Today - SegWit Starts on Bitcoin, Litecoin gets Lighting Network

in #bitcoin4 years ago

This is a big day for both currencies who we can call brothers.

1 Hour Till SegWit

Finally in 23 blocks from now Segwit will activate, so possibly from tommorow we will start getting cheaper fees while using BTC. There are many Segwit parties today all around the world.

Up here you can find local parties:

Lighting Network on LTC

Now what this gives is Instant payments, better privacy, smaller fees. Upcoming - Cross-chain swaps with other coins (ie BTC) and really nice Microtransactions. tldr - this is BIG.

Trade The News!

While you may not have enough funds to buy loads of LTC or BTC or you are afraid you can leverage trade on ie BitMex.
Deposit some BTC then with as little as 0.01 BTC you play and get fees of ie 0.07 (just example).

There is BTC LTC ZEC XMR and more to trade this way. I'm there since years and love that spot for fast actions on news.

Litecoin Markets

As you can see its mostly fiat exchanged into LTC now meaning the coin is raising in USD/CNY value not due to BTC dumps but due to new money flying into it.

Follow, Resteem and VOTE UP @kingscrown creator of blog for 0day cryptocurrency news and tips!


Here are the steps one needs to go through to actually benefit from SegWit:

  • One needs a wallet or an account supporting SegWit
  • One needs to generate new SegWit addresses
  • One needs to receive bitcoins to the new SegWit address
  • When spending those new SegWit funds, one can finally get a discount on the fee spent.

I believe it will take many weeks until laymen will experience any lower fees due to SegWit.

Devices like Trezor benefits from SegWit as the so-called quadratic hashing cost has been replaced with a linear hashing cost (meaning less CPU and memory is needed to process heavy transactions). However, bear in mind that this has only been solved for SegWit inputs, "old" funds are still as expensive as always to spend. (Bitcoin Cash has actually solved the quadratic hashing cost for all new transactions).

Then there is the mallability fix, which allows for Lightning. Remember that the advantage of Bitcoins is the network effect; the lightning network starts from scratch. I believe it will take years until Lghtning will get more useful than any other altcoin.

All in all, I'm not very much impressed with SegWit. I do believe we need SegWit2X for Bitcoin to be useful again. With the current fee levels, Bitcoin payments is only competitive to Fiat payments in some very few usecases, including bigger cross-border transactions and criminal use cases. That's not the Bitcoin I signed up for.

superb explanation!

Excellent post. This morning I decided to transfer some bitcoin to my exchange so I can invest in some more BCC and Dash.... well, firstly I was HORRIFIED by the transaction cost (at least 700% more than I have ever been asked for) and secondly three hours later not one confirmation yet. Viva Segwit Viva.

I experienced the same issue, Coinbase wants $5.00 for a transaction??? What is going on? is the #1 Cryptocurrency Exchange!

It's all a con.... Blockstream want to own BTC. These transaction fees are 'desensitisation' it becomes the norm. Lightening Network... well good luck.

While it may not be a scam in your opinion, it could be considered spam. Spam is not appreciated by the community and could be flagged or may result in action from the cheetah bot..

Some things that can be considered spam:

Banner ads
Referral links/codes
Repeating the same post
Links to known scams, phishing sites, and other dangerous links

Yeah once you realize how much Bitcoin sucks in terms of slow transaction time and ridiculous fees then you realize that other stuff like Bitcoin Cash is gonna overtake it in the long run. I experimented with Dash and also had high transaction fees so in my own opinion Bitcoin Cash (BCH) to the moon!

The reason I was moving BTC was to stock up on some BCC .... But this manipulating the EDA is starting to get on my nerves. Really and truly. Both sides now seem like farkwits {end of rant}....Will decide over the weekend which wat to go.

That still remains a mirage folks, Bitcoin Cash would grow as expected but with the leap Bitcoin has that would just wishful thinking on your part.

Haha, first time seeing a comment getting that much up rewards. Between, I was wondering that does this segwit thing create another Bitcoin type like that BCC Bitcoin on 1st August. Please pardon me for my terms used, I am quite noob when it comes to the details of Bitcoin.

I'm quite surprised myself, wish my posts had received the same kind of upvotes :-) Perhaps my posts are too long and tedious ...

