On Litecoin

[deisik]

Well, this topic is not just about Litecoin but about all major altcoins that are not considered shitcoins (though opinions vary). As I'm mostly familiar with Litecoin, I will use this coin as a "deputy" for all respectable altcoins out there

There is an opinion that even well-established altcoins are in fact well-disguised shitcoins which should die a painful and possibly slow death, with the message being that Bitcoin alone will suffice as the only cryptocurrency ever required for whatever needs may arise ("there can be only one"). But this is an erroneous and in fact quite damaging assumption, a maximalist's view of sorts, and here I'm going to explain why exactly

It is common knowledge that for Bitcoin to succeed big time, it should become a universal means of payment. Personally, I'm not certain whether we will ever live up to that day. But it doesn't mean that Bitcoin will be useless and worthless if we won't. On the contrary, it may become so dear and useful that nobody will be using it as a means of payment. I know it is a bit counterintuitive, and this is where altcoins, such as Litecoin, enter the scene

Actually, if we ever live up to the day when Bitcoin becomes a highly valuable asset (e.g. a store of value like gold), its use as a means of payment for daily necessities will be very limited, if not to say downright negligible. But this is not the case with altcoins, so there is a good chance (even an inevitability of sorts) that it is altcoins that will act as Bitcoin's proxies for actually being used in the daily exchange of simple things (like groceries, haircut, and whatnot)

And Litecoin is likely the best proxy out there with this purpose in mind

[deisik]

In this post I'm going to share my view on Litecoin's near-term future

Now that Bitcoin seems to have retired from its position as a major speculative driver in the cryptocurrency market with likely more real value coming into play thereby further cementing current prices in their tight range, Litecoin looks like the best candidate for the next generation cryptocurrency speculative vehicle. The recent price action seems to confirm my assumption, and if I'm correct, we should see more and more speculative money get poured into this coin. So if you are looking to multiply your balance via riding volatility, it may be worth to start paying closer attention to Litecoin now (if you haven't already)

[James Corden]

Litecoin is created by Charlie Lee, an ex-Google employee, to had the vision to create something which is lighter and cheaper than Bitcoin, hence the name. On October 7, 2011, Litecoin was released by an open source client on GitHub. Litecoin is formed from Bitcoin, with similar features and characteristics. So, it is the fork of the Bitcoin. Litecoin is an improved version of Bitcoin will lesser brand awareness.

Litecoin is one of the most under-valued and grounded cryptocurrencies in the world, being in existence for seven years since 2011. Litecoin is more accessible to the people than Bitcoin, hence known as “silver” of crypto world and Bitcoin referred to as “gold” of the crypto world.

What are the Benefits of Litecoin?

Litecoin was created very similar to Bitcoin. Its underlying technology is based on the proof-of-work model. Litecoin mining is the process by which one can obtain Litecoins, using their computers to secure the Litecoin network.
Litecoin mining involves the use of adding blocks to its blockchain. The LTC miner who first verifies a block earns a certain number of Litecoins, which is reduced as the mining continues.
However, it used the Scrypt algorithm in its Proof-of-Work model, ensuring a quicker and safer transaction. The transactional fee is reduced as well, making transactions cheaper than those using Bitcoin.

Litecoin price prediction in five years:
The Litecoin price prediction is done based on the fact that it is the 6th most valuable cryptocurrency in the world. Litecoin price prediction suggest that the Litecoin price is up for a long-term 962.28% in the LTC  value with a 5-year investment, which means that in the year 2023, the Litecoin Price is forecasted to stand at $905.12.

As the currency is gaining more popularity, the acceptance ratio is increasing. It is already high as compared to the other newcomers. The price is going to soar pretty high in the year 2022 and 2023, where it can reach the 900 dollar mark. You can convert LTC to BTC from CoinSwitch at best rates.

[Red-Apple]

the message being that Bitcoin alone will suffice as the only cryptocurrency ever required for whatever needs may arise ("there can be only one"). But this is an erroneous and in fact quite damaging assumption, a maximalist's view of sorts, and here I'm going to explain why exactly

this view is only held by one person and that is the person who started this term called "bitcoin maximalist". otherwise nobody else has that kind of view. at least nobody that has basic understanding of the technology. and he started this trend only because he was trying to pump his own shitcoin so that he could dump his premined coins and become a millionaire. that dude was Vitalik Buterin.

with that said that doesn't change the fact that thousands of altcoins are shitcoins though.

