Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Other Popular Cryptos / Coins => Litecoin Forum => Topic started by: sulphur007 on April 09, 2020, 03:15:15 PM
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Litecoin founder Charlie Lee often refers to the cryptocurrency as the “silver to Bitcoin’s gold”. Apart from sharing the same codebase, both cryptocurrencies also exhibit mostly similar price movements in cryptocurrency markets, rising and falling in tandem.
They also complement each other. Bitcoin’s original mandate was to become a medium for daily transaction. But scaling problems have prevented it from fulfilling that role. Meanwhile, Litecoin has picked up the mantle and incorporated scaling technologies into its ecosystem to enable digital payments on its platform. In 2017, Litecoin had, what some analysts called,a phenomenal year
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The resemblance between the two cryptocurrencies might seem baffling to observers, especially since the cryptocurrency ecosystem is premised on a diversity in applications. But it came about largely due to a conscious decision by Lee to have Litecoin follow bitcoin. In a recent interview, he explained the rationale for his call.
Why Does Litecoin Follow Bitcoin?
Lee started bitcoin because he knew that equal transaction fees on bitcoin would prove to be problematic for transferring small as well as large amounts. “If bitcoin is focused on moving large amounts of money, then the fees will be high and security will be high. Litecoin can act as a compliment. It can be used for smaller amounts of money and have lower fees,” he explained. This year, Litecoin Foundation, the nonprofit associated with Litecoin, , opening the door for the cryptocurrency to become a part of mainstream banking.
Bitcoin is the mother ship for a majority of cryptocurrencies today, meaning that they have repurposed its code to suit their ends. But Lee adopted a hands-off approach to bitcoin’s original code while developing Litecoin. Instead, he enhanced bitcoin’s original code with new features and functionalities. For example, Litecoin has a larger block size and processes transactions much more quickly as compared to bitcoin. Lee said he trusts bitcoin and its code is structured in such a manner for a reason. “We’re seeing a lot of coins change some stuff around and then get hacked or have something blew up in their face, simply because they didn’t realize that the thing they changed was there for a reason,” he said.
What Are The Drawbacks Of Lee’s Approach?
There are two main drawbacks to Lee’s tactics.
The first one is that, barring a couple of exceptions, Litecoin’s price has mostly mimicked that of bitcoin’s price trajectory. It also means that Litecoin is not as attractive to investors as bitcoin because it is not sufficiently distinguishable from the original cryptocurrency. Not surprisingly, litecoin’s valuation is minuscule ($3 billion) as compared to bitcoin ($115 billion), during the writing of this article.
The second one is a transference of bitcoin’s vulnerabilities to its progeny. In the interview, Lee said he is currently worried about a bitcoin bug that has the potential to crash nodes in its network and destroy their value. Litecoin will be directly affected by such a crash because it shares code and copies bitcoin’s price movements.
“Something like that could like destroy 90 percent of its value overnight. So stuff like that definitely keeps me up at night. In Litecoin’s case, we’re running a network that is worth three billion dollars. That’s still a lot of money,” said Lee.
Investing in cryptocurrencies and other Initial Coin Offerings ("ICOs") is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns 0.21 bitcoin and 1 Litecoin.
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Lightcoin is one of top ten coins and is very strong coin from my view points after BTC and ETH. LTC is the second Bitcoin to all crypto lovers but It is not competitor of Bitcoin. It will be dominant coin after Bitcoin and Ethereum. I like to hold Lightcoin as it is now very cheap rate.
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Yeas, but LTC is too late, for now, there is no coin that can beat Bitcoin, maybe in 20years+ we will see another cyrpto being bigger than btc
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Yes right now bitcoin is the King of the cryptomarket no one can't replace bitcoin still the Bitcoin domination is increasing in cryptomarket more over after halving the BTC will pump again.
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Lightcoin is one of top ten coins and is very strong coin from my view points after BTC and ETH. LTC is the second Bitcoin to all crypto lovers but It is not competitor of Bitcoin. It will be dominant coin after Bitcoin and Ethereum. I like to hold Lightcoin as it is now very cheap rate.
