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RE: LiteCoin (LTC) Update: How Different is it from Bitcoin's Pathway?
Bitcoin is the future of cryptocurrencies, sooner or later hard currencies will fade out and those avoiding the use of bitcoin will be left with no other choice. Nice write up @haejin
Bitcoin only has future when they fix the fees, transaction times, authorisations etc.. basically there are better coins in they market. btc wont drop easily since many people are heavily invested in btc...
Bitcoin is frankly a disaster. The problem is that all the other cryptos are priced and bought with it. As long as this is the case, it will dictate the prices of the other cryptos as well. It's basically a petro-Bitcoin model and this keeps them all under the thumb of Bitcoin. Hopefully this too will pass..
Come on it's not a disaster, it's acutally improving. Transaction times, and fees I know, I know. Just stay patient. The developers couldn't really expect the rush in December and they are working on it.
Always remember were still the early birds trading on the crypto market. Here and there a bit of (mostly negative) mass-media attention but that's it. Most traders are here because of word of mouth probably just like you and me.
Looking positive in the future
I respectfully disagree. I think Bitcoin was the initial crypto experiment. The technological and management issues of Bitcoin itself are massive. The idea for Bitcoin was of course revolutionary, the reality of Bitcoin is however quite the opposite. I won't traverse the litany of issues with Bitcoin since they are incredibly obvious.
I think what Charlie Lee has done with Litecoin as the first major fork of Bitcoin is however brilliant. He has addressed most of those issues and has improved dramatically on the original platform. This is not even including the many new improvements on their way. The fact that Litecoin is a fraction of the Bitcoin price is preposterous. If people really understood what they were investing in, it would be the exact opposite price ratio between Litecoin and Bitcoin as it is today.
For people who are worked into the topic itself, the problems are big and very obvious for sure. On the other hand for the average Bitcoin holder whose not really interested in the fundaments behind the technology and whose intention is to make some short or long-term money on the way up, the problems are smaller, if not even invisible. I don't disagree with you, it's just that we always have to keep in mind that people usually do not dig that deep, but for sure problems are there and they have to be fixed in order to keep the system long-term running.
Just like you I prefer Litecoin, and I'm especially regarding what's coming next, to mention Litepay :)
I couldn’t agree more that bitcoin is the future. Once Bitcoins lightning network is released litecoin, bitcoin cash, and several Alts will disappear.
I think you are frankly confused. Please have a read of my reply above.
What am I confused about? My statement was pretty clear, I’m no expert but if you go back to the .com era the first to the market didn’t have the best tech or the fastest speeds but it’s what we use today. Much like bitcoin will be 10 years from now.
The only reason Bitcoin still exists is because a lot of people are still far too attached to it to let it go. Bitcoin was the initial experiment in cryptocurrency. There are far better technologies coming that will supersede Bitcoin - Litecoin is the first of them. Bitcoin is fully unable to even act as a cryptocurrency at this point. Lightening is a patch for it. Bitcoin has now become just a holding pen for value where people that don't understand cryptos still feel most secure. Most holding it probably couldn't name another crypto other than Bitcoin. So they park value there because it's all they know and think then can ride it up. It's a sideshow. Litecoin will take it's place as the premier cryptocurrency at some point in the not too distant future simply because it can actually be used as a currency.
This is where Bitcoin is going. This is the opposite of why we signed up for Bitcoin or any other crypto for that matter:
https://steemit.com/bitcoin/@melip/why-banks-love-the-lightning-network-and-why-you-should-be-very-concern-about-your-bitcoin
Bitcoin will only be a store of value in the future. Litecoin will overtake the transactional game.