Litecoin(LTC), the Next LUNA? Exchanges Worried!

Litecoin(LTC), the Next LUNA? Exchanges Worried!
  • LTC brings out new privacy protocol updates.
  • Exchanges worried over the new update.
  • LTC may face the same fate as that of LUNA.

Usually, a token gets an update to upgrade itself, specializing it more for the users. More the users and circulation, more will be the value of that token. 

Surprisingly, one particular token has recently posted a new update hoping for the good and the best. Yet, things tend to be vice versa for the Litecoin (LTC) new privacy protocol update. 

Will LTC Become the Next LUNA?

Litecoin (LTC) has always had a place among the top ten cryptocurrencies, following the same legendary footsteps as that of the Bitcoin (BTC). For the past two months, LTC has been trading in and around the $100 price range.

However, the ongoing market crash has had its fair share of effects on LTC too, plunging it down. On the other hand, the LTC team has been constantly working on a futuristic update, which has been finally launched now. 

Yet, this update for LTC will not enhance it, rather destroy LTC itself. This is due to the fact that the new privacy protocol update for LTC, will make sure the transaction being made is private and secured. The MWEB Litecoin update will now make all transactions completely confidential even upon the blockchain. 

The amount of LTC being transferred would not be of any records, and this inturn puts a headache for those crypto regulated countries and exchanges, as taxes cannot be imposed for such anonymous transactions. 

Though the update stays in improving the transaction speed and security, the privacy protocol is against the rules and regulations of crypto-regulated countries, especially South Korea. In spite of this, South Korean crypto exchanges, Bithumb and Upbit have warned users regarding LTC.

Moreover, there are high possibilities for those regulated exchanges to completely ban and stop the trade of LTC permanently. This would indeed shuttle down the price of LTC, killing it.

A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.