Introduction
Recently there has been a lot of talk about something which people call the "flippening" where people think that Ethereum could end up being worth more than Bitcoin.
This has been prompted at least in part by all the issues with full blocks, rising transaction fees and the growing civil war within the Bitcoin community over the block size issue.
However ethereum has been having it's own scaling issues - anyone who has participated in any of the recent ICOs, or has tried to make any kind of transactions at the same time will have experienced that.
I don't know if a price "flippening" for Bitcoin and Ethereum will happen for sure (personally I find it unlikely). From a functional standpoint ethereum is quite different from bitcoin.
It is much more of a straight currency (when it works as intended) and there is something to be said for simplicity.
I think it is therefore unlikely that ethereum will actually replace bitcoin even if they swap places in terms of valuation.
Given time, I think the main competitor to Bitcoin is Litecoin and this is at least partly due to how similar the two coins are.
(NB. I'm not saying it will - I just think it is a possibility to consider.)
Why Might it Happen?
There are a few reasons people may believe this to be a possibility :
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The Litecoin community is not constantly at war.
Litecoin does not have any scaling issues at present.
Thanks to point 1 it has already upgraded to Segregated Witness and so should be protected against scaling issues for the foreseeable future.
The ability of the LTC community to agree on Segwit also sets a precedent that should bode well for future upgrades - it was not controversial.
Litecoin has block times of 2.5 minutes - four times faster than Bitcoin - that actually makes a huge difference in terms of practical utility.
Charlie Lee (the creator of Litecoin) recently left Coinbase to dedicate his full time to Litecoin.
Litecoin is a useful testing ground for new Bitcoin technology - it is not too much of a stretch for frustrated developers to just shift their focus to LTC if they get tired of the current issues.
Will LTC replace BTC?
Whilst Litecoin has the best chance of doing this I personally do not feel anything will replace Bitcoin.
Don't get me wrong.
Using bitcoin right now is a painful experience particularly when you compare it to newer currencies like Steem, but even compared to Litecoin it is torture.
It is expensive and incredibly slow. If you get the transaction fee wrong then you could end up waiting for days for your transaction to clear - assuming it ever does.
We also have the looming UASF (User Activated Soft Fork) upcoming on August the 1st 2017. This is increasing polarisation within the community and there is fear of what exactly will happen.
Some parts of the community are supporting it, others are vehemently opposing it. There are also alternative options being pushed by mining cartels and other vested interests.
It is natural for people to be uncertain in these circumstances.
Whilst these issues are troubling I think they will be overcome.
I think that once the first scaling agreement/consensus is reached further upgrades and improvements will be easier to accomplish.
Like many things in life the first time can be the most difficult and fear provoking.
Conclusion
In my personal opinion Litecoin will continue to grow but it will not supplant or replace bitcoin.
I may be completely wrong though and I would love to hear other opinions.
In view of this (and since we don't have Steempolls yet) I have created a Twitter poll here:
https://twitter.com/Soul_Eater_43/status/877914860536725504
Please vote on it and also let me know your thoughts in the comments.
Thank you for reading
I like a lot of things about the LTC and always will.
I also feel there is a reason why Charlie Lee the LTC founder (for those reading who may not know about this) --- left his steady paycheck at Coinbase exchange -- to go back to LTC full time.
Less than a week later, (I wrote about this a week or more ago) --- LTC moons and hits YUGE prices on the charts.....
And Charlie is not a dummy.
LTC could change the game that it has been in forever as THE 2nd ever crypto currency.
-- In Charlie I Trust.
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I like Litecoin very well. and as you know China and Korea were behind the last biggest rise for LTC.
Personally i am just waiting a little more for a correction in the market to buy some few more. I think LTC wont go below $45 again, because of the high volume on it, furthermore Charlie lee will devote his time to develop it more and more.
concerning LTC vs BTC I dont think there will not be a chance for LTC to beat BTC, unless a split on the Blockchain happens on 1st August. but I think this wont happen. if it happens I am sure people will loose their trust in BTC and shift to other altcoins mainly ETHER, LTC etc....
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The only way Litecoin will replace Bitcoin is if we see a split. Who will lead the way on which bitcoin is the better one to use or adopt as a digital currency. If we look at ETH as a test case ETH classic has been left behind with the ICO craze.
Bitcoin should be used for large purchases and Litecoin can and is a game changer for every day fluid purchases.
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It will be interesting to see!
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You're asking if silver will ever supplant gold.
Both will co-exist but one will be more desirable and valuable than the other.
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That is kind of how I see it too.
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Not for me.
There's absolutely no reason to compare digital information to gold or silver.
The comparison is subjective, and although I see it too, the reality is not like that at all.
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True you can't make anything out of digital information in the same physical way but then again gold and silver are bulky, hard to transport and in some respects more difficult to secure.
