Everyone knows what Bitcoin is but Litecoin? Why is Litecoin getting popular and rising in insane growth?
Litecoin started out pretty early compared to all the other altcoins. It started from 2013 as a similar version to Bitcoin. It is actually a copy of Bitcoin but there are unique features that makes it stand out apart for the original coin. Charlie Lee is the developer of Litecoin and he has been the face in front of the coin. The continuous feature of Litecoin across media and news has been a strong point and it continues to become one.
So How is Litecoin different from Bitcoin or any other altcoins? First of all, it is the most similar to Bitcoin but it differs in transaction fee and speed. Bitcoin takes around 10 minute and a large fee that varies in order to transact. However for Litecoin, the speed is 4 times faster with a lot less fee involved. These facts is what entices people to Litecoin as a Currency, less as a store of value. With these amazing features, Litecoin can be seen as the "better" coin; however, in terms of price, Bitcoin is way ahead.
Another thing different with Litecoin is that it is more suitable as a currency than Bitcoin. Litecoin currently costs way less than Bitcoin and has faster transaction speed and lower fee. As a currency, it is much superior to Bitcoin. The cryptocurrency started with a goal in mind; a decentralized currency that can be used without an authority that controls the cycle and the flow. With Litecoin, this is more possible because it is heading towards the ideal currency that can be used by everyone across the world. As for bitcoin, it is turning into more of a store of value rather than a currency. As Charlie Lee said, Bitcoin is like gold where you hold onto the product for its value rather than to exchange on a daily basis. But for Litecoin, it is like Silver where it is easier to be exchanged as a daily product and attempts to become an ideal currency.
Now what is Litecoin upto these days? Well, if you look at the Litecoin chart, it has been growing and growing. As for the year growth, it is up now at 1821%! That is simply shocking! The growth potential for this coin is limitless and I cannot believe how far it's been. Compared to Bitcoin, this price is nothing but it is not about the current price; rather, it's the growth rate that matters. Litecoin has insane growth rate and it's been increasing more and more. Every week or so, Litecoin has grown by couple more dollars and this has been a continuing trend. I am excited to see where Litecoin is at by the end of 2017 and is excited for more to come!
I am not a financial/crypto expert so please do your own research before making your decisions. I am not responsible for any actions that you take.
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Does Litecoin have any advantages over Bitcoin Cash?
Same at over bitcoin...speed and price.
BCash is a bit faster (I think than BTC) but still trails LTC...
Litecoin has (generally speaking) much faster block confirmation times than Bitcoin Cash, indeed - but I don't think the transaction fees are cheaper.
I think that when promoting alt-coins it makes sense to focus on the differences and advantages it has over Bitcoin. Litecoin and Bitcoin Cash are basically Bitcoin with some minor tweaks. If one is to go for an altcoin, then it would be better to choose one that really can do things that Bitcoin cannot do. Ethereum is one such project (and with 15s block intervals, it's much faster than Litecoin).
Litecoin has similar fee to Bcash with much faster transaction so it has an edge on it. https://bitinfocharts.com/comparison/transactionfees-bch-ltc.html
I think Litecoin has a better future because of community and the constant update on development behind it. Bcash doesn't have a solid community or frequent update. As for altcoin, Ethereum does have interesting points but it too is going through complex changes with hard forks. I don't quite understand it right now while Litecoin is simple, cheap, and fast for everyone to use. That's why I support Litecoin and its future.
Yes. the speed and fee but Bcash doesn't have a constant growth in my opinion. Bcash is very volatile because of miners pumping and selling with the fluctuation of difficulty level. There isn't clear statement on the future of Bcash and it is a little murky for me.
At one hand I think Bitcoin Cash will either have an insignificant value or it will have overtaken Bitcoin as the number one cryptocurrency by the end of the year - and the first is much more likely than the latter; it's a very unstable situation when mining gear can be shifted between those two coins. With ethereum the difficulty level changes almost instantly, so when the Ethereum Classic split out the hash rate got balanced out pretty fast. With Bitcoin, if only 10% of the miners remain mining it, it will take almost half a year until the difficulty will be adjusted, so it will limp along on 10% of the capacity it has today. With the capacity already strained to the edge ... it means it will basically become impossible to transact for half a year. The Bitcoin Cash supporters are hoping that Bitcoin will die as the hash power defects to Bitcoin Cash. It is a quite dark vision.
At the other hand, I don't see any reasons why Bitcoin Cash should fall below Litecoin in market cap. From a market point of view, Bitcoin Cash does have some things going for it; since anyone holding bitcoins at the 1st of august now also holds bitcoin cash, there has been a big pressure on exchanges and other sites holding bitcoins on behalf of customer to implement support for Bitcoin Cash, hence it has gained some instant network effect. The other thing is that bitcoin holders are encouraged to get hold of their "free money", so many bitcoiners already have installed software for Bitcoin Cash. The third thing is that it plugs in very neatly in infrastructure built for bitcoin - even the bitcoin addresses can be reused. Perhaps it is room for it to co-exist alongside Bitcoin. We may be seeing that the difficulties will adjust so that the difference in profitability between mining the two coins won't be that significant, and that only some 10-20% of the miners will be jumping between the coins when profitability changes.