Bro, it looks like you wrote wrong for LTC writing, if I read on Coinmarketcap that LTC is Litecoin, not Lightcoin. hahaha
You already have a lot of experience, it can be seen from your ranking that has become a legend, so maybe in the future should be even better in writing words.
You can check everything about Litecoin here = https://coinmarketcap.com/currencies/litecoin/
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There isn't any match of litecoin or Bitcoin , Bitcoin is top usable currency in market having good Invester and holder . I think this is really impossible to beat Bitcoin in case of litecoin .
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Yeas, but LTC is too late, for now, there is no coin that can beat Bitcoin, maybe in 20years+ we will see another cyrpto being bigger than btc
I agree brother, I see bitcoin is still the King of crypto currency. I think no coin can beat bitcoin. Litecoin is very potential coin, But at top three coin is the favourite crypto currency. It will take several years, to compete with them.
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Yeas, but LTC is too late, for now, there is no coin that can beat Bitcoin, maybe in 20years+ we will see another cyrpto being bigger than btc
I agree brother, I see bitcoin is still the King of crypto currency. I think no coin can beat bitcoin. Litecoin is very potential coin, But at top three coin is the favourite crypto currency. It will take several years, to compete with them.
I support your comment, bitcoin is the king of cryptocurrency market. Bitcoin is preferred in all cases. All altcoin markets survive because there is bitcoin. Its use is almost in most cases. Top - 3 Everyone invests and trades in crypto currency.
So these are more popular. However, litecoin will become very popular. litecoin currency will always be supported in top-3 cryptocurrency.
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Lightcoin is one of top ten coins and is very strong coin from my view points after BTC and ETH. LTC is the second Bitcoin to all crypto lovers but It is not competitor of Bitcoin. It will be dominant coin after Bitcoin and Ethereum. I like to hold Lightcoin as it is now very cheap rate.
I think It will take several years again mate, Litecoin can compete with bitcoin, But I think It is really difficult. Bitcoin is growing up and stable at 15k USD up. Bitcoin has shown good performance and gain many investors to buy bitcoin now. So, Litecoin is good but not competitor for bitcoin.
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Every potential coins have potential to compete with bitcoin , but for popularity , I think It is too far. Bitcoin ismist popular than other. Bitcoin is always high demand and I see bitcoin price is stable at 16k USD today. It is really the King.
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It is always be questions, Litecoin cannot compete with bitcoin, No coin can beat Bitcoin popularity now. because bitcoin has high demand and limited supply.
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The top ten coins always have potential to compete to bitcoin. Over time, I believed litecoin has potential to do. But today, litecoin rank is still number seven. It will take one or two years can compete for top three coin. Let's see
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I don't think there is any possibility with lite coin bitcoin. At present bitcoin is around $19,000 but like it was between $90. Bitcoin is the number one position in the coin market and Bitcoin is the number one in the world.
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I don't think there is any possibility with lite coin bitcoin. At present bitcoin is around $19,000 but like it was between $90. Bitcoin is the number one position in the coin market and Bitcoin is the number one in the world.
Every thing is possible at Crypto currency market. But I don't think litecoin can compete with bitcoin. Maybe litecoin can compete for top ten coin but not for number one. It is really difficult mate. We will see.
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It's really very heavy, sir, Litecoin does have high value potential, but that doesn't mean Litecoin will be able to compete with Bitcoin. At the moment it seems that only DeFi Coins are able to compete with Bitcoin in terms of Price, but for Bitcoin volume it remains number one.
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Litecoin is of course a very popular cryptocurrency and Litecoin technologies and capabilities are incredibly successful and it is clear that Litecoin developers are constantly trying to improve Litecoin, but unfortunately, no any cryptocurrency, including Litecoin, can compete with Bitcoin, because this is reality.
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Yes,I see litecoin has potential to compete with bitcoin. Litecoin is going strong now, But it will take several years again, because bitcoin is so popular and has biggest communites. Bitcoin is very potential and high demand. So, I think It will hard.