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I also believe they will keep co-existing. Maybe not as "silver" and "gold", but in some way anyway.
Watching diverse cryptocurrencies evolve and the evolution of blockchain technology will keep being exciting. We are just at the beginning of this stuff.
It could literally change the world.
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I think it will!
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I agree with you on this, silver and gold are physically different, the differences can be SEEN. Litecoin could very easily replace Bitcoin, or Bitcoin kill off Litecoin all together. There's no need for both to exist.
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I read this offline during coffee break
I totally have the same opinion
it may change in the future
but for now BTC is the most accepted crypto currency in the physical market and when those shops in Japan officially start accepting it - it'll be like a hamehamewave :)
but i am not a fortune teller so I don't hold the truth :)
we shall see
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Yes definitely.
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they already do
)
](
you can go super sian now on Bitcoin :)
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Best answer to date!
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But there are multiple times in history when silver was overvalued vs gold. China had a silver standard I believe at one point.
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I feel it's more like, "we're not sure yet who will be gold and who will be silver." (I mean gold isn't gold because it came first)
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All of these are temporary placeholders until this...
I have sent your planet a new transmission. Dennis did something and broke our regular communication method.
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You had one job Dennis!!!!
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I'd like to see STEEM be the one to take BTC's place :)
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Yeah I would too. Very different set of rules but a much bigger market than just 'money!'
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That would be awesome. Who knows perhaps one day it could?
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STEEM to 1000$
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Moon :)
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If only we had faster block times LOL!
kidding
(:
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Oh mate! I've got a wallet full of Litecoin (my main holdings apart from steem, of course) and your article gives me the courage in hang on tight and ride out the long game!
Another home run posting, @thecryptofiend! Bring on August 1st and the UASF! It'll be very interesting to see the effect it has on Litecoin's price. Will be watching very closely as it happens, that's for sure!
Thanks again and all the best, buddy! :)
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Thank you.
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I invested a large chunk of my crypto funds into LTC this morning, had an order in for a decent price and got matched when it came down. I'm happy to hold on for the long term also.
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I do think LTC will replace BTC, because LTC is better and has been underperforming BTC for far to long:)
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Not sure if that is enough for it to replace it though.
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I think no. Once SegWit kicks in Bitcoin my prediction is LTC goes down...
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@btcmillionaire I agree bitcoin is going no where. The name brings legitimacy to the crypto world due to how long bitcoin has been around and would hurt the space to see it de-throned. Etheruem will do its thing seeing as its a nice alternative but litecoin looks like a testing platform for the future of bitcoin. Just my 0.000007 btc
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Agee! Haha I like that last comment! Changing the terminology of phrase From fiat to crypto :)
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@btcmillionaire hahaha I was waiting for someone to catch that. I would keep upvoting you but gotta let the steem power recharge so i threw ya a follow. Good luck on the road to becoming a millionaire!
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Thanks! I'm upvoting everyone's! In a state of Steem upvote Euphoria! Haha
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@btcmillionaire hahah make it rain steem!
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If SegWitX2 goes off without issues, and it significantly decreases transaction cost and speed (by at least half, but ideally 5-10x) then I believe BTC makes a major move up and LTC will move down.
We will know who is right on this by the end of August. :)
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Maybe even earlier I think late July wcould have the first part of Segwit2x locked in!
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Maybe.
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We will see litecoin going up in value significantly this summer. After the dust settles with bitcoin/segwit, I imagine LTC will drop again and stagnate until the next bitcoin panic issue. LTC won't ever take over, but will always be there as the emergency backup.
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In my opinion, your point is a very good point of view I think. After reading your writing, I decided to buy some litecoin as your post has interested me about the furture of litecoin. Thank you very much for your information which I learn a lot from it!
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I like your article a lot my friend but what happens when Bitcoin adopts SegWit? Then Litecoin doesn't look at as appealing.
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Perhaps by that time there will be even more useful developments on Litecoin. Hard to say though.
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That is true...I think cryptos in general are ALL going up!
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Exciting time we are living in :) For me is the bigger question: Will cryptocurrencies replace fiat money? :D
That would be amazing but you are right there are now some problems with BTC.. Let's look what happens in future :) I am invested in every of these 3 coins :P
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I think that they could co-exist, and probably should.
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I think that fiat money will be replace by fiat crypto. But governments always want their own game.
I COULD see a cryptocurrency becoming a neutral trading currency, rather than using one of the existing so-called "reserve currencies". But the banking cartels which make major money from the trade financing through these currencies will fight this.
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Banks will start actively fighting decentralized cryptocurrency when they feel it is a big enough threat. Banks are trying hard to figure out how they can utilize blockchain technology.... BUT without giving up control.
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@mvidberg does that mean its a good idea to invest big in ripple?
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Maybe, if you like the idea of supporting a centralized blockchain.
