You like that headline? Me too. While the Bitcoin camp is fighting with themselves, Charlie Lee and the Litecoin community is actually working really hard on improving LTC.
As of right now, the way I see it, Bitcoin core is only a store of value. And that is great. I have not changed my opinion or forecast on the price of Bitcoin. And if Bitcoin improves, hell, why shouldn't it continue to grow? But Litecoin has the potential to be so much more than just a store of value, and not in some abstract unforeseen future, but even next year.
Here are some arguments for why Litecoin could reach that incredible sum
1. Litecoin has second mover advantage
I'm not sure if that phrase exist or if I just made it up, but Litecoin was the second crypto currency ever. People know about it, it has a nice ring to it, and it is a brand. You can say what you want, but those things matter.
2. Litecoin is silver
Even without other implementations and improvements, Litecoin would still be silver due to the facts I listed in #1.
3. Bitcoin cash is hated
I'm one of the few non-haters of Roger Ver and Bitcoin cash. But I'm pragmatic and non-feely when it comes to investing. Even if Bitcoin cash and Litecoin would offer somewhat the same tech, people would probably chose Litecoin just because they hate Roger Ver and Bitcoin cash.
4. Mast
Mast allows more privacy and allows for complicated smart contracts. Smart contracts are available on the LTC blockchain, but currently they are taking up a lot of space.
Mast will be released very soon probably. Could be a christmas present for Litecoin holders.
5. The Lightning Network
This is the big one. LN allows instant transaction and reduced fees.
LN is not developed by the Litecoin foundation specifically, but by something called Lightning Labs. The process of making this takes a long time, probably another year or more to scale it out. But it will come! And it will probably come to Litecoin first.
6. Atomic Swaps
Atomic Swaps allows people to trade one coin for another different coin without an exchange, also called cross-chain swaps. This will also take some time 1-3 years.
7. Colored Coins
Allows LTC to be repurposed to be attached to an asset (ICO's) Some speculate you can assign LTC to a computerized car like the Tesla and LTC could be given property to act like a key to the car which you can send through your mobile. High priority and maybe released within 2 years.
And there you have it. Litecoin foundation is actually working on several amazing and exciting projects, and not behaving like kindergarden children. I am very bullish on Litecoin and I do own quite a lot of them, so yes I am biased and NO this is not investment advice. Do your own due diligence.
I don't really buy into the "gold/silver"-analogy. I do think that if Litecoin, or any other coin, would bypass BTC in market cap, then there is no room for a coin that works only as a "store of value" anymore.
I'm worried about the overall trust in crypto currency after BTC starts to fall down.
BTC is the only crypto currency that get media attention in the 'normal' media.
So if BTC fails then the general public probably thinks crypto currency overall is in a bubble.
I'm equally worried - I do believe the BTC is very much overpriced now, people are buying because the price is increasing and the price is increasing because people are buying. Most of the new investors have no clue about such things as the capacity limit. They are either just buying on the FOMO, or they are buying on the promise that Bitcoin may become the dominant payment rails of the future. I fear that Bitcoin will crash hard as soon as the mainstream media picks up how bad Bitcoin really works. Quite some Bitcoin Cash fanatics hope for this "flippening" moment when the Bitcoin value crashes completely and some other crypto takes its position ... but no, I believe you are quite right that this will hurt a lot for the whole crypto community and not only BTC.
Luckily there seems to be quite many potential bag holders that will hodl to their precious bitcoins no matter what :-)
Our national media covered BTC a few days ago, and literaly explained it like this:
They aren't even talking about the potential use or the technology anymore. They just treat it like something to speculate with.
I wouldn't worry much about that. Even though the media is portraying Bitcoin like everyone owns it, almost no one does. (0,01-0,05% does) And those who do buy other cryptos for their BTC profit. If BTC would fall, that money would flow into alt-coins because the people invested in BTC at this point understand the utility of blockchain based "currencies"
Perhaps. But would gold have any value of all of a sudden it was not needed at all in industry? Would it have any value at all if it was ONLY a pretty object?
I think it would preserve most of its value even if it doesnt have any utility anymore.
And Bitcoin is also pretty. It has a place in our hearts. And perhaps thats not enough, but maybe it will. Who knows. What I do know is that more than one crypto currency, utility driven or not, will be worth an AMAZING amount of money. Eth, ltc, iota..something else? who knows will be worth 1000x or 10000x in the future. What I'm trying to do is just position myself. I'm only adding coins. I'm not selling out coins entirely. I'm too afraid I will miss the train when it leaves - and which coin(s) that's going to be is very hard to predict. Right now though, It seems like LTC is ready to take a leap forward.