---

as for other altcoins like Litecoin for example, i do believe that if any altcoin is going to grow big in the long run it has to be different than bitcoin and not inherit its weaknesses. so far all the altcoins we see including LTC, ETH and a couple of other bigger coins are inheriting the same weaknesses as bitcoin and some have done changes that make those weaknesses worse. like faster blocks of both coins i named which has made their decentralization into a nightmare.

[Andromedus44]

litecoin is really forming up to do something good if BTC doesn't take any more nosedives. they've been pumping out some products and the charts are looking amazing.

[Dobby070]

Well, this topic is not just about Litecoin but about all major altcoins that are not considered shitcoins (though opinions vary). As I'm mostly familiar with Litecoin, I will use this coin as a "deputy" for all respectable altcoins out there

There is an opinion that even well-established altcoins are in fact well-disguised shitcoins which should die a painful and possibly slow death, with the message being that Bitcoin alone will suffice as the only cryptocurrency ever required for whatever needs may arise ("there can be only one"). But this is an erroneous and in fact quite damaging assumption, a maximalist's view of sorts, and here I'm going to explain why exactly

It is common knowledge that for Bitcoin to succeed big time, it should become a universal means of payment. Personally, I'm not certain whether we will ever live up to that day. But it doesn't mean that Bitcoin will be useless and worthless if we won't. On the contrary, it may become so dear and useful that nobody will be using it as a means of payment. I know it is a bit counterintuitive, and this is where altcoins, such as Litecoin, enter the scene

Actually, if we ever live up to the day when Bitcoin becomes a highly valuable asset (e.g. a store of value like gold), its use as a means of payment for daily necessities will be very limited, if not to say downright negligible. But this is not the case with altcoins, so there is a good chance (even an inevitability of sorts) that it is altcoins that will act as Bitcoin's proxies for actually being used in the daily exchange of simple things (like groceries, haircut, and whatnot)

And Litecoin is likely the best proxy out there with this purpose in mind

Does that mean the bitcoin can be sold as like Gold in the market? I guess it can be possible as the volume of bitcoin is fixed and it cannot be changed, that might result in a good increase of market price.

[deisik]

as for other altcoins like Litecoin for example, i do believe that if any altcoin is going to grow big in the long run it has to be different than bitcoin and not inherit its weaknesses. so far all the altcoins we see including LTC, ETH and a couple of other bigger coins are inheriting the same weaknesses as bitcoin and some have done changes that make those weaknesses worse. like faster blocks of both coins i named which has made their decentralization into a nightmare

I essentially agree with you

On the flip side, though, I should note that there is not much choice anyway. I mean we may not yet be ready for cryptocurrencies to take over fiat in a big way as a means of payment. All coins (Bitcoin included) are used mostly for speculation with which the weaknesses you mention are inconsequential and mostly irrelevant. In other words, there is no real use which would work as a natural selection mechanism and weed out bad or weak coins

[deisik]

Okay guys, it is time to resurrect this thread and make mention of this post:

In this post I'm going to share my view on Litecoin's near-term future

Now that Bitcoin seems to have retired from its position as a major speculative driver in the cryptocurrency market with likely more real value coming into play thereby further cementing current prices in their tight range, Litecoin looks like the best candidate for the next generation cryptocurrency speculative vehicle. The recent price action seems to confirm my assumption, and if I'm correct, we should see more and more speculative money get poured into this coin. So if you are looking to multiply your balance via riding volatility, it may be worth to start paying closer attention to Litecoin now (if you haven't already)

If you've been following the market closely, you might have noticed that Litecoin has been behaving recently perfectly in line with my description above. Indeed, it is easy to assess things in hindsight, but this is not the case here, even though what we saw was kinda set in stone beforehand and should have been expected. The crypto is famous for its volatility, but since Bitcoin is too big to be moved in a big way nowadays, we should have expected something else to be moved instead exactly that way

And Litecoin was and still is the best tool out there to execute this plan in practice

[Mugtaiya]

Charlie Lee did mention recently they were going to add a privacy algorithm to litecoin so this might have increased the price then most if not all the other alt coins in the recent pump. What do you think?