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I prefer the #dash
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Great so you think DASH will replace Bitcoin then?
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Yes I believe Dash may replace BTC.
Thanks to the masternode system it's keeping evolving and adapting to the new needs. And I think that with the fast transaction time and the low transaction fee could be an ideal substitute.
And as you may read here it may pass the "Coffee Shop Challenge" https://www.dashforcenews.com/cryptocurrency-coffee-shop-challenge/
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I don't think it will but who knows.
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Litecoin looks like a solid long term investment... probably one of the few safe haven... the founder is genuinely concern about the future of the project and the market rewarded it when he resign to focus on it. I also think that the Bitstamp affiliation works great for it... its a very slow mover but the last week has seen it jumped from 24 dollars all the way to 51 dollars so that some serious volatility.... long-term as the make improvement and its becomes readily user friendly then its future is great.... quietly and smartly its enter into the US market with coinbase, so lets see how this unfolds.. its one of those I wish could go back to 25 and I can grab 4 for 100USD an hold long term
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I never sold any of mine!
Love the LTC! Following.
Good comments here today, I appreciate that.
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No prob....I falling in love with LTC... I wish the price could drop some I can get some.... its definitely a solid long term investment
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buy what you can! 1/4 is better than none!
If you like please resteem / spread word of the every-weekend #SteemitCampfire on my page starting Friday nights / EST time!!! The Friday Reminder post for the event is up on my page now.
(:
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Me too lol. I wish I had a time machine!
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hahahaha.... i did a post on it a couple days ago when I realize that the rocket had taken off and I stranded behind....here is it you can have a read https://steemit.com/litecoin/@daudimitch/is-this-the-litecoin-snail-or-rocket-litecoin-to-the
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@thecryptofiend thanks a million for your support, i refresh the link to the post and had to refresh again.... thanks a million, i really appreciate it... it encourages to keep producing good content.... once again thank you
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No problem it is a good post. Also nice to see that I am not the only one who has been thinking this.
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yes, I am hoping for a pull back that I can catch
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Me too. Best to buy when it dips rather than on a peak.
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Certainly that's my philosophy now I had to learn that the hard way
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I think we all do!
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I would go back to 2010 and bought 100.000 bitcoins :')
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Or more if possible!
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From our talks way back, you may remember my love for the LTC. I have a love in my heart for this coin man LOL.
I've blogged on it so much, it is about time for another one.
Did you see my pizza post today with The Statist?
If you get time and want a laugh, have a look, least I can do is give you a laugh!!!
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Great post 👍 just shared it with my followers on twitter.
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Thank you!
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@theCryptoFiend... Excellent analysis which provides plenty of Food-For-Thought...
Thank You 4 creating this Post !!
Please consider listening to what I think is an excellent/balanced analysis of LiteCoin that I posted 5 days ago when LiteCoin was much lower in price... Thanks Again CryptoFiend !!
https://steemit.com/bitcoin/@sacred-agent/balanced-well-thought-out-analysis-of-litecoin-watch-this-one-you-ll-be-glad-you-did
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Will do.
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Thank You... that means a lot to me because I'm new and still have much to learn.
Thank You CryptoFiend !!
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NP:)
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just read the news. Maybe litecoin is replacing btc now.
http://www.businessinsider.com/a-99-million-litecoin-trade-took-just-25-minutes-and-cost-040-2018-4
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To put it very simply bitcoin just sucks. What is one thing bitcoin can do that any other currency can't do besides provide liquidity in trading? Eventually every coin will be liquid as markets are decentralized. So the value of bitcoin depends entirely on centralized exchanges making all coins convertable to btc. Eventually coins will be exchanged without middlemen in decentralized exchanges where btc will have no advantage at all. People who claimed btc would go to $1M were right. Only problem is that by then everyone will be USD millionaires after the dollar collapses.
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I hope so but I think for sentimental and historic reasons Bitcoin may always be the top coin.
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Voted Yes, in your poll BTW.
--
https://twitter.com/BarryDutton/status/878055258903068672
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Disclaimer: I am just a bot trying to be helpful.
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Thanks!
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Interesting and maybe the best coin has yet to make it to the head table. I couldn't d find that magic ball this morning. I wish I knew so I could ride that amazing wave.
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:)
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it takes a lot of time. but it is possible
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Yes.
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That my friend was a very interesting article cheers
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Thank you!
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Great Post.. I can see the Childhood of Bitcoin in the face of Litecoin
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Nice way to put it!
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:) Thanks
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Agreed! :)
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I think Ethereum will replace Bitcoin
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It is possible but I personally think unlikely. Plus ethereum has it's own issues.
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Short and sweet, well said.
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Ethereum was NOT meant to be used as a currency, but rather the gas by which to run smart contracts. Perhaps look at one of the many assets created on the ETH blockchain that has been designed specifically to be a currency.
