The Problem With Litecoin Right Now (Why The Price Hasn't Moved More)
It isn't like Litecoin investors have been hurt by holding Litecoin. It has appreciated quite a bit but not as much as DOGE and honestly hasn't went up more even though it is being utilized a lot. In the bear market I said that it was probably a good thing EOS wasn't on Coinbase as the money flowed out because people would have used EOS to exit the market because it was faster with lower fees. Now that EOS has faded out of the conversation for multiple reasons and so much attention has flowed to the Binance Smart Chain, Litecoin has been one of the main blockchains of choice to move funds between exchanges and ultimately bridged onto the Binance Smart Chain (BSC).
I lost 6 BNB Providing Liquidity
Since I'm a Litecoin investor I wanted to put my coins to work and so one of the first liquidity pools I got into on the Binance Smart Chain was the LTC-BNB-LP on Pancake Swap. In a lot of ways it is a very good and necessary pool because so many people are bringing their funds in via Litecoin but that was the issue. I ended up with more Litecoin and was getting stripped of my BNB and the demand and price was going up faster for BNB than it was for Litecoin. That being said I was earning CAKE and the price of CAKE was going up so it wasn't the end of the world.
I decided to get out of the Liquidity Pool today because I had an impermanent loss of almost 6 BNB and the return on that particular pool was a lot lower than when I initially got into it.
How People Are Getting Funds Onto The BSC
I would say a few different ways are the most efficient. We all know Bitcoin and Ethereum are bogged down and nearly worthless when trying to send funds around so that isn't your best option....... don't try to pretend it is.
You can send Tether from the Tron Network which is a solid option. Let's say you had some Tron and you swapped it for USDT on the Tron Network and then bridged that in. That would be low fees and you can swap out of it to other stuff once on the BSC.
You could buy Litecoin on an exchange and then send it to a wallet you control and then send it through the bridge. Fairly low fees and a lot of people are doing this and then after that you can swap it to whatever once on the BSC.
You could buy BNB from Binance and then send it to the Trust Wallet and then Switch it to Smart Chain BNB. You could also swap Litecoin or Dogecoin on the Atomic Wallet for BNB and then send it to the trust wallet and then swap it to Smart Chain BNB.
Why Can't You Use DOGE?
So overtime DOGE has held up really well compared to other cryptos during the bear market because it was cheap and fast to transact compared to other cryptos. For instance on HitBTC the withdraw fee would be like 2 DOGE. Others were maybe more but now that DOGE has went up about 20,000% in the last year a lot of exchanges haven't changed their withdraw fee so suddenly it can cost you $15 on some exchanges to get DOGE off. It is ridiculous.
Coinbase is practically semi retarded when it comes to adding coins. The fact that DOGE and DigiByte weren't added a long time ago is honestly sad. They started adding ERC20 tokens before they were adding completed smart contract platforms and long standing assets that were on every other exchange. That fact forces a lot of people to have to use Litecoin to move funds.
Since Pancake Swap doesn't have DOGE then it can serve this purpose. There is renDOGE on Pancake swap but I'm not really familiar with how that exactly works.
DOGE is on the Binance Bridge but a lot of the farming DeFi platforms haven't added it and I don't understand why. Can you imagine the amount of liquidity and interest you could get by having some DOGE pairs? And some general contracts dealing with DOGE.
Why Isn't DOGE On These Farms?
Because the Devs hold 0 DOGE
Why are so many "experts" talking smack about DOGE?
Because they hold 0 DOGE
The fact that other chains are bogged down and people are rushing to get money onto the Binance Smart Chain Litecoin is providing a very important part of that but I question if it isn't really a place where people are parking their funds though. People are chasing yield and it is hard to earn much lending Litecoin. The network is being utilized and I would expect it to still gain a decent amount because most Litecoin miners were able to take their profits on the DOGE surge since DOGE is merge mined with Litecoin.... they should have been able to pay off their equipment and pay their huge electricity bills!
Posted Using LeoFinance Beta