LiteCoin Gains Widespread Acceptance on Zurich Exchange

Dec. 9, 2013 - PRLog -- If BitCoin is gold, the LiteCoin seems to be silver.

Zurich Exchange, the largest anonymous financial exchange on the TOR Network with total transactions exceeding $750,000,000 in 2013, released a statement today indicating that their marketplace would be accepting LiteCoins as an equal payment method for all transactions.  A note was sent out to all their customers and vendors earlier today.

Litecoin, the digital currency otherwise known as, “the silver to Bitcoin’s gold,” has surpassed $25 in value, reaching as much as $28.50.

It’s up 400% in the past week.

Its creator, Charlie Lee, an MIT grad and former Googler, designed Litecoin in 2011 to be used for everyday transactions as the price of Bitcoin climbs, as well as to thwart a cartel of miners from cornering the market.

“I think Satoshi [Nakamoto, Bitcoin's pseudonymous creator] is great, and Bitcoin is awesome,” Lee told us. “I didn’t fix Bitcoin. I just made small changes that made [Litecoin] a little bit better.”

As far as the Zurich Exchange (TOR Browser address is https://zurichxax4v3adtt.onion) is concerned, their widespread adoption of LiteCoin as an alternative to Bitcoin – without having the customers first convert their LiteCoins to BitCoins – is going to have a consequential impact on the value of the currency.  So far, people holding or mining LiteCoins had to exchange it first for BitCoins on one of the exchange networks, before they could transact anything of value.  With the adoption of LiteCoin as an equally acceptable currency, it is not surprising that LiteCoins have just overnight transformed into a usable currency just like BitCoins and a predicted surge in LiteCoin’s value is inevitable from this point forward.

LiteCoin still has ways to go to settle at the theoretical 1/4 value of a BitCoin, but industry experts seem to agree that as LiteCoin mining becomes increasingly difficult – a 50% increase in difficulty in the space of 3 days, the value of LiteCoin is definitely going to soar since demand will far exceed the dwindling supply.

It is predicted that the value of a LiteCoin is going to be around $400 by February 2014, while that of a BitCoin would surge to around $2500.   Still not the magic $8,888/BTC and $2,222/LTC, but that is expected to happen sometime around February 19, 2015 to coincide with the Chinese New Year of the sheep.

*Additional Reporting by Nathan Sully

**The Zurich Exchange can be accessed by downloading the TOR Browser, and going to the following link: https://zurichxax4v3adtt.onion on the TOR Browser.

*** Below is the original memo from the Zurich Exchange regarding its adoption of LiteCoins:

   “Posted on 9th Dec 2013 @ 1:36 PM

   Zurich Exchange is pleased to announce the support for LiteCoins on our marketplace.  All vendors are now required to accept LiteCoins as a payment method, in addition to bitcoins.

   Due to the soaring popularity of litecoins, and the tremendous requests we have had for the currency, we are now the first website on the net to offer LiteCoin as an equivalent currency method.  We expect the popularity and value of LiteCoins to grow, and as such have advised all our vendors that a new requirement for all future transactions would be the need to make LiteCoin as an acceptable payment method for all items being sold on the Zurich Exchange.

   While we do not anticipate the adoption of other crypto-currencies in the near future, we look at Peercoin, Feathercoin and Namecoin as having some potential, although acceptance on our marketplace is not expected any time soon.  Of course, we will keep watching these crypto-currencies, but for the moment, only BitCoins and LiteCoins are universally accepted on the Zurich Exchange.

   Sincerely,

   The Zurich Exchange Admins”


Source Article:

http://www.getfastcapital.com/blog/litecoin-gains-widespr...