Litecoin is a peer-to-peer cryptocurrency created by Charlie Lee. It was created based on the Bitcoin protocol but differs in terms of the hashing algorithm used. Litecoin uses the memory intensive Scrypt proof of work mining algorithm. Scrypt allows consumer-grade hardware such as GPU to mine those coins.
Binance warns against the use of the privacy feature. Mimblewimble de Litecoin .
- Binance will not support transactions with Litecoin that use MimbleWimble
- This extension allows users to send transactions anonymously
- Binance says that a deposit may not be received or returned with LTC.
Since it enabled the privacy function MimbleWimble , Litecoin has run into trouble. Last week, five of South Korea’s major exchanges, Upbit, Bithumb, Coinone, Korbi t y Gopax , removed LTC from their platforms . In this sense, Upbit cited the Financial Transaction Specific Information Reporting and Use Act, banning anonymous anonymity is when something is not known or named. transactions in South Korea as the key reason for ending support for Litecoin.
Now the largest exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. by transaction volume, Binance, issued a statement on this cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. which we transcribe below:
“Binance will not support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. Litecoin (LTC) deposits and withdrawals using the MimbleWimble Extension Blocks (MWEB) feature, which gives users the option a contract giving the buyer the right, but not the obligation, to buy or sell an underlying asset or instrument at a specified strike price. to send confidential LTC transactions without disclosing any transaction information.”
“Any LTC deposits made to Binance via the MWEB feature will not be received or returned, as we are unable to verify the sender’s address, resulting in the direct loss of funds. To ensure the safety of your funds, please do not deposit LTC via the MWEB feature.”
“We apologize for any inconvenience caused.”
It does not eliminate Litecoin per se
However, the communiqué makes it clear that Binance will not admit transactions of Litecoin que hagan uso de los llamados bloques de extensión de MimbleWimble (MWEB), sin embargo -a diferencia de los exchanges surcoreanos- Binance did not take the route of eliminating LTC from the list, but warned users not to make litecoin transfers with the MWEB feature as it would result in a loss of funds.
ComentaThe Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. that, unlike most South Korean exchanges, Binance is not opposed to privacy-centric currencies. In fact, it hosts the trading of some of the most popular privacy currencies like Monero y zCash. Therefore, it is not necessarily compliance with regulations that is Binance but the inconvenience of administering the transactions, and the MWEB de Litecoin. In particular, it is not possible to determine the crypto addresses in a transaction. MWEB as they are hidden.
Litecoin today is down 14% and has a price close refers to the closing price; similar to the same term used in stock trading. to USD $42, according to CryptoMarkets . It is worth noting that the market, in general terms, is in a downward trend, starting with Bitcoin, which has a price close to USD $24,000, 12.51% lower than yesterday at the same time.
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