The founder of Litecoin Charlie Lee recently made an interesting announcement stating that Litecoin was chosen over Bitcoin Cash by Abra as one of the digital assets for its new portfolio-wallet. According to Lee, Abra’s choice was based on “Litecoin’s better security and its adherence to Bitcoin’s scalability roadmap”.
Abra app allows any user who has a bank account to easily purchase and exchange cryptocurrencies. Currently Abra supports 20 different cryptocurrencies and 50 different fiat currencies which are available to be traded by simply attaching any bank account or even an existing Bitcoin Wallet. There are no transaction fees and no time or amount limitations for the users of the app. At the same time due to the user friendly and simplified interface any user is able to trade and invest in cryptocurrencyies without any perceived technical difficulties. In addition Abra allows trading synthetic digital currencies (centralized tokens) which are backed by existing assets.
As a result of this integration Litecoin was not only added in the Abra portfolio as an investment opportunity but it also lies at the core of the app’s protocol. Currently Abra uses Bitcoin and Litecoin blockchains to generate its synthetic tokens and these two cryptocurrencies are the only ones among the listed 20 other currencies which are embedded in the app with own blockchains. As to the rest of the listed coins they are considered to be “synthetic coins” having only the image of blockchain-based assets. This shows the difference between owning coins on the Abra app and storing your coins in a private-key wallet while due to Litecoin blockchain you can be offered some extra security for your digital assets.
Although it is still impossible for Litecoin to become a direct competitor for Bitcoin however the recent developments show the real advantages of Litecoin over Bitcoin cash which is surely appreciated by investors.
