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RE: What is Litecoin and Why is the growth Insane?

in #cryptocurrency7 years ago

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.

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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.

Bcash doesn't have a solid community or a dev team behind it

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 :-)

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