BL3P, a Netherlands-based bitcoin exchange, announced that it has decided to phase out Litecoin (LTC), which means that the corresponding LTC / EUR trading market will be removed from the platform.
See below the process the company is going through for removal. and their reasons for adding LTC years ago and now to remove it.
- From May 10, 2021 (14:00 CEST) BL3P deactivates the Litecoin market (LTC / EUR) and deposits. As a result, users will no longer be able to trade or send LTC on their BL3P account.
- From November 10, 2021 (14:00 CEST) BL3P deactivates Litecoin (LTC) withdrawals and converts all LTC remaining in a user account to BTC. This will be added to the BL3P Bitcoin balance.
Why was Litecoin added to the platform?
The reason BL3P added Litecoin shortly on April 24th, 2017:
- Litecoin was used as a test network with a real value (as opposed to a test network). The addition of Segregated Witness and experimentation with the Lightning Network protocol was a good example of this.
- Litecoin was used as an inexpensive and fast way to conduct transactions between exchanges. At the end of 2017, the network was very busy, which led to long waiting times and transaction costs.
- Enabling Segwit on both Litecoin and Bitcoin enabled the creation of atomic cross-chain transactions.
Why is Litecoin being removed?
The above reasons no longer apply and BL3P just wants to focus on Bitcoin and related concepts:
- Segwit operates on Bitcoin and offers network efficiency – fee optimization and faster validation;
- Lightning Network offers fast and inexpensive transactions and thus also reduces the pressure on the network.
- Experiments with Atomic Swaps have been completed and are therefore not relevant to offering them to customers.
- Litecoin no longer corresponds to our basic values and due to this vision BL3P no longer wants to offer this coin to customers and says that they no longer want to support this software (node).