Regarding forks, I've written a post on the subject: Bitcoin Fork for Dummies

Segwit will not create another bitcoin type, but in November there may be a fork between the SegWit2X-supporters and the Bitcoin Core supporters. Also, if it wasn't for the SegWit2X initiative, we could have had a chain split also at the 1st of August (due to the BIP-148-crowd, wanting to force through SegWit against the will of the miners).

With the Bitcoin Cash case, the split was very clean - with so-called "replay protection" and different branding. The problem with BIP-148 and SegWit2X vs Core is that both sides want to keep the "bitcoin" brand. It may be messy.

Hey, thanks for all this explanation. I will read your article for more details.

just when I started to figure out BTC and get comfortable now I have to worry about segwit! Like, you need to have some serious organization skills to keep up with all the changes, wallets, coins, exchanges, private keys... holy smokes man

Nice update

I like your post but I am not so impressed with segwit. It cames out today that there is some bug and we have 24 hours confirmation time and higher fees.

I'm also not impressed with SegWit, but I'm not aware of the said bug, do you have any sources?

Extraordinary long confirmation time and high fees recently has been due to hashpower "defecting" to mine on the Bitcoin Cash chain - possibly combined with a spam attack. Things are already back to normal now, over the next few days there will be low fees and fast confirmations in the Bitcoin network, and this is not at all related to SegWit.

I think by the end of the year we'll see 100.

My hypothesis is that Litecoin is being price manipulated to Bitcoin like real gold silver which is a 1300/20 i.e. 65x ratio. So I think Litecoin will go to 70 when Bitcoin is able to hold steady at 4550 for a while, and it will go to 100 when Bitcoin is able to hold steady at $6500. Bitcoin is almost at 4550 now and if it can maintain that high through November Segwit2x fork uncertainty (not likely) maybe afterwards then I think Litecoin will finally go up. Just my own opinion not financial advice.

interesting theory

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I'll buy more litecoin

This comment has received a 1.69 % upvote from @booster thanks to: @sandrino.

Big up to @blocktrades for providing litecoin transfers

Yes, probably the most stable)

LTC hodlers :D!!!

Absolutely. Many of them sold their LTC for other Alts. I am HODLing it. The rocket is ready to boost. All credit goes to Charlie Lee for making this happen. Technically BTC is following LTC. I guess Litecoin can reach somewhere around 200 soon. Invest wisely...

Litecoin is already 52$ at the moment of writing this comment.
when cross-chain transactions with bitcoin are there litecoin will take off. its your chance to get in their now my fellow steemians, because its really a big deal.
i bought few litecoins 2 months ago at $24 and you can see that the price is more than doubled.
I hope everyone who reads this comment will take it into acount.

I hope you are right but I don't see Litecoin going anywhere until the Bitcoin Segwit 2x is over in November.

@cryptosteve I recommend that you enter you will get 50 free WCX Tokens and 15% if you want to invest, this currency is now in the PRE-ICO stage and is the best time to invest!

but isn't bch or btc w/ segwit making ltc obsolete?

BCH yes, btc/w segwit no, but not really either. BCH won't obsolete Litecoin, it will just be the "Silver" to BCH's gold instead of BTC's gold. One for moving around large amounts, one for buying small things like coffee. I would still rather buy my coffee in litecoin (1 cup of coffee cost ~0.05-0.1 litecoin for a $2.5-$5 cup of coffee is reasonable)

what about buying coffee with any of the other 700 cryptos?

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I think it is a better place to hold value than USD but not better place for investors, but great conservative place for people who are risk adverse.

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I'm curious to see how it will unfold. I also have some bad experiences with transfering btc lately. Onw transaction has been pending for 2 and for another I paid a huge fee (fast confirmations) I'm more and more interested in BCH these days...

So... when can we use lightning?

Litecoin is my safe space. Less volatility but you'll still profit. It's where I go when all the other cryptos seem to be rocking violently in the seas of change.



Bitcoin really needs those cheaper transactions right now as they got really high. Way too high I believe. Let's see what's in store when segwit activates.

This great news. Am still going to stick with altcoins that require no fees like STEEM, IOTA, EOS etc...

Riding IOTA to the moon!

I love litecoin :)

Very good news dear friend @kingscrown, thank you very much for this information. We will look forward to results and reductions in transaction costs.
Have a great day

Go Litecoin!!

lower fee by transaction will be cool

I've already attempted a few BTC transactions and it seems to be a lot faster. Let's just hope this solves some of the issues on a shortish-term basis anyways. :)

LTC is also one of my most favorite altcoin. Stable, serious, with a real project behind.
Definetly in the top 5 altcoin for a long time.