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First off, I totally agree that the "flippening" won't happen and doesn't even make complete sense. It would be great if Litecoin could keep innovating, and pushing Bitcoin to stay on it's toes in regards to scaling and security. Exciting times for sure. :)
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Definitely!
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Ethereum is facing some problems recently, it has seen panic selling twice this month
https://steemit.com/ethereum/@tejbindersingh/crypto-ethereum-sat-on-a-wall-crypto-ethereum-had-a-great-fall
https://steemit.com/ethereum/@tejbindersingh/panic-selling-in-ethereum-again-2017621t152654435z
however i believe it always comes back strong, ethereum has a bright future but nothing i believe can replace bitcoin
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I agree.
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Great article! I saw this Petition today on change.org & thought it would be good to share out.
Attempt to Enable Litecoin & Bitcoin Payments on Amazon
https://www.change.org/p/jeff-bezos-amazon-com-should-accept-bitcoin-and-litecoin-cryptocurrency-as-payment-methods-asap?recruiter=738410767&utm_source=share_petition&utm_medium=copylink&utm_campaign=share_petition
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It will never happen though. People have been trying forever. Amazon likes to control things themselves. If they had an interest in blockchain they would make their own currency (which they controlled) and would use that.
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Obviously something like Reddcoin doesn't stand a chance unless Facebook or Twitter adopts them, unless they can build an independent platform similar to this. And like you said, they would make their own currency and would use that.
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I dont think Reddcoin ever had a chance.
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Litcoin as we speak grows steadily ...since it still has a lot of avenue to grow as far as market cap is concerned, the price is likely to fluctuate....however litecoin doing what Bitcoin did over the span of last five years is anybodys guess....
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We just received news about a mysterious 'Litecoin Project' announced by MIT: https://steemit.com/bitcoin/@sarcastic-me/litecoin-sees-increased-development-amidst-surging-price-rally
I am just speculating here, but could this announcement with a deadline of 1 August 2017 - Bitcoin Fork Date - have something to do with the recent addition of 'Lightning Network' (LN) code to Litecoin? What I am thinking of is a big surprise announcement of a complete and functional LN app of Litecoin working seamlessly on top of Bitcoin, thus taking the transaction load of the Bitcoin network? I am not technical enough to understand whether this would work and how it then is supposed to work.
But it would be great if a working solution would sweep away the whole scaling debate for some time, all by these clever MIT guys.
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Yes I will need to look into it. Thanks for the link.
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I agree with your point that Bitcoin brings legitimacy to Cryptocurrency as a whole, especially since most people don't even know that other Cryptocurrencies exist, nevertheless how many there are. In addition, Bitcoin has been around for a long time and has proof that it can weather through hard times and has a history of constant increase. I believe that both will exist but Litecoin will exist as a "cheaper Bitcoin" to those unfamiliar with Cryptocurrencies.
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I agree.
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@thecryptofiend i dont think so ltc pretty old coin and yet it didnt show growth like ETH eth so younger then ltc and the growth is phenominal there will be a day when etherium will surpass the btc but i dont see any chance of ltc doing sso
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True but bitcoin is the oldest.
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Yeah i was comparing it with eth
But xrp was developed back in 2004 who knows the dark secrets cryptoes
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Wow I didn't realise that XRP development went that far back.
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Take a look at my blog bro
#follow #upvote
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This is spam and will get you flagged.
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Sorry dude didnt knew about dt m just 1 week old
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Now you know then.
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I believe the low max supply of coins will help its value increase over time
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For Bitcoin you mean or Litecoin?
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Well both really, but mainly Litecoin since I beliee its very undervalued compared to ETH and BTC
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OK.
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I think Litecoin is my next stop, it's scaling high.
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Yes I think it is probably a good buy either way (long term).
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It should be a good buy for long, especially if considering the issues Bitcoin experiences, people would opt for the "next best thing"
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Yes and I think it is already happening. People may use bitcoin for a long term store and Litecoin for quick transactions.
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Hard to say with crypto, a new coin could always come out with better features that we've never dreamed of :)
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Yes it is possible.
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Litecoin won't do it, However if a new great coin gets introduced that may be another story
Ethereum was one of those coins, and well, its lightyears beyond ltc already, and that will happen again (and again ... and again)
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Ethereum is a completely different thing to Litecoin though and to be frank it has it's own problems right now with scaling.
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yeah, but i think btc is too big to be replaced by basicly the same thing - unless something really unexpected happens and btc goes to near 0
but: could be wrong of course :)
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I agree - we will have to see.
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Insightful post @thecryptofiend - LTC does likely have a coveted place in the cryptosphere... XEM also seems to be a sleeping giant of sorts. Regarding this flippening, both chains have shown they cannot handle mass adoption yet which is an important technical hurdle which will likely be overcome in due time. For now, it's like watching a boxing match I suppose. http://flippening.watch
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Thank you. Yes both ethereum and bitcoin have issues.
