Litecoin Core 0.17 to bring down transaction fees by 10x: LTC users elated by the update

As a part of the upcoming Litecoin Core 0.17 release, the Foundation announced the main advantage of the version, lower network fees. The announcement was made on their official Medium post, wherein the core team discussed the major reasons behind the new development.

According to the team, this move was taken in order to increase the usage of the cryptocurrency in the future. The official post states:

“The average transaction fee as it stands on the network is Ł0.001 per KB or ~$0.05. With the announced changes that will soon become Ł0.0001 per KB or ~ $0.005, half a cent and back at 2015 levels.”

James Gerrard, a cryptocurrency enthusiast says:

“They’re practically none existent as it stands. I transfered some yesterday and was impressed with the speed and price. Great stuff.”

A Twitterati named BitcoinForChumps says:

“That would be good news if people actually used Litecoin for real world use. It’ll still be more expensive and slower than DASH anyhow…”

The factors that affect the increased transaction fees are the transaction data and block limits. According to the team, the block size on the disk is relatively small in comparison to other cryptocurrencies. Since there are a number of empty blocks available on the chain, the transaction fees can be lowered. This is one of the reasons the development is made now.

It is being noticed that some of the community members claim that this update would affect only the mining pools. And some of them are already running with low transaction fees. According to them, the normal transactions performed by the traders are much smaller than 1KB, which means – very low transaction fees.

A Redditor says:

“The LTC network is already operating with a 0.00001 LTC per KB minimal fee setup (this can be seen in blockchain explorers). But wallet applications and services are not taking advantage of this. If the news is about the Litecoin Core wallet, then such upgrade is long overdue.”

Another Redditor named aaron0791 says:

“finally, all I want is for the BCHes to stop with their “LoLz BcH iS cHeApEr, LtC iS pOiNtLeSs”

The post Litecoin Core 0.17 to bring down transaction fees by 10x: LTC users elated by the update appeared first on AMBCrypto.