Happy Bitcoin Segwit day!

Woo Hoo!

Thus is pretty random, but your name is legit.

I have a tendency to be random at times. Makes life more interesting...

It's better that way!

As LTC fan since 2013, it is great to see LTC making developments priority. Good job Charlie Lee.

Now, I'm thinking of dropping a few of my other Alts for Litecoin.

I'm surprised BTC didn't jump up after the first block was mined. On the other hand it's good to see the price acting stable in comparison to its movement prior to this last week or so

Thanks for share

I don't remember in which post I made this comment, but I said that I had lost faith in Litecoin because it seemed so inactive. Reading this is making me interested in it again. May have to pick some up soon. Of course, you can't go wrong with Bitcoin. It's pretty much just a wait and hold game.


@kingscrown I made some scrill on the activity today, but I think the benefit was felt by the significant holders. Either way, a good day is a good day, amirite?

Check @NavCoin. It has #Segwit activated, it's a PoS coin where users get rewarded by having coins in their wallet at a 5% per year reward and also get tx fees. 30 sec per block (per transaction) and working with Changelly to make all their coins Anon running NAVTech (sub-chain to process private tx) Also soon 1st coin with anon send through mobile!

yes, @NavCoin is great coin, FIRST POS coin with segwit, real anon Tx , fast anon Tx, and have good project.
try to look NAV.

I'm hodling LTC and NAV, both could take off any day now

Litecoin is the shit. that is all

Oh no sir. I beg to differ. Litecoin is supported on every exchange and in every wallet. It's very fast and cheap. When I need to send money around, I use Litecoin. It's very liquid and just serves it's purpose extremely well. Bitcoin is sort of trying to follow Litecoin but there's no such bad community divide and bad blood in LTC compared to BTC/BCH.

The closest contender to Litecoin, at the moment, is Dash, which has amazing community going for it too.

Interesting times.

I agree with both of you, since I believe that danielownsall's comment is implying that Litecoin is very rad/cool/awesome/profitable/L-ETC . I have always found it to be silly how one word (the) changes the entire polarity of that phrase.

there is a "the" before shit...I missed it too lol.

Yeah, SILVER shit. It's gonna moon in few weeks when people start dumping their BCH (so called Bitcoin Cash Cow). Don't miss the ship. Just a tip...

we will start getting cheaper fees while using BTC

Nope, not with #BCH emergency difficulty adjustment. The fees will skyrocket for the next 2 days as it is again more profitable to mine #BCH.

Finally! the fees have been insane the past couple of months, i personally have payed around 0.01 BTC in fees for a single transaction sending from my exodus wallet.

Celebration time, come on!

For the first time I am experiencing the same thing... grrrrrr

What is more important for you right now time or money ? Think before you reply and do let me know

Money is just an amount of time that you can buy with it...
hehe so money for sure...

One question what is more important to you time or money ? Think before you say

The Bitcoin cash announced the end of the bitcoin!!!??

Thanks for sharing @kingscrown im just exited!

If our fees are going to be less... we welcome SegWit!

great , thank you, upvoted

Those high transaction fees are really going to push people from bitcoin to litecoin in the future.

been hoping for the arise of the chikun (ltc). good news indeed and ltc is undervalue at this point... if you haven't done so go buy buy buy.

Litecoin is so stable it can piss a lot of people off... including myself ;)

Litecoin is the good for invest

Great post! Keep it up.

Bitcoin activating Segwit on 24th August. The Giant getting stronger and stronger !

Go Litecoin!!

Finally!!! Missed so many transactions because to delays.

Thanks for info

lite coin is good coin

Amazing for litcoin, @kinhscronw

Nice update sir!

I love litecoin

Need to get my hands on some LTC! ASAP 🙌🏼

The BTC price will gain another 100% increase. Even another unconfirm hard fork on BTC is brewing.

Luckly i was holding LTC this afternoon :D

great! Aims to make the ecosystem more profitable bitcoin costing less transactions

Litecoin one of the best crypto-money...

Join my autoblog! Interesting photos&facts!

great job.....

Litecoin is already 52$ at the moment of writing this comment.
when cross-chain transactions with bitcoin are there litecoin will take off. its your chance to get in their now my fellow steemians, because its really a big deal.
i bought few litecoins 2 months ago at $24 and you can see that the price is more than doubled.
I hope everyone who reads this comment will take it into acount.

Great updates and great post. very quick on the news kingscrown.
Let me know all your thoughts on my recent post.

CommentWealth trolls for trolls and spams the spammers... please be aware @seenmidnight that consistent spam comments like yours might eventually result in flags, which hurt your reputation and earning potential. Linking to your own posts in another Steemian's comment thread is really bad form. Next time, try engaging with the author in a way that builds true community here on Steemit!

Good update and hopefully all will go well and better for Bitcoin...thanks for sharing, upped-always.

Its activeted !
Will follow back and upvote, please resteem this good news 🙂
SEGWIT Activeted !

Good,,,i like post

Wow thats verry nice. Cryptocurrencys are get more and more developed for the common people i like that

Thanks you for posting information so cool
hope to visit it once :)

Tha I like your post

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I just now readed your content.It's excellent content .
This post received a 😊😊 82.6% upvote from @srtechtube
thanks to @kingscrown! ,
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Nav Coin also activated SegWit already quite some time ago. The users voted for it by staking, PoS.

New follower here. Great post. I put all my dividends in Litecoin, Steem and gold/silver.

Warrior of LITE!

This sounds like great news to me. Though BTC and LTC both interest me less than STEEM, a solid LTC investment may be in order.

I've written a post on the late, great Chuck Berry's music. It's pretty musical. :)

This post received a 5% vote by @minnowsupport courtesy of @kingscrown from the Minnow Support Project ( @minnowsupport ). Join us in Discord.

Upvoting this comment will help support @minnowsupport.

Navcoin also got a great working Segwit 👍🏽👍🏽👍🏽 better tech than monero unfortunately (fortunately for new investors) there is no hype yet

I just recently started low level, beginner trading. I bought some Litecoin today. What are your predictions for Litecoin?
Thanks man :)

Hey Kings, check this and give your opinion if is possible:

You don't need to upvote or resteem, Im not asking for that!! I just want to know your opinion about Cryptosteel and the improvements still to be made by Trezor and Ledger!! tks

I hope we start getting reduced fee asap. Otherwise Bitcoin will stay behind unlike it's other counterparts.

Gracias por la informacion! esperemos que esto haga que la red se vuelva mas eficas!

Saludos, como siempre aportando buen contenido exelente post me encanto ,maravilloso el mundo de la criptomoneda

@janmarieth I recommend that you enter you will get 50 free WCX Tokens and 15% if you want to invest, this currency is now in the PRE-ICO stage and is the best time to invest!

God job, thank you for sharing this @kingscrown

What does segwit mean ? Yeah I'm Clueless :D

that would be in my past posts ;)

Most eeducaational Blog ever 10/10

GREAT ARTICLEE , KEEP the good work
this news will boost and make the price of bitcoi more high, bitcoin could reach 10000 USD by the end of this year after the acivation of segwit
Litecoi could reach 100 usd by the end of this year


Lighting Network on LTC that made my day and the Price too went up after a very long time :D

Litecoin was so close to reaching an All Time High (on Coinbase/GDAX), hopefully it will get there by the end of the week. :)

Thanks a lot for this very valuable information, I am following you and hopefully more successful. Regards!

interesting stuff this year is amazing for bitcoin revolution

Charlie Lee the founder of Litecoin published a paper on LTC using SegWit, its on his twitter handle, well worth a read, i have it up too if you are not following Charlie on Twitter

Greetings, nice day excellent your content like the previous ones I love to read you, see you later

That LTC pump was crazy, one more time you put $$$ in my pockets! I hope it'll grow still, I have some extra! Any link where to check transfer fees for all crypto. What's cheapest and fastest to move?

Mempool still high >> fees high. Those fees could buy us something else.

What do you think about the market's reaction?

good info, I see $LTC playing catch up to $BTC which I think now starts pulling back towards $3400 ... $LTC see pulling back short term to $44-45 then ripping to new highs

You know, the whole thing was pretty emotional.

Thank you for the news or information we hope to be able to do business together and achieve success .. hopefully we can be well-secured by sharing good news2

Thank you for this important topic
I was very happy to know people like you

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