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Bitcoin the best! lite it like bitcoin only for poor people
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There are more poor people though so if they start using it, it could take off substantially.
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Litecoin is a testbed for bitcoin. Its easier to have change in Litecoin and while it has had success the nature of bitcoin is how it cannot be abused and that's why Litecoin will not surpass bitcoin.
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I agree.
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Thanks
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I agree with the analogy, but hesitate to call it a test bed. I can see Bitcoin being used for large transaction amounts, while everyday purchases being made with Litecoin. To me, it's silly to buy a coffee with bitcoin and the long transaction time. I wonder if the two might not be tied together at some point. Sort of like a meter is to a kilometer or other similar (times 10, 100, etc) relationship.
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i think it will be a tough race
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We will have to wait and see what happens on July 31st / August 1st. The decision and path Bitcoin will seal its future progress and trace its path for the upcoming years. Ethereum is a completely different story as it could coexist with either BTC or LTC independently.
Great Post, Thank you!
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You're welcome!
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I agree it won't replace BTC
It will be more like Ethereum
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I don't think ethereum will replace it even if it takes the no. 1 place in the market.
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Besides, what I find rather frustrating about ETH is the "gas money" it requires, meaning that it is not good for micro-transactions, but LTC and DOGE are welo known cryptos that can handle micro-transactions.
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Recently the amount of gas needed has been rising sharply. Those crazy ICOs don't help.
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Even the Delta Exchange (The ETH based trading platform) requires gas for every action done, so, from my side, ETH is only good when I trade it for BTC - not for any other thing. I wouldn't even use ETH for ICOs, any other alternative will definitely do.
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The ICOs are making it unuseable when they happen!
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With a name like "Lite" coin, it doesn't stand a chance to overtake bitcoin. If it was called "Super" or "Heavy" coin, then maybe.
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There were Super and Heavy coins back in 2014 :)
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Oh wow. There were too early for their time....could you imagine how much they would raise in an ICO today just for the name alone?
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Well there were very few ICOs in those days it was all about mining then. These days you would need some kind of specific use case for an ICO, those were just coins with new names and a different mining algorithm. Functionally they were no different to bitcoin or litecoin.
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Litecoin is definitely worth investing in, I think it is one of the coins with a real furture
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Agreed.
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There lots of support now signalling for Segwit. Once implemented Lightning Networks can follow and this should allow Bitcoin to start to operate as digital cash in countries that support it (i.e. Japan) with small payments and low fees.
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I am actually quite convinced that something will replace bitcoin - if not this year, then the next one. And my reason is a very simple one:
BTC was born in and lives in a high tech environment, but it has given up on leading in innovation. It's large network won't save it from that.
I have no idea what will replace BTC, but considering how much division there is within it's community, I highly doubt it will change pace.
My thoughts on who would be a likely candidate: A feeless or allmost feeless blockchain. If there is a way to not pay a middleman, with usability and convenience being equal, why would a majority of people, who have no preference to a community/technology/or anything take the option with fees?
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Interesting. It is certainly possible. We don't know the future.
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Of course not, might be completely wrong and kicking myself next year ;) All one can do is base ones decision on available information and that is necessarily subjective. Either way, it's gonna be exiting.
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Yes!
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no dude its almost impossible Litecoin will replace Bitcoin but maybe Ethereum
in some time in future but could not beat bitcoin i think
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Probably.
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Same I don't think LTC will replace BTC. Definitely not in the near future, but I think eventually a few other coins have a chance at it. Since there are a lot more efficient coins out there with great services.
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thank you for sharing
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You're welcome.
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Thanks for sharing your informed opinion with us! Upvoted and resteemed!
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Thanks!
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"Using bitcoin right now is a painful experience".
Apologies but I beg to differ, Sir.
The hardest part of doing a Bitcoin transaction (on a PC) is copy/pasting the address, making sure that you copy and paste it right. For the rest, it works like it worked many times before over the years.
Despite the emphasis lately on Bitcoin being slow, payments not getting through and other kinds of complaints, for me, Bitcoin is still working beautifully. It works, it is safe (8 years of hardening), it is accepted (everyone basically has heard of Bitcoin now) and it does what it has always done. Yes, the fee is a bit higher but that is not my concern. And I think Bitcoin was never intended to take over the all payments in the world (it would have been designed differently).
It would be great if other coins take a place in the ecosystem for the applications that Bitcoin cannot serve. Perhaps Bitcoin's role slowly moves towards being a reference value (kind of digital Gold).
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It might not be painful for you but it is for a lot of people. If you don't think it is a problem I think you are mistaken.
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I'm invested! Nothing but love!
