ForexMinute.com – There are two kind of Litecoins that exists in current times. The first one is a trading instrument, prone to being utilized or manipulated by traders to earn short-term profits; while the other one is more of a digital currency that offers customers a number of benefits over the painfully slow Bitcoin.
This article is focused more on Litecoin as a digital currency, a topic which is ignored most of the time as the coin continues to stay depressive in terms of its market cap and value. In previous months, there has been a lot of speculations, mostly among the non-Litecoin communities, about the silver coin’s supposed death. In the meantime, Bitcoin’s very own value has dropped by 60% but as a digital currency, its adoption has boosted by larger extents within the same time span. Litecoin’s adoption, on the other hand, is improving but, at the same time, is not enough to compete with Bitcoin’s growing infrastructure.
It is because Litecoin practically has nothing to offer in terms of features, especially in times when new technologies are getting build up to improve upon the existing payment infrastructure. For instance, Darkcoin grabbed immense popularity within few months of its launch thanks to its transaction obfuscating features. Even though its adoption rate is far less than that of Litecoin, but it is still expected to be the best altcoin of future.
What consumers want at this point of time is hype, it seems. Again the focus here is to manipulate the market by generating enough noise, which Litecoin is unable to create in front of well-marketed cryptocurrencies. Bitcoin meanwhile has an upper hand for being the mother of all cryptocurrencies. The newly launched sidechains are another example of its success as a payment technology. Litecoin lacks both features and future developments, which hugely disfavors its potential as a cryptocurrency at this point of time.
This negative sentiment however doesn’t translate into death. At the end, we have to see that Litecoin is all about offering a secure and viable blockchain to the users. Its focus was never to bring revolutionary changes to payment sector, but rather was about being an easy-to-use cryptocurrency for every regular Joe. The community, which is already attached with Litecoin for long term, is in to use it as a token to pay for goods.
Even with all the good intentions, the Litecoin Association will have to address a number of issues to revive the coin’s potential – mining being one of them. The entire community has spoken against the manipulations being done at the mining level, which is ultimately hurting the Litecoin’s value, as well as the branding. To develop the Litecoin infrastructure, the association would need to attract more and more industrial miners and took the power from profit-oriented miners.
Meanwhile, a lot has to be done on rebranding Litecoin so that it can distinguish itself among other well-marketed altcoins.
Litecoin won’t be dead, but the current trend can indeed paralyze it.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
This article is focused more on Litecoin as a digital currency, a topic which […]