Why Litecoin (LTC) has a Real Marketing Problem – The Bitcoin News
And What Can Be Done to Switch It
Litecoin (LTC)&ndash, It&rsquo,s time for Charlie Lee&rsquo,s coin to zekering playing little brother.
Litecoin has long placed itself spil an agreeable asset to be used alongside Bitcoin. While Bitcoin offers certain advantