Litecoin is not dead, waiting for SegWit
The future of Cryptocurrency in the marketplace
According to a poll done by the Recent street wall journal, 83% of people believe that cryptocurrency has a future and will play an enormous significance in our lives in the Next 5 to 10 years. Since 2013, more than 700 crypto-currencies entered the marketplace. Bitcoin is the leading currency in the marketplace while Litecoin is the seventh largest currency in the marketplace. Litecoin can become the dominant currency for e-commerce. It might supplement bitcoin and other alternatives like Ethereum, Ripple, Dash, Monero in the nearest future.
Satoshi created bitcoins (digital gold version) as a counterfeit to mimic the scarcity of gold. According to research done by Samantha Sharf, 90% of bitcoin users hoard their currency and view it as an investment to wealth rather than a currency for transactions. Therefore, they do not spend bitcoin as a common currency. Many people purchased bitcoins at its worthless stage. After 2 years, the bitcoins became hard drives many times their weight in gold.
Will Litecoin be more popular than Bitcoin?
Litecoin has gained popularity since Charles Lee released the crypto-currency via an open source on Github in 2011. Litecoin is a crypto-coins created by mining. While Bitcoin uses SHA256 for mining, Litecoin uses scrypt algorithm for mining. In November 2013, Litecoin became one of the largest currency used to buy and sell on the dark web as it gained (100% leap within 24 hours) with a $1 billion market cap. In 2016, the market capitalization grew to $177 billion dollars.
Litecoin (poor man’s Bitcoin) hasn’t gained popularity like Bitcoin but has a future because it can process 4 times bitcoin transactions in 10 minutes. In 2015, bitcoin block discussion became popular in many forums, and customers seek for an immediate network with large transactional capability. According to research done in 2015, Litecoin has a current hash rate of 1,643 GH/s as fast-established network with tight security.
Litecoin experienced a depress moment in 2015 when a Chinese accepted only Litecoin crypto-currency for his Ponzi scheme and offered investors huge profits for their dividends with a total of $30 million transactions but later disappeared with 6000000 Litecoins and $18 million.
In 2016, Litecoin became stable as the owners planned to offer instant transactions with lighting network. But since 2017, no one has seen the implementation of segwit. Segwit claim that there is a stalemate between segwitters and big blockers. Light network sought to create a system for payment channel, which represents signature transactions on a block chain.
Big blockers have no chance except on the moderate approach of bitcoin classic. Once LTC adopt Segwit, it will announce 2 pools and will experience a growing competition from Litecoin Lighting Network.
Although 80% of crypto-currency users have not discovered Litecoin as the best replacement for bitcoin. Litecoin stands as the best choice for customers who lack the enough patience to wait. Litecoin reduces double spending risk attacks and maintains its market value without crashing the market. Litecoin community is sparse unlike the bitcoin community but may rise in the future when other cryptocurrency price rises.