Litecoin (LTC)– Charlie Lee’s unexpected selloff. Litecoin price pulling down from 380 USD to 150 USD. The launch of Litepay and Litepal.
It’s bot an interesting duo of months for Litecoin. Long heralded spil the “silver” to Bitcoin’s gold (an analogy propagated by founder Charlie Lee), Litecoin is te a prime position to become a popular and pervasive cryptocurrency–especially for transactions.
Here are just a few reasons why Litecoin is destined to overtake Bitcoin.
Litecoin: The Volmaakt Choice for Commerce
Bitcoin is having difficulty scaling to the level needed for general commerce. Fees are high and transaction times have become a barrier to being a usable form of currency. Customers, at least ter debit card-centric Western countries, are unaccustomed to paying a toverfee at all for transactions (of course the canap toverfee is spread out across the pricing structure, but that’s less apparent). While some people see the fees and slow transaction times spil a necessary, and worthwhile tradeoff for the many benefits of cryptocurrency versus traditional fiat, something is going to have to switch. The market is stagnating at an alarming rate because of the lack of usability with cryptocurrency. People buy Bitcoin and then have nothing to use it on. Cryptocurrency isn’t the stock market. The purpose of thesis currencies is to be exchanged and traded for commerce or utility outside of price speculation. If the industry fails to stir towards usability, then cryptocurrency will remain an eccentric additief to the stock market, with prices built upon empty hype and pump-and-dump schemes without everzwijn establishing its own intrinsic value.
Litecoin could be the solution. Litecoin combines all of the benefits of Bitcoin, but with shorter transaction times and lower fees. It has bot on the forefront of Bitcoin innovations, implementing SegWit early last year and now suggesting the possibility of lightning network and atomic exchanges.
Think of it this way: spil cryptocurrency adoption grows, and Bitcoin resumes to be featured on financial sites spil broad spil CNN Money and Forbes, there is going to be a search for the next big thing . Journalists and financial advisers looking into crypto for the very first time are going to be struck with the appreciative gains of Bitcoin, but also asking the question, “What else is there?” That’s where the advantage of Litecoin comes te. LTC is a top Five cryptocurrency by market capitalization, providing it a large following and instant dollar exposure. It also has a long history ter the market, very first established ter late 2011 by founder Charlie Lee. Combine that with the aforementioned improvements on Bitcoin, and LTC abruptly becomes an enticing alternative. Especially spil the market comes to prize usability, Litecoin is an already popular cryptocurrency just waiting to pauze out ter terms of media recognition.
There is a caveat to Litecoin dominance. If Bitcoin can solve the scaling kwestie, te a way that makes fees palatable and transaction speeds manageable, then the advantage ter utility of Litecoin will have a hard time overcoming the brand name recognition of BTC. Bitcoin benefits from very first mover advantage, a titillating origin story te the mystery of founder Satoshi Nakamoto, and visible market awareness that is bordering on household name status. It’s going to be an uphill battle for any cryptocurrency to overtake Bitcoin, ter particular when the bull market resumes. Look at the top Five currencies by market capitalization. Ethereum has a network and wise contract function that is superior to most other technologies te the industry. Ripple has built strong partnerships with financial companies spil large spil MoneyGram and is entrenching itself ter the banking industry. Bitcoin Specie is just a hard fork of BTC and has an artificially high market cap built off of lies and confusion propagated by Roger Verafgelegen.
Charlie Lee and the Growth of Litecoin
That brings us to Litecoin. While LTC is essentially a clone of Bitcoin, it also benefits from having learned and built upon the shortcomings of its predecessor. Likewise it has a long history te the marketplace, very first launched by Charlie Lee te 2011. Wij have previously argued that while Bitcoin may benefit from the intrigue surrounding Satoshi Nakamoto, Litecoin will ultimately prosper from Charlie Lee selling his stake ter LTC. Litecoin is now free to grow, both ter price and adoption, without the ever-present question of the founder’s motivation and self-interest. When Charlie Lee tweets about Litecoin or emerges on CNBC, he is genuinely promoting the product and not attempting to pump the price. That trust inbetween developer and investor is growing increasingly hard to find te the cryptocurrency space, spil authority figures spil far reaching spil John McAfee have made brazen and shameless attempts at empty pumps. Charlie’s deeds have liquidated the greed from an otherwise profit driven industry that’s despairingly seeking to come back to conversations about the technology and usability of cryptocurrency.
So while Litecoin may not hold a financial stake overheen its original founder, the currency still benefits from a strong supporter and advocate te Lee. Cryptocurrencies operate on decentralization, and the open-software, ledger treatment of blockchain is one of its greatest strengths. However, wij are observing a market influence of coins that are helmed by a strong founder or team of developers able to make a private connection with investors. TRON is the most evident example, with founder Justin Zon providing TRX-enthusiasts a pulse for news and general excitement.
Litecoin benefits from a charismatic leader who has a strong network of influence ter the industry of cryptocurrency. Lee also has a deep understanding of decentralized currencies, having worked previously for Google and spil the former director of engineering for Coinbase. Te brief, he’s the type of dude that can promote and advertise for his currency while also commenting on decisions for the direction of the technology–and the industry spil a entire. That’s a zonderling combination ter crypto, and one that gives Litecoin a determined advantage, particularly now that Lee has divorced his financial incentive from his motivation to see Litecoin succeed. The latest Litecoin Specie hard fork announcement is a prime example. While Lee would of course denounce a currency shamelessly attempting to market itself on top of LTC–without having any real connection outside of the source code–we also know that he is not attempting to benefit financially from the budge. While many Bitcoin Core ventilatoren cried foul during the Bitcoin Contant announcement, the majority were more excited about the air druppel of free currency they would receive, thereby selling out their support for profits.
An Kwestie of Priority and the Future of Cryptocurrency
If the market wants cryptocurrency–and by that wij mean a real, digital currency, not an appreciable asset like gold or stocks–then the industry is going to have to prioritize transactions. There is a loterijlot of utility ter cryptocurrency besides being used spil money, such spil Ethereum’s wise contracts or the voting applications of blockchain. Spil of now, however, the primary feature is empty price speculation being traded back and forward on exchanges. Government fiat may not have any more intrinsic value than the shells Native Americans traded for ter the early colonies, but it’s the cog for our economies and holds a ensured worth that can be exchanged for taxes and debts. Cryptocurrency goes a step forward, decentralizing control of the currency to the masses that hold it. Rather than be roped to a central monetary committee that can inflate the value disproportionately to the needs of the citizenship, cryptocurrency is consensual within the community that wields it. But wij need usability. Wij need outlets for payment and commerce and a cryptocurrency that functions spil lightly spil traditional debit systems. You should be able to purchase goods through Amazon with crypto spil lightly spil you do now with a linked banking card, without the hassle of long wait times or exorbitant fees.
Litecoin may be the solution. If that’s the case, then it is only a matter of time before it out competes Bitcoin spil the favored coin for cryptocurrency transactions.