Those are interesting points. I think Bcash will either be insignificant or take the place of Litecoin as a 'silver' of Bitcoin. However, as I said before, Bcash doesn't have a solid community or a dev team behind it while Litecoin does. Miners can jump into Bcash and mine all they want but there's gotta be a balance between supply and demand. Too much supply and the price piles down. For me, Bcash staying up with Bitcoin has a small chance but it overtaking Bitcoin is almost improbable. Also for Bitcoin, as it reaches the supply cap, I think prices will go even higher and transaction will be busy but I am not sure about this. There hasn't been a coin reaching its max supply at least to my knowledge so we'll see how it turns out.
Bitcoin Cash does seem to have a solid community and dev team behind it. As far as I know, it's supported by both Bitcoin Classic, Bitcoin XT, Bitcoin Unlimited and Bitcore. Bitcoin Cash will have a prominent place on the upcoming Shape the Future conference in Beijing.
Maybe I haven't heard of the community and the dev team behind Bcash but we'll see how it shapes up. Only thing I know is that Bcash recently had the 8MB upgrade to the block size but the general consensus seems to be down around the coin. Only time will tell.
The "general consensus" depends on where you look :-)
Yes I agree, it is a bit murkier in Bash (Bitcoin Cash). It is one month now. So the price settled around $600 USD. Still quite a remarkable situation. What now? I feel the Segwit situation is quite the time-bomb. Developers or media (news, Coindesk etc) keep praising Segwit and Core developers or whoever were the last developers the past 1 year in the main project. But the rhetoric of blaming miners, or mining pools, or specifically blaming China miners, is not nice. Mining is quite the most capitalist model - anyone could mine. Then it slowly shaped up to who should mine together, then became this way. If for instance, it was amazing to mine in Greenland, and Greenland had incidentally a remarkable engineering population and low priced electricity or silicon or they are so advanced they used palladium to create toasters to mine bitcoins.
Anyway, cut it short (sorry) - if you were the miners who were wrongly accused of centralization or being "baddie" now is a perfect storm or perfect chance to proof without talking. By mining another route. CUrrent route is Bitcoin Cash, though it is not as profitable - since NoSignature Bitcoin now went up $1000-$1500 before August.
The Segwit2X group, if they made it happen, will give the impetus for miners to be free - emancipated from this labelling of manipulation. Why not? Why won't you abandon those who accused you of wrongdoings?
Hmmm. It is a complicated situation. Bitcoin in general is so divided among the forks and people with different ideas that it's hard for me to even talk about it. I just enjoy the Litecoin community where many are HODLing and together til it reaches the moon. But the Bitcoin tension is nothing to ignore so I will continue to do my research. Thanks for the input!
Good news for you, Litecoin went up a bit today - bet you knew it. My Litecoins became Ethereum about a week ago. So, life! Yes the fun part too is the research, the mystery (who is the Japanese?!), the baddie/goodie, the surprise, it's all looking much like entertainment, drama, Silicon Valley, Game of Thrones or even WWE! I call it BBE. Bitcoin Blockchain Entertainment.
haha. It really is. It' a whole pot of emotions and fun mixed together with a hint of financial gains mixed in. I've been enjoying the ride so far.
Great summary of LTC...thanks.
Gave you a follow.
Thanks man! I'm following you too!
Really good run down on Litecoin, Check out my profile for Crypto related articles too, :)
Thanks. gave you a follow.
With its meteoric rise, Litecoin suffers the same fungibility crisis that face all cryptocurrencies right now: they are only interesting as stores of value. Why would I use my litecoin in the "real" world when it continues to rise in value?
I think Litecoin will stabilize as it hits a balance between supply and demand. Once it hits that, the fast transaction, low fee, and simplicity of Litecoin will attract people globally. Also, with a strong community and Charlie Lee, the developer of Litecoin, advertising and keeping the public informed with latest Litecoin updates, I have good outlook for the coin.
I liked Litecoin and Ethereum Classic. Then I did some research and comparison. So just own thoughts:
Litecoin supposed to be 4x faster, and low cost. Now with Bitcoin Cash, it's fast and low fees too. Dash even better with a governance model. In Bitcoin the go to wallet could be Mycelium, Airbitz, Copay. In Litecoin, have yet to have a breakthrough wallet.
Ethereum Classic - I thought yes this is the original chain, not changed, good principles. Then after researching, I can't find any apps on it, any development, nor ICO, or other daily usage case. So unfortunate that is in this predicament.
Litecoin also has some amazing updates coming up. It already has Segwit activated and Lightning Network is actually going through tests through the mainnet right now. Charlie Lee tweeted that he is currently testing it. This leads to atomic swap, which is exchange between bitcoin and litecoin at a instantaneous speed with low fees. Bitcoin Cash has 8MB of Block size and I haven't heard much other than that. Maybe I haven't done enough research but I am more into Litecoin than other counterparts.
Interesting post. I was about to start a similair discussion. No matter how populair a coin is. People should always do a proper background check. It surprises me how many coins are out there that don't have their basics right. I was wondering if anyone of you uses: https://www.coincheckup.com Since I use this site I make so much less basic investment mistakes. For example: https://www.coincheckup.com/coins/Litecoin#analysis For a complete Litecoin Analysis