) October 19, 2018
Transaction fees to drop from around $0.05 to around $0.005
Litecoin Core 0.17 plans to bring down the LTC network and transaction fees to 2015 levels. The update will reportedly lower the transaction fees by ten times compared to the current levels. The network currently charges roughly 0.001 Litecoin per KB which equates to around $0.05. The transaction fees will likely be around 0.0001 Litecoin per KB which is around $0.005.
Core lead developer Adrian Gallagher believes that lower transaction fees are a smart move because they will encourage more adoption on a global scale. He also believes that reduced Litecoin fees means will attract more buyers, traders, and sellers.
‘We?re not even close to block limits and the block size on disk is pretty small relative to other coins,? stated Gallagher.
Will the new update coincide with the end of the bear market?
Gallagher also believes that the bear market which has prevailed for the better part of this year is coming to a close. There is a chance that the announcement about lower Litecoin transaction fees will influence the performance of the cryptocurrency. Some community members believe that the upcoming update will only affect Litecoin mining pools.
Some of them have already started running lower transaction fees. One Reddit user stated that the Litecoin network is already running at a minimal transaction fee setup of 0.00001 LTC per KB. He also noted that wallet apps and services have not taken advantage of the minimal transaction fee setup. He also claims that a core wallet update is long overdue. Some claim that the update is pointless since Bitcoin Cash (BCH) is already cheaper.