LTC20 inscription: a potential bullish catalyst for LTC in next cycle?

[MrSpasybo]

After BRC-20 token, Inscription has also come to Litecoin in the form of LTC-20 token. Inscription allows users to embed text or data into individual LTC transactions, creating a permanent record on the blockchain. This could have a number of applications, such as storing contracts, timestamps, or even digital signatures.

Beyond BRC-20: The Rise Of DRC-20 And LTC-20 Tokens

However, currently these features are not exploited, investors just want to quickly create NFTs in the form of LTC-20 token to trade and earn profits.

Up to now, Litecoin blockchain has not had serious problems caused by Inscription, Inscription can even be seen as a catalyst for the price increase of LTC:
+ Increase trading volume and liquidity of LTC ecosystem;
+ Price fluctuations of LTC-20 token attract investors' attention and cash flow;
+ Promote the development of dapps and NFT marketplaces in the LTC ecosystem.

Despite those possibilities, LTC price is still stagnant below $100 and makes LTC investors feel impatient, especially when seeing strong price increase of SOL, AVAX, INJ, TRB or FET. I am worried about this slowness of LTC. If LTC continues to be left behind like in previous cycle, it will be very difficult for LTC to create ATH in next 2024 cycle.

What is your opinion on the impact of LTC-20 Inscription on LTC price? Are you participating in this Inscription trend on Litecoin?

[Ambatman]

Why inscribe on LTC when they can in Bitcoin.
Inscription didn't necessarily cause a bullish momentum in Bitcoin but caused a congestion which would be more lenient on LTC thanks to the blocksize.

I believe the Stagnation stems from the fact that there exist other coins with better community centered towards dapps and inscription like ETH.

[MrSpasybo]

Why inscribe on LTC when they can in Bitcoin.
Inscription didn't necessarily cause a bullish momentum in Bitcoin but caused a congestion which would be more lenient on LTC thanks to the blocksize.

I believe the Stagnation stems from the fact that there exist other coins with better community centered towards dapps and inscription like ETH.

Yeah, even though LTC-20 tokens have appeared, none of them are listed on major CEXs, and we also don't see the Inscription wave being noticed by the community and investors. Perhaps these tokens are only traded in a very limited way on a few DEXs in the Litecoin ecosystem. Obviously, projects and Market Makers tend to choose Bitcoin because of its popularity and community.

[notblox1]

I thought litecoin should be testing ground for new technology that could be added to bitcoin, not the other way around 
Maybe they should work more on testing something new with privacy improvements instead of inscriptions spam.

[MrSpasybo]

I thought litecoin should be testing ground for new technology that could be added to bitcoin, not the other way around 
Maybe they should work more on testing something new with privacy improvements instead of inscriptions spam.

Haha, we are used to testing a new update on Litecoin and then applying it to Bitcoin, but perhaps that is only true for technical updates. With a trend like Inscription, the opposite becomes more reasonable: it explodes on Bitcoin and then spreads to other blockchains, including Litecoin.

I also consider Inscription a confusing trend and costly transaction fees. At least it brings something positive to the development of Litecoin ecosystem. If in the future we will have a few prominent LTC-20 tokens listed on Binance, things might get better for LTC.

[KryptoBull]

What is your opinion on the impact of LTC-20 Inscription on LTC price? Are you participating in this Inscription trend on Litecoin?

It seems things are not positive for Litecoin as LTC-20 is not receiving much attention. I don't know about any LTC-20 tokens, and not many people talk about Inscription LTC-20. Currently, the Inscription trend has cooled down and Litecoin has not been promoted to investors in the crypto market.

LTC was pushed down to the top 19 on Coinmarketcap, I'm really worried about LTC's position in the crypto market in this cycle. New projects are performing very well in terms of technology and price chart, while LTC continues to stagnate at the bottom 

[Gurujebs]

I thought litecoin should be testing ground for new technology that could be added to bitcoin, not the other way around 
Maybe they should work more on testing something new with privacy improvements instead of inscriptions spam.

I think the other way round. Wasn't Bitcoin launched before Litecoin? The improve version of Bitcoin interm of speed and block space. Bitcoin would definitely has an update before Litecoin would try to improve on their network. Look at Segwit for instance, Bitcoin exchanges and some custodial wallet has implemented segwit, almost Open sources and non custodial has done all but Litecoin is way back. I'm not sure if their is any centralized exchanges that has implemented Segwit on their chain.