Perhaps, perhaps, but still I don't think it's quite right to compare a nine year technology/software product that has recently become quite dysfunctional as a currency with a metal that has several thousand years of history as a currency and recently no longer serves any significant role as a currency.
I've started trading with gold at Localbitcoins recently, and I'm positively surprised - it's far easier (and more relaxing) to meet up at a coffee shop and count some 1oz gold coins than to count the equivalent amount of 500NOK-bills. No transaction fees, no worldwide capacity limit for how many gold transactions that can be done during a ten minute interval, and when the gold changes hands, it ... changes hands, no fuzz. :-)
That wasn't a totally clickbaity title ;-P - but the article delivered. I think it's too early to tell but it's definetly a possibility
Haha, thanks! :) It definitely is!
No surprise at all. LTC will be used as a transaction coin primarily and may eventually become the main rival of BCH. We shall see...
Yeah. I have no issue with BCH, but people do so..let's do what people do :)
I actually just bought some litecoin a few minutes ago!
Don't panic sell if it goes down a little bit!
Fun fact: LTC has grown ~70x since 12th December 2016 (exactly 1yr ago). At this rate we could be mooning ($5k) by April/May :)
Wrote a short post about the current pump in LTC and at what range should we consider investing more after correction here - https://steemit.com/cryptocurrency/@pumpingdragon/reasons-behind-the-ltc-rally-should-you-buy-now
I spent the last week cashing all my SBD for Litecoins, best move I ever made
Good call!
I have bought some LTC because I believe that it is going to grow, like every other coin it is a risk to invest but I will take my chances anyway!
Thanks, very thoughtful advice. When I just started looking into crypto I kind of felt LTC had the biggest potential at the time (it was around the 40usd mark). I bought some and sold a couple after a while because it wasn't really going anywhere.. Too bad, but still have some :)
I'll be touring in Norway with our hostel on wheels this winter, so if you are around you are welcome to drop by. Cheers
Wow. Haha, that's awesome. Hostel on wheel..does that mean other tourists can sleep in your bus (while you're on holiday) Brilliant idea. Where is your route through norway going?
Yeah, exactly. We already did last summer from Oslo to Bergen to Tromso over Trondheim and the Lofoten. Too beautiful!!
Awesome list, and I also think this is a keeper. One thing which you mention which definitely shouldn't be underestimated is the fact that the people behind Litecoin are united and moving in the same direction. It's a stable coin which I think many will feel comfortable to store bigger sums of their portfolio in.
@scandinavianlife I am a LTC HODL'er..... I Like Charlie Lee.
hodl ur ltc my friend
I saw LTC skyrocket and i was like crypto is unstoppable!
When people are still bashing Bitcoin,Litecoin skyrockets and they will start bashing Litecoin then the mega boom comes in...Steem/Steemit skyrockets to the moon hahaha
Lets hope so!
Litecoin to the mooooooooooooooooooooooooooooooon!!!
To Uraaaaaaaaanus :)
It need to refuel with helium-3 at the moon and then to uranius:)
I still don't understand, thought litecoin is better than bitcoin in many areas, still people consider bitcoin has crypto gold and litecoin as crypto silver. Why ?
Basically because of first mover advantage.
I agree, litecoin is going to be a top cryptocurrency, fast and cheap medium of exchange. Charlie Lee is doing a great work.
Thank you for the tip. It is crazy, but i try to bay some coins. Litecoin have a autor a teem. It is better licke anonym "Satoshi Nakomoto".
Brother, you forgot to mention about Lite pay and Lite Pal due to launch in 2018. This year is going to be really HUGE for LTC.
I dont think that was a story two months ago? Love that youre reading an old post though. You found it on googlr or scrolled?
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Truly I also believe that it is time for someone to invest in litecoin rather than going for other ponzi schemes.
Great analysis!
thanks!
So investing in litecoins would be profitable in couple of years ?
It's profitable right now..But like I said..do your own diligence.
I think the only real rival to LTC is BCH! We will see which of two will dominate in the end...
Some very good points though!
I really like lite coin
People just know bitcoin, i feel like it would be nice for a lot of alts to receive more exposure
Great post, I finally bit the bullet and traded in for some LTC yesterday @ $170. I'm now smiling, glad to have taken the risk on this one. Thanks for the post!
A little bit optimistic lol but a very objective post have learnt a few new things here thanks :)
wow Very interesting Really beautiful work, ThankS you for sharing