[septi.JR]

It is expected to facilitate financial transactions while lowering the price of one Litecoin compared to a single Bitcoin. Litecoin is designed to offer more coins, a limit of 84 million, as opposed to 21 million Bitcoin. In addition, the amount of time needed to conduct transactions with Litecoin is one quarter of the time required for the same transaction using Bitcoin. This is a significant reduction in transaction time, coupled with a four-fold increase in coin supply

[hrunya102]

I think you're basically right, Bitcoin for me is an indicator of the development of the crypto world, but Litecoin is perfect for paying for everyday things.

[Andrey13101991]

I think you're basically right, Bitcoin for me is an indicator of the development of the crypto world, but Litecoin is perfect for paying for everyday things.

it is only until bitcoin becomes more technologically advanced. as soon as this happens - LTC will not be needed

[deisik]

Charlie Lee did mention recently they were going to add a privacy algorithm to litecoin so this might have increased the price then most if not all the other alt coins in the recent pump. What do you think?

I don't think it is a good idea

Well, actually it may be a good idea on its own (since who can be against a little more privacy) but the consequences of adding this feature may be quite unexpected (or not looked for, at least). For example, ZCash was created as a Bitcoin copycat with more privacy in mind but it ended up having been delisted on a few regulated exchanges specifically on this account (being more private that would be tolerated). And then it turned out that practically no one needed that privacy in real life. So be careful what you are looking for

[eternalgloom]

Aw, you changed your profile image, I really liked the one with the cat and airplane

Litecoin really is a great example of an altcoin that isn't a shitcoin.
It's the coin I use the most aside from Bitcoin, just because it's affordable and faster than using Bitcoin.

I'd like to add that for a coin not to be a shitcoin, marketcap isn't always a factor for me.
Let me give you one example.

Lately I've been quite impressed with the coin LBRY, it has almost no value and it's in rank 377 on Coinmarketcap.
The reason why I think it's not a shitcoin, is that it has a fully functioning application that's being updated almost weekly.

https://lbry.io/

While LBRY isn't a major altcoin, it's not a shitcoin either and it's a very interesting project IMO.

Quick description:

LBRY is a free, open, and community-run digital marketplace.

[deisik]

Aw, you changed your profile image, I really liked the one with the cat and airplane

I liked it too, but I didn't have a lot of choice

Litecoin really is a great example of an altcoin that isn't a shitcoin.
It's the coin I use the most aside from Bitcoin, just because it's affordable and faster than using Bitcoin.

I'd like to add that for a coin not to be a shitcoin, marketcap isn't always a factor for me

The market cap is a crappy metric

For example, if we take a closer look at trading volumes and relate them to the price of a currency unit as well as the total number of all coins currently circulated (to give a proper perspective and correct frame of reference), we will see that Litecoin is one of the top coins out there (of not right at the top). Indeed, it is speculative use only but speculative is all we have so far, yet it still allows to draw accurate conclusions as to the popularity of a cryptocurrency

[legendster]

Well and good but I am having difficulty understanding the purpose of your post.

What good does it to Litecoin or anyone holding Litecoin if you tag it as a sheriff / deputy?
Does it gain more users? More reputation? Makes it better than other more advanced shitcoins? I'm really confused.

[KryptoKai]

Litecoin is moving towards mimblewimble for privacy features because it is about to become obsolete as a store of value or means of payment. When bitcoin lightning network is ready why do we need litecoin or bitcoincash?

[mich]

Litecoin’s Halving Is Months Away, But Traders May Already Be Pricing It In

https://www.coindesk.com/litecoins-halving-is-months-away-but-traders-may-already-be-pricing-it-in

[aoluain]

Litecoin is moving towards mimblewimble for privacy features because it is about to become obsolete as a store of value or means of payment. When bitcoin lightning network is ready why do we need litecoin or bitcoincash?

because of what this thread is about, the need for a coin to
fulfill bitcoins initial task as a peer-to-peer payment system.

Bitcoin may get so high in value it would no longer be used
in any way as a payment system but rather as a store of value.

We all know this is possible, its been talked about in a lot of
threads, litecoin can take up that functionality and hopefully
more so than bitcoincash.

https://litecoin.com/en/news/4500-merchants-now-accept-litecoin-lightning-payments

[cryptobae10]

I like the prospects of litecoin, the growth and developments and I rate is as second to bitcoin when it comes to medium of payment

There are altcoins with better advantages, but litecoin to me supersedes