The 3 Reasons Why Litecoin Will Scale In 2018

by Trading 101     Jul 16, 2019

The state of cryptocurrency is always changing. Sudden fluctuations in prices and the market are common and at this point, expected even. The entire industry seems to be shrouded in pessimism and uncertainty at the best of times. Experts are, of course, divided on the matter and are predicting cryptocurrency to go either way on any given day. Of course, as learned in crypto trading 101, volatility is a good time to make money.

One of the major currency making headlines and being speculated as the “next Bitcoin” is Litecoin, traded under the LTC token. Litecoin has been struggling to truly set itself apart from its “big brother,” Bitcoin, but this has been changing steadily for a few months at this point. This presents an opportunity for someone with trading 101 knowhow to make a smart investment, so let’s look at the factors that will set Litecoin apart in 2018.

1) Litecoin Applications

Litecoin is excelling in things that Bitcoin is struggling with today. These are primarily transaction speeds and the consequent ability to scale. It uses the same technology as Bitcoin but has them executed in more technologically efficient manner.

An apt way that some forum users are describing Litecoin as is “a better version of Bitcoin.” Arguably, scaling problems could affect Litecoin as much as they did Bitcoin, but it’s being used differently in comparison to Bitcoin. Most are using Litecoin as a way to send and receive Bitcoins – they convert their Bitcoins into Litecoins and then send the Litecoins and have the receiving party convert them to Bitcoin again. This is mainly due to the amount of money one can save by avoiding Bitcoin’s current transactions fees.

Litecoin has made a name for itself through its development team and community constantly being on the forefront of innovation in the cryptocurrency space. At this point it’s a matter of who’ll stick around longer and do the basics better – and Litecoin definitely has a shot at dethroning Bitcoin in several aspects there.

2) LitePay

LitePay is another form of using Litecoin. It’s a step into the direction of making cryptocurrency useful for the everyday user – which is exactly who the intended end user is for the big cryptocurrencies. There’s been a controversial amount of backlash against the platform my a certain segment of the crypto community.

Plenty of merchants are excited for LitePay to be available to them as it allows them to accept and spend their LTC more conveniently. The dissenting part of the community are those who believe that Litecoin should stay exclusively crypto and not have a tie to regular fiat currency, which is exactly what LitePay provides.

There are plenty of problems with such a one-dimensional argument of course. The first being that a tie to fiat currency lends Litecoin more credibility, but more importantly, keeping it strictly internal to crypto only is going to alienate thousands of potential users. There’s no way to force crypto onto a segment of people, so the only way to get them interested is to give them a way to get involved easily – which is exactly what LitePay does.

3) Bitcoin’s Losing Traction

While Bitcoin is still the undisputed number 1 in the crypto space, more and more users are realizing that there are many more cryptocurrencies out there than just Bitcoin. This is giving other currencies far more exposure as users start looking for communities and currencies tailored exactly to their needs.

Litecoin will be one of the first altcoins new users will stumble upon in their dive into the cryptocurrency world, setting Litecoin into the path of becoming a household name as familiar as Bitcoin. This is especially true given the general inclination being “if you like Bitcoin, you’ll love Litecoin” when asking enthusiasts.

Combined with the other factors, and Litecoin is looking to be in a strong position to make the most of 2018.

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