Huobi’s future trading vertical BitVC recently announced to drop Litecoin futures by March 28th in the wake of low user demand.
“Dear BitVC users, we have discontinued our Litecoin futures services temporarily after obtaining feedbacks and suggestions from users,” read the company’s notice. We truly apologize for the inconvenience.”
In addition to this, the platform also said in a separate Reddit post that it wanted to shift its energy to Bitcoin future contracts instead. It meanwhile confirmed that litecoin trading services (LTC/CNY) will remain to be functional, while the withdrawals will be active as well.
For obvious reasons, Litecoin community was fumed with the decision, with one of them accusing BitVC for eclipsing trust. “There was no order-book for their futures, probably because no one trusted them,” said an accuser. “They had several questionable decisions involving taking peoples profits away after the fact.”
But the lack of interest towards Litecoin cannot be denied if one looks at the coin’s performance last year. We did an article at the start of this year, explaining how the silver cryptocurrency is prone to face stiff competitions from its emerging counterparts like Darkcoin. We feared that a lazy marketing approach and the lack of attractive development models might influence the members to leave the community towards more promising alternatives.
But as it looks for now, Litecoin is facing a tough competition from the King Bitcoin itself. The latter has been slowly making it way into the Wall Street space, while its adoption and trading price has also hit peaks due to a multiple fundamental factors. Litecoin, on the other hand, is away from such glorious attentions but nonetheless is working towards few unannounced development projects.
As told by Litecoin Association Director Andrew Vegetabile to CoinTelegraph, they have created a special development team, named Litecoin Association Development Team, to “build third party critical applications for the Litecoin ecosystem and network.”
We hope these development picks momentum in coming times and Litecoin gets to show its truest potentials to the cryptocurrency world.