Bitcoin was not the only digital currency that rallied Tuesday. At one point during Tuesday’s U.S. trading session, litecoin was higher by about 15% after crypto startup Abra said it is expanding its use of litecoin to bolster the company’s exchange and wallet offerings.
In a session on Reddit on Monday, Abra CEO Bill Barhydt said, “We went with Litecoin as the second asset class, after bitcoin, for our smart contract investing solution for 3 primary reasons: 1. commitment to bitcoin compatibility: core roadmap, p2sh support, lightning support, etc; 2. slightly better scalability than bitcoin in short term (block size and block times); 3. mining fees which are primarily a function of #2 although this is more of a short term benefit as mining fees would likely sky rocket if we’re successful anyway!”
The news first broke late last month, but gained more attraction ahead of Barhydt’s Reddit session. Charlie Lee, founder of Litecoin, had recently been touting a major announcement regarding the digital currency. With a market value of around $7.40 billion, litecoin is one of the largest digital currencies after bitcoin.
“P2SH (supported in Bitcoin, Litecoin and Bitcoin Cash) is the perfect model for simulating our synthetic CFD. It’s secure, easier to work with and more liquid than ether for our purposes. We may support native ether via this model in the future but don’t have any immediate plans to announce such news,” said Barhydt on Reddit.
More On Abra And Litecoin
Abra has raised $40 million in venture funding from the likes of American Express, Fidelity’s venture capital arm, and Foxconn, the major Apple supplier.
“Abra is the only global app that allows you to buy, store, and invest in 20 cryptocurrencies in one place. Fund your wallet on your mobile phone with fiat or bitcoin. Then invest in bitcoin, ethereum, ripple, bitcoin cash, litecoin, dash, and many more cryptocurrencies – instantly,” according to the company’s web site.
Lee, a former Google engineer, created Litecoin in 2011 to be something of a silver to bitcoin’s gold. Litecoin features faster coin generation than bitcoin and the former’s algorithm is script-based rather than the SHA-256 behind bitcoin’s algorithm. Litecoin is more easily obtained than bitcoin.
The price of litecoin would have to more than double from current levels to return to the 52-week high of over $365.
$19 million worth of Bitcoin (BTC) seized in dark web drug probe
The U.S. government has seized $19 million worth of BTC from a drug trafficker, who allegedly laundered funds through the cryptocurrency on the original dark web marketplace known as “Silk Road.”
The U.S. Attorney’s Office for the Southern District of New York announced the news on Thursday, saying that the trafficker, Hugh Brian Haney, 60, was arrested near Columbus, Ohio. In 2017 and 2018, Haney allegedly transferred bitcoins representing drug proceeds he had earned through Silk Road to an account held at a company involved in the exchange of bitcoin and other cryptocurrencies. He claimed falsely that the source of these bitcoins was from mining.
Haney is charged with one count of concealment money laundering and one count of engaging in a financial transaction in a criminally derived property. The former count carries a maximum jail term of 20 years, while the latter a maximum term of 10 years.
Homeland Security Investigations (HSI) special agent-in-charge Angel M. Melendez said:
“HSI special agents employed blockchain analytics to uncover and seize bitcoins valued at $19 million and usher Haney out of the dark web shadows to face justice in the Southern District of New York.”
“Cryptocurrency is a great idea” – Ron Paul
During a recent “Squawk Alley” interview, Former Republican congressman and presidential candidate, Ron Paul- discusses how he is in favor of cryptocurrencies as well as block change technology. Apparently, he enjoys competing currencies and believes they are a good idea.
He also believes that the governments only have the right to step in to prevent fraud from taking place. In the interview, Paul states that, “the government has a role. And if somebody has a case that there is fraud, I think it should be investigated.” Paul then goes on to state that what he wants to do “is legalize the freedom of choice, absent blatant fraud.” Agreeably so, this is exactly the type of perspective that the crypto world needs.
Throughout the interview, Paul compares crypto to gold in many ways. He points out how both assets are competing with traditional fiat money. He discusses how our government has never been “very tolerant of competition, and they’re not even tolerant with using the Constitution to compete with the fiat dollar. Because gold and silver, you can’t use it.”
This isn’t the first time that Ron Paul has discussed his views on crypto. Back in 2014, the Former Republican Congressman displayed his concerns about the foundation of crypto and Bitcoin. However, he acquired a bearish pro-crypto outlook on the future of fiat money. Paul believes that the dollar won’t last long as “they all self-destruct.” According to Paul, the only competition for the dollar is the euro and yen- which “isn’t any good.”
33 CryptoCurrencies In 4 Words Or Less
We put together this list to describe the top cryptocurrencies that are worth your time in 2019.
Each gets four words. There are many!
Hopefully this provides orientation.
Scroll Down To View An Awesome Infographic from MrBtc.org!
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