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Cool.
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i think it's unlikely, but possible.
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Yes.
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Thanks for the information :)
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You're welcome!
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So if you had a certain sum of money to invest, which of the two would you choose? Bitcoin or Litecoin?
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I would split between the two 50:50 - litecoin is higher risk but has higher growth potential in the short term. The split will depend how much risk you prefer.
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It is interesting to read your article. Being relatively new to the crypto world, I do not have enough information to form an opinion of my own just yet. So, I do appreciate the time an effort you put into explaining the detailed possibilities of Litecoin and Bitcoin. It helps me gather information so I can make intelligent decisions of where to put my money in the short run and in the long run.
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You're welcome!
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I hope LTC should be a valid alternative, probably never a complete
replacement ob BTC. thanks for yr contribute, really interesting
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Price of BTC AND LTC will be determined this 1st Aug . May the odds be ever in your favor
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Well if Bitcoin has a major crisis we will all be screwed as it will likely crush all alts for some time.
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I Agree with you completely...i dont think Anything can replace BTC but you never know. Few years back who would have thought of BTC or any Cryptocurrency to be a huge success. The Cryptocurrency in itself is a Surprise Challenger that knows no boundary for its Growth...Lets hope whatever happens in the Coming years will make our lives Easy...However, i would like to add Fiat Money is the yesterday's talk...Cryptocurrency defnitely will replace Fiat Money in coming years...Steem On and Keep Upvoting Steemians!!!
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Yes crazy and unexpected things can happen!
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Seriously dude.... i am 100% confident that most common people don't know about other cryptocurrencies in world wide accept Bitcoin... But bitcoin image is like a standard brand for all common people... obviously in next 10 years no one can replace other currency with bitcoin....
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Yes it is the most well known crypto "brand" for sure.
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My friend has mined litecoins and bought bitcoin as he goes. :)
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Nice read!
My stance on Bitcoin is to buy and hold (of course, buy when it dips low). I think they will iron out all the issues in the long run and Bitcoin will hold it's status as the 'gold standard' in the end.
That said, I love litecoin as a hedge and have some, it's still at a decent price to get in on too.
Time will tell. ;)
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Yes. Thank you!
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I think both will co-exist and that is ok. It's just like Gold and Silver
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I think so too.
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Nice post! I have written a lot about LTC lately, and I agree with a lot of your analysis. There are a lot of cool things happening for LTC right now! I do think you are right about BTC though, and I don't think LTC has to replace BTC to be successful, it just needs to find its niche and secure its position.
I just did an interview with one of the developers of Verge, you should check it out you might find it interesting. It is kind of a cool project!
I tried to leave a comment before but I don't think it went through, but if there are two comments thats why! lol
Hope you are having a great week! :)
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Will do. So do think something will take the place of Bitcoin?
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It depends on how you define Bitcoin's place in the market. BTC was originally intended to be a digital currency used for transactions and saving. I do believe BTC has already been replaced as a currency for small transactions. As a method of savings I think BTC will remain king at least for awhile, ppl might use LTC to buy coffee and BTC to buy a house, if that makes sense. I could also see a scenario where BTC is used as a reserve of some kind or used for large bank settlements. Just some thoughts...nobody knows for sure.
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I think it could happen though. For savings or large payments the speed is less important, and the cost of transacting may be lower too.
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Also, I am working on another post a about Microsoft and apple and I was wondering if I could link to and possibly quote some of your post you did on the new Imac?giving you credit of course!
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Ofcourse. Send me the links when you do.
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Great case in point @thecryptofiend. While I don't think it will surpass Bitcoin in market cap or value, I certainly do see it as being BTC's closest rival in time to come. I think it will (hopefully) settle at around 10% of Bitcoins value.
Until then (whenever then is) LTC will be great for trading and collecting to HODL.
Exciting times!
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Yes as long as we don't have a major crisis though!
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Very true, and I can honestly see these exchanges being regulated by a body like the FTC. That move would not be in-line with our 'decentralized' movement, but would mean big market makers joined the fold and the crypto market cap would explode towards the trillion mark.
While having controlled exchanges would limit us in one way, once funds are out the exchanges, they would still be decentralized and anonymous on the users end.
Would be a scary, if not interesting time.
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I think we can already see the first signs of it happening.
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Yes, I mean, I doubt we will truly find out what happened yesterday with Eth on GDAX, but without safety stops in place, spikes like that will make A LOT of people nervous, and I am sure regulatory bodies will be chomping at the bit to see a catastrophe to happen that will give them the excuse to step in and 'save/ruin the day'.
I am honored you resteemed my post @thecryptofiend, thanks for helping this minnow out!
Thanks for chatting with me!
SteemOn!
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Yes that whole incident was weird. NP:)
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At the end of 2017, LTC will defenitly be around the $100 a piece.