This inscription should be done if the are that successful on the bitcoin chain, I can't say the real value of these inscription but on the bitcoin network, they have been useless and trash for spamming and giving everyone headache to make transactions because of the fees hike.

[notblox1]

I think the other way round. Wasn't Bitcoin launched before Litecoin?

Every other coin launched after Bitcoin.
Guys from Litecoin had that sales pitch that developers could test new stuff before implementing them on bitcoin, for example MimbleWimble that improves privacy.
There are more stuff that happened but I am not following development in Litecoin so much.

[MrSpasybo]

Every other coin launched after Bitcoin.
Guys from Litecoin had that sales pitch that developers could test new stuff before implementing them on bitcoin, for example MimbleWimble that improves privacy.
There are more stuff that happened but I am not following development in Litecoin so much.

Yeah, it's been a while since I heard about any updates running on Litecoin before applying to Bitcoin. Litecoin was once considered the Kusama of Bitcoin, but now Litecoin is gradually being forgotten, quite a pity!

Litecoin needs a story to come back, but I myself cannot guess which story will be suitable and applicable to Litecoin. The blockchain market is growing very quickly, new blockchains are constantly being born and attracting investors, pushing Litecoin into the past 😭

[hugeblack]

Although I see that injection is a spam, LTC blocks are mined empty, so if some want to fill them and demand increases, the price will inevitably increase and the fees will be low. I will see what happens and perhaps decide to buy some LTC in the next three months.

The effect will be positive in the short term, but in the long term, if LTC transaction fees increase such that it loses its ability to compete with low fees altcoins, this will have a negative impact in the long term.

I think we need Altcoinstalks altcoins price Observer @MrSpasybo If you have time and create such a topic, I would be grateful. You have enough experience for that.

[kent47400]

What is your opinion on the impact of LTC-20 Inscription on LTC price? Are you participating in this Inscription trend on Litecoin?

Wow, there is another unique name in cryptocurrency "LTC-20", this is like a new source of power from Litecoin. Cool name!
BRC-20 for Bitcoin.
ERC-20 for Ethereum.
BEP-20 for BNB.
LTC-20 for Litecoin.

Continuing with the presence of LTC-20, it will definitely have a positive effect on the development of LiteCoin.
This is also what causes the price of Litecoin to slowly rise and many traders and investors buy it.

With the presence of LTC-20, could Litecoin's network be congested too?
Apart from traffic jams, will Litcoin transaction fees also increase like Bitcoin transaction fees which rose drastically by tens of Satoshis after the introduction of BRC-20?

[MrSpasybo]

Although I see that injection is a spam, LTC blocks are mined empty, so if some want to fill them and demand increases, the price will inevitably increase and the fees will be low. I will see what happens and perhaps decide to buy some LTC in the next three months.

The effect will be positive in the short term, but in the long term, if LTC transaction fees increase such that it loses its ability to compete with low fees altcoins, this will have a negative impact in the long term.

I think we need Altcoinstalks altcoins price Observer @MrSpasybo If you have time and create such a topic, I would be grateful. You have enough experience for that.

I also do not see any practical value of Inscriptions in the crypto market and in life even though they can become a new type of NFT stored on-chain. But if Inscription can make the Litecoin blockchain vibrant and promote the development of the Litecoin ecosystem, I will support it. Layer-2 solutions for Bitcoin are not yet ready for Inscription, while Litecoin has been available and has been operating stably for many years

I don't understand the purpose of Altcoinstalks altcoins price Observer. Please explain more clearly, or you can suggest in Forum Related.

With the presence of LTC-20, could Litecoin's network be congested too?
Apart from traffic jams, will Litcoin transaction fees also increase like Bitcoin transaction fees which rose drastically by tens of Satoshis after the introduction of BRC-20?

I don't experience the LTC-20 token so I'm not sure about the state of the Litecoin blockchain when the Inscription wave arrived, but at least I haven't found any articles talking about Inscription's negative impact on the Litecoin blockchain. Maybe the number of Inscriptions is not large enough to cause Litecoin problems.