When it comes to Litecoin, there hardly seem to be any projects making the headlines on major crypto news sites. While CryptoArticles is not a major news site by any means just yet, we do aim to focus more on litecoin from 2015 onwards. In order to “get our feet wet”, so to speak, I want to talk to our beloved readers about LitecoinLocal.
If you have never heard of LitecoinLocal, have no fear, as you are not alone in this regard. As I said, it’s not evident to find any Litecoin-related news on news websites, but thankfully there is still good old Reddit. LitecoinLocal is a service similar to LocalBitcoins, and it even uses nearly the same layout and design, making it very easy to navigate and use the website.
LitecoinLocal’s Troubled History
While LitecoinLocal has been in existence for quite some time now, things have not always been as great as you might think. Over the course of 2014, several changes have been made, and unfortunately most of the people working on the project have left as well. The exodus of employees had to do with the former owner of LitecoinLocal, called Skinnkavaj/dennishaggblom.
As the former owner of LitecoinLocal wanted to keep pushing the business forward, he put in a lot of requests for new features, which in turn had to be added and developed by the employees. However, if you do not pay your employees nearly as much as you should when they complete these features, you can expect some of them getting disgruntled and wanting to leave the project.
Things went very sour over time, and the former LitecoinLocal owner posted a thread on Reddit in October of this year announcing the platform would shut down for good. While this change might seem to be rather abrupt, the worst part was that none of the employees still working for LitecoinLocal were informed about this decision, as they all had to find out for themselves through a third party.
To make matters even worse, as soon as the announcement was made, none of the employees received any compensation for their efforts. This decision would also render any and all company shares utterly useless. Most, if not all of the employees at that time, received a certain percentage of shares for their efforts.
A decision had to be made, and the current administrator of LitecoinLocal took it upon himself, with the help of Someguy123, to keep the website going. After all, this platform provides an easy and excellent way to buy and sell Litecoin in exchange for fiat currency, regardless of where you are in the world. It would have been a shame to let all of that go to waste because of the actions of one man.
LitecoinLocal was relaunched on October 19th of this year, and the plan is to be more transparent than ever before. In order to achieve this, cold storage addresses will be made publicly visible , and important announcements will be signed with these addresses. Personally, I really like this plan of action, but feel free to leave your thoughts in the comments section below!
Security has been tightened as well, as maximum precautions have been taken in order to prevent the server and hot wallet from being compromised. Furthermore, accessibility has been improved, and the team can now be contacted directly via email at email@example.com and/or firstname.lastname@example.org.
Whereas LitecoinLocal used to offer a Litecoin to other cryptocurrency exchange option in the past, that feature has been disabled until further notice. The main focus of LitecoinLocal is to facilitate the trading between Litecoin and fiat currencies in both directions, and that is exactly what will benefit the LTC community the most.
Litecoin Audit Page
I did mention how the new administrator of LitecoinLocal wanted to be more transparent about everything going on with the website. The first step on the road to transparency came in the form of creating a Litecoin Audit Page, which can be found here. As you can see, this page shows the total amount of LTC in all user’s balances combined, as well as the amount of coins owned by LitecoinLocal.
Furthermore, whenever a user deposits LTC into the site, these coins will appear in one of the hot wallet addresses on the audit page. In the event of a hot wallet balance becoming too large (for security reasons), coins will be moved into cold storage. Regardless of which wallet holds however many coins, there will always be enough Litecoin available to fund withdrawal requests.
All of the Litecoin in cold storage are kept completely offline, making it extremely difficult for a third party to breach the wallet and steal funds. In fact, there are two different cold storage wallets, one on each end of the globe. In doing so, the majority of funds can be recovered if one of the cold wallets would ever be stolen.
Special Promotion Until January 31st 2015
LitecoinLocal is doing a special promotion in order to celebrate New Year. There will be 0% trade fees on all transactions until January 31st 2015! If you have ever considering getting your hands on some Litecoin by spending fiat currency, now would be a most opportune time to do so.
Website : https://www.litecoinlocal.net
So, dear reader, wha tis your opinion on LitecoinLocal? Have you used this service before? Let us know in the comments below!