Ltc is silver and btc is gold they say.
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Now that would be very nice.
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And eth is oil
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Congratulations @thecryptofiend!
Your post was mentioned in my hit parade in the following category:
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Thank you!
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For something like that to happen, beyond the inner workings and the science of the coins, there will have to be a concerted PR campaign for one of the other coins. For those familiar with crypto, LTC and ETH are common names, but the community at large will still think of BTC when they think of crypto.
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Yes right now for non tech person who has heard of cryptocurrency at all it will be bitcoin the rest are just not known.
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Although bitcoin does present an opportunity for another coin to take over. I think a lot of the general public associates it with criminal activity and black markets. A coin with a cleaner reputation might get more widespread use.
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I think the problem is the criminals may find that coin before the public do!
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I can see LTC going above ETH if ETH scaling issues get worse over the year.
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I think the ETH guys will be working on a fix. Long term there may be a fight for no. 2 place.
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As you stated Bitcoin has been and always will be a "currency" first and foremost. I agree Litecoin will increase in value but i believe it will be relative to Bitcoin, not surpass it entirely. Plus the market cap is such that Bitcoin will be hard to replace, and should the issues be sorted out with scaling, whether it be MASF or UASF it may skyrocket.
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Yes I very much agree.
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I think litecoin will increase in price dramatically over the next six months as the bitcoin pantomime goes on. Big money will frighten miners and others with vested interest in bitcoin by buying up litecoin to push its price up. I also heard litecoin will be rebranded to lightning coin due to its speed of transactions. I don't know if litecoin can also be used as some kind of side chain for bitcoin to increase smaller transactions??
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I've not heard of any rebranding or Litecoin being used as a sidechain (not sure it is possible).
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Bitcoin is very established, its hard to disrupt something when socially its pretty well established. I think many of these other coins have their unique issues they tackle which makes them attractive and increasingly more valuable.
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Yes very true. It does happen sometimes (like Myspace) but it is tough.
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Really don't see it happening.
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Me neither. I think the current issues will be solved.
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sell ltc:D but...what?! :))
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hey, nice post, i'll follow you ;))
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Thanks!
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I think I'm going to buy litecoin payday
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Cool!
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Good info... I have been meaning to get some Lite coin. Now might be the time. Upvoted as usual!
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Thank you!
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Personally, I don't see why not. I know that it has a long way to go. But isn't litecoin essentially a faster version of Bitcoin? If Bitcoin continues to have scalability issues, people are going to start getting behind Litecoin, meaning that the Litecoin price will at the very least hit 100 dollars, from there, it could go anywhere. Right now Bitcoin is so much higher in price than everything else, that it is difficult to imagine anything catching up to it, but in time, I think certain coins will.
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Yes it is possible.
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As I see it Litecoin is a simple copy of Bitcoin which allows for faster transactions. SegWit should make transactions faster and cheaper on Bitcoin, thereby permanently killing any potential for Litecoin to grow. Litecoin is not alone, there are so many unuseful coins out there that are gonna be wiped away in a few years.
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I don't think it will kill it though. Many of us thought that a long time ago but it has continued to survive. Even if things go really badly it will likely survive as a testbed for new Bitcoin tech.
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I enjoy posts like this for a thought experiment and to discuss the what ifs'. I think bitcoin will likely loose more dominance in the crypto-currency market cap because we humans like plurality and multiple choices and we will likely never accept a one world currency. Which, is also why I think fiat and crypto will coexist for sometime. Additionally, traders like myself seek to make more profits from less known crypto-coins as they become more popular. In the end, I think each coin that survives the very long run will find its niche or dominance in some area of the world or marketplace and the people in those areas or markets will decide what those coins will be. It has definitely been exciting to watch and it will continue to be exciting.
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I think you are right. I think most markets have multiple players - often there are a few big ones and lots of smaller niche ones.
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Agreed it will probably hit ether heights
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That would be cool.
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I think it's plausible but I also don't think bitcoin will choose to retrogress either..resteemed! steemit.chat is back online
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Weird I still can't get it to work on my computer.
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it's working on mine. am using chrome browser and my friends who signed in are also using chrome
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upvote + follow you ;)))
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I don't think so. They are not trying to do the same thing. Ethereum is an app platform.
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I agree with you — I don't think it will replace BTC either, but it may grow substantially.
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Yes I think it will be huge - particularly if we get a 100K bitcoin which I think is possible in a decade or so.
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Gosh, wouldn't that be lovely! Reminder: Need to get more ltc and btc :)
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:)
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bitcoin, despite its problems, will continue to be the mainstay of cryptocurrency but I find certain coins curious (music coin, pot coin ha ha)... Niche uses perhaps, but they all lean on bitcoin, IMHO. Good post!
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Thanks. Yes I think so too. Bitcoin is King and I don't see it being replaced.
