Is Litecoin the future of Crypto-Currency?
IS LITECOIN THE FUTURE?
As many of you have read or seen in the news Litecoin has exploded over the past few days. Honestly, it has been moving at a quick pace over the past year.
Ever since Bitcoin has unheard of gains everyone has turned their eye to cryptocurrency. This is where Litecoin will shine! You see I personally believe cryptocurrency is the future. Maybe nearer then originally planned, but still the future. The recent explosion of cryptocurrency really just shows how inflated and weak the US Dollar is. For those who don't understand or maybe new to cryptocurrency or even currency in general, the US Dollar has many problems.The main one is that printing of it constantly makes the one you own worthless day by day. Slowly, but still, it never gains value over time since more and more are added to the circulation. This is called "Inflation."
On the other end of the spectrum, you have Cryptocurrency for example Litecoin. Litecoin is a finite thing, asset, or currency whatever the real term for it is depending on who you talk to. That being said only so many will ever be created. For Bitcoin, there will only be about 21 million ever made. So if you own just 1 BTC you are probably one of the richest people in the world if it is the currency that is chosen as the preferred way of payment and value at the time. So overtime BTC becomes more valuable due to its deflation of value. Because more and more people will need it, but only so many have it.
Heres where I believe Litecoin comes into play. Same as Bitcoin, Litecoin too will have only 81 million ever created. This is more than Bitcoin, but it is a good thing. That being said still in the future having just 1 LTC will still be a very rare and valuable thing. Example there's 312 Million people that live in the US alone. I hope you understand by now what this means.
Now a lot of people ask well how does everyone have Litecoin if there's only 81 million? Good question. So 1 Litecoin is 1.0000000. It is broken into hundredth, thousandth, tens of thousandths, and hundreds of thousandths. So for example in 2035 a new car may cost 0.00254000 LTC instead of $25000. You may be paid 0.00002000 LTC a check instead of $2000. Of course, this is just an example. So as you can see owning just 1 LTC is a very good thing and only few will ever own more than just 1 LTC.
So why Litecoin besides Bitcoin? Well, there are many problems with Bitcoin currently such as very high transaction fee's (Miner Fees), Can take up to an hour or two for the blockchain to be confirmed and other security concerns. Litecoin while essentially uses the same technology, but look at it as the new and much-improved Bitcoin with near instant transactions and low miner fees. It is much more usable in day to day consumer situations, which Bitcoin isn't. This is why I believe we are seeing this increase in Litecoin prices and I think that Bitcoin will eventually calm down and Litecoin will catch and may even surpass Bitcoin. For now, though, Bitcoin will be the winner due to all the news and press it is getting.
Heres another thing to think about.
The majority of people that will own litecoin or bitcoin wallets haven't even been born yet. This is like owning Oil in the mid to late 1800s. This is the modern online oil rush I call it. One day maybe not in the next 5-10 years, but one day you will remember when Litecoin was only $200.
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