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Yes,I see litecoin has potential to compete with bitcoin. Litecoin is going strong now, But it will take several years again, because bitcoin is so popular and has biggest communites. Bitcoin is very potential and high demand. So, I think It will hard.
I think top five coin have potential to compete with bitcoin. But we all know litecoin is number five now. There is Ethereum,ripple and USDT. I think them also will compete with bitcoin . Litecoin has shown good progress now, but bitcoin is still the King.
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Litecoin founder Charlie Lee often refers to the cryptocurrency as the “silver to Bitcoin’s gold”. Apart from sharing the same codebase, both cryptocurrencies also exhibit mostly similar price movements in cryptocurrency markets, rising and falling in tandem.
They also complement each other. Bitcoin’s original mandate was to become a medium for daily transaction. But scaling problems have prevented it from fulfilling that role. Meanwhile, Litecoin has picked up the mantle and incorporated scaling technologies into its ecosystem to enable digital payments on its platform. In 2017, Litecoin had, what some analysts called,a phenomenal year
There are a lot of cryptocurrencies that people tend to ignore too much and attachh less attention to. Investing in these cryptocurrencies would bring about maximum profits and also would bring less worries in the fluctuations of their prices as they have really stable prices. Cryptocurrencies like ripple,monero,dash,binance coin,bitcoin cash,bitcoin sv, litecoin,ethereum and so many more can be invested on the platform (www . forex #spam .io) where you get from 25% to 100% ROI on whatever is invested in 10 days. Thank me later.
The resemblance between the two cryptocurrencies might seem baffling to observers, especially since the cryptocurrency ecosystem is premised on a diversity in applications. But it came about largely due to a conscious decision by Lee to have Litecoin follow bitcoin. In a recent interview, he explained the rationale for his call.
Why Does Litecoin Follow Bitcoin?
Lee started bitcoin because he knew that equal transaction fees on bitcoin would prove to be problematic for transferring small as well as large amounts. “If bitcoin is focused on moving large amounts of money, then the fees will be high and security will be high. Litecoin can act as a compliment. It can be used for smaller amounts of money and have lower fees,” he explained. This year, Litecoin Foundation, the nonprofit associated with Litecoin, , opening the door for the cryptocurrency to become a part of mainstream banking.
Bitcoin is the mother ship for a majority of cryptocurrencies today, meaning that they have repurposed its code to suit their ends. But Lee adopted a hands-off approach to bitcoin’s original code while developing Litecoin. Instead, he enhanced bitcoin’s original code with new features and functionalities. For example, Litecoin has a larger block size and processes transactions much more quickly as compared to bitcoin. Lee said he trusts bitcoin and its code is structured in such a manner for a reason. “We’re seeing a lot of coins change some stuff around and then get hacked or have something blew up in their face, simply because they didn’t realize that the thing they changed was there for a reason,” he said.
What Are The Drawbacks Of Lee’s Approach?
There are two main drawbacks to Lee’s tactics.
The first one is that, barring a couple of exceptions, Litecoin’s price has mostly mimicked that of bitcoin’s price trajectory. It also means that Litecoin is not as attractive to investors as bitcoin because it is not sufficiently distinguishable from the original cryptocurrency. Not surprisingly, litecoin’s valuation is minuscule ($3 billion) as compared to bitcoin ($115 billion), during the writing of this article.
The second one is a transference of bitcoin’s vulnerabilities to its progeny. In the interview, Lee said he is currently worried about a bitcoin bug that has the potential to crash nodes in its network and destroy their value. Litecoin will be directly affected by such a crash because it shares code and copies bitcoin’s price movements.
“Something like that could like destroy 90 percent of its value overnight. So stuff like that definitely keeps me up at night. In Litecoin’s case, we’re running a network that is worth three billion dollars. That’s still a lot of money,” said Lee.
Investing in cryptocurrencies and other Initial Coin Offerings ("ICOs") is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns 0.21 bitcoin and 1 Litecoin.
Bitcoin and the LTC coin price have a big difference and that is the reason that the LTC will never cross the BTC price becasue BTC is the market running coin and this is the top coin in the crypto market and the LTC coin price is very low.