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Nice article @thecrytofiend. I am in the early stages of beginning to buy some coins, I've read about the positives of Litecoin compared to Bitcoin. This is helpful. =)
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Glad you found it useful!
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The think that will replace Bitcoin will be Bitcoin.
I call it super-bitcoin. And it will have features that will make regular money look like a dial up phone compared to cell phone. And then it will become even better.
But, it will be two steps forward, one step back.
And our whole idea about money creation will probably change along the way, too.
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As long as it doesn't divide the community that would be great. I think it will happen eventually.
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i can see a time when there will be 100's of crypto's for all manor of things
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agree with you, i'll follow you ;)))
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There already are 100s.
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May every crypto coin flippin to steem! Mwhahahaha!
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In my opinion, Litecoin is currently a good cryptocurrency for a few reasons. The transactions are faster than with BTC and ETH. It's also more stable in general. However, it could reach $75 in the next week... or even more... So I think it's still a good time to buy Litecoin...
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Actually the transactions for Litcoin are much slower than ether, but they are faster than Bitcoin. Right now it may seem faster as ether is struggling to cope with all the ICOs.
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Thanks for the suggestion ... I'm starting to buy Lietcoin ... Aspect that poloniex resume to work!
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Cool. I have stopped using Poloniex now.
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If Bitcoin is Gold, and Litecoin is Silver, and Ether is oil, which represents the best Crypto to replace Fiat. A better question, is if the dollar (U.S.) were to crash today, would people flock to Gold & Silver or Crypto or both?
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I like the ether is oil analogy! I think people would flock to all of them but gold and silver are not actually as flexible for money as crypto - they are bulky and harder to secure.
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Would you recommend diversifying then? I have only studied Bitcoin, Ether, and Steem. I haven't looked much into Litecoin, yet.
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I would. I think it is risky to hold only one cryptocurrency even if it is Bitcoin (which is probably the safest). I think most things in the top 20 are relatively safe bets - always read up on the project and see who the people are behind it. I only invest in things I believe in now.
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I dont think he can. Bitcoin is very established.. ethereum maybe..but litecoin? Nah.
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We won't see a flippening between BTC & ETH, but i've got a feeling the LITES might give ETH a good go, even a flip
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I think Bitcoin will always be on top because it's used to purchase every other cryptocurrency.
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Well it is right now. It could change in the future.
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Interesting read. I do feel though that litecoin won't replace bitcoin, but I can see litecoin going up in value.
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Me too.
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Nice article, @thecryptofiend. Could I translate it to korean, and then repost it to #kr and my naver blog???
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For sure. Send me the link when it is done and I will share it.
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Thank you for your permission. The translation has been completed. Please check it out.
https://steemit.com/bitcoin/@onlimono/4vu8ap
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I'm not sure I see BTC going anywhere but up. That being said, I still see a big upside for Lite.
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Me too. Maybe I'm biased when it comes to bitcoin but I don't see anything replacing it. I do also see a big future for LTC but I don't see them as rivals, more as close cousins.
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Agree...and that would be fine with me!
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First, it is so refreshing to read someone making a prediction without seeming like a know-it-all. And yes, this is entirely possible.
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Thank you. The truth is these are unexplored issues so none of us know with any great certainty.
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Its a race for crypotocurrencies these days and i like the idea of having multiple choices to invest in, the world is awaking to Bitcoin and others and there is a rapid dash to invest and invest wisely too. Its not a bad idea and we all welcome competition. Im hoping to benefit from any of them because a 9 to 5 just isnt cutting it these days, thanks for the post @thecryptofiend
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Thanks for commenting. Yes I think competition is good and makes things in general better.
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You are more than welcome, keep us updated when you can, we totally appreciate your efforts and commitment @thecryptofiend
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Due to the similarity that you are talking here, i think it may not be able to flip with bitcoin, because once it reaches the level (if it does) where bitcoin is, it will face the same problems...
However Etherium may be an option.
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I think the issue with Ethereum is it has a different focus (or at least it is supposed to).
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Yes .... And that different focus is making it the currency of choice among big companies.....It is the rapid acceptance by companies that is driving etherium crazy high
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Well it's the ICOs I think but I'm not sure how long it could last. Big company settlements could be a use case.
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Hmm....that may be the case as well
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My opinion is BITCOIN should be a store of value like gold and Litecoin should be used for payments. Unfortunately , I don't see litecoin used for payments. At least here in Asia
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I think it is difficult for something to be used for payments once the value goes above a few dollars because it requires a greater cognitive load in calculating the prices and creates a psychological boundary (unless it is an even round number like each coin is worth $100).
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It can be done. Also imagine what the USD look like in JPY ,KRW or IDR. 1 USD in Indonesian rupiah (IDR) is around 13,000. I would think bitcoin would be like that in the future
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