China's government regulators and the PBOC (Peoples bank of China) has allowed the three main crypto currency exchanges OKCoin, BTCC and Huobi to unfreeze cryptocurrency withdrawals. Yes, I realize this was announced a couple of days ago but did you notice? If you do a little detective work and read between the lines, something BIG is happening with LTC. China's ruling on unfreezing withdraws had the following stipulations. The withdraws have cap limits as follows: 10BTC/200LTC/1000ETH daily. Now let us do some math. 10 BTC at, let's say $2500.00, equals $25,000.00 per day. 1000 ETH at, let's say $230.00, equals $230,000.00 per day. 200 LTC at, let's say $27.50, equals $ 5,500.00 per day. Wow, China is allowing it's citizens to withdraw $25,000.00 per day of BTC and $230,000.00 per day of ETH but only $5,500.00 per day of LTC? What does this tell us? Chinese government has a long term plan to adopt LTC as their main crypto currency of choice for their silk road, Euro/Asia economic trade pack. This is HUGE! They want LTC to have price stability with careful steady growth. This is vital for their long term economic plans. All other crypto currencies are too speculative with volatile price swings. LTC is their choice! The small withdraw cap on LTC will help price stability and maintain manageable steady growth. Getting LTC now is the best value for the dollar by far. Buy and hold LTC and you will have created generational wealth that will go down in the history books. Why, because China plans to bring 1.7 billion people out of poverty and provide cheap smart phones to allow them to participate in the silk road economy, using LTC as the currency.
China's plan to use LTC as main crypto currency!
8 years ago in #bitcoin by jetblake (53)
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wow
even without this news I thought that Litecoin would be a good long term investment as kinda like the way you have gold and silver.
I agree. LTC ratio to BTC is, as you know, 4 : 1. LTC should be at least $625.00 right now. LTC obviuosly is not at that price but the day is coming (probably within 20 months) that it will catch up to that ratio.
That has always made sense to me as well, the silver to Bitcoin's gold. When you examine the bigger picture, our crypto community is very small compared to the billions who have yet to discover it. We talk about mainstream adoption, but there is a very limited supply of bitcoin if suddenly billions of unbanked people decide to start using it for daily transactions.
I look at it like this, if Bitcoin is King, that leaves room for a Queen, Prince, Princess, Jack, even a Joker lol... Not every coin is made for the same thing. There is room for more than one, and they are stronger if they work together for a common goal...
Interesting read. I hope you are right, although it seems to me there is still a chance they will wait to use BTC, although the longer BTC has issues the better chance there is for LTC. Thanks for posting.
It looks like the plan is using BTC for nation to nation trade settlements and LTC for global citizen daily usage
Great Post but recently peoples bank of china launched their own cryptocurrency read
Good convince!
But it is not true at all.
It not possible for Chinese gov to use other decentralize crypto like BTC LTC ..... instead, they will make their own crypto, because they will control it!
I do think they will develop their own crypto currency. In fact, most countries will most likely have their own version. I think that in the meantime, China and other nations will allow people to use BTC, LTC and others to get the learning curve out of the way. They want to get the general population comfortable in transacting with crypto currencies first before rolling out their versions. Just a thought
aha, you thought also make sense.
Time time will tell us answer.
Litecoin has jumped up manifold in the past 3 months. NEO, on the other hand has jumped to a low of $22 from $40. Any idea what is happening in China with NEO? I feel NEO has a long way to grow especially in the Chinese market
NEO will do fine eventually. China just wants to get some order and sanity in the ICO offerings. ICO's unregulated allows many shady characters or fraud to enter the crypto market. China wants to avoid fraud. China supports crypto currencies and wants it to have a future. Once China gets some rules and regulations in place for new ICO's NEO will take off. I would just hold NEO and be patient. Everything will work out for the better as we get some oversight and regulations to prevent outright fraud.
Super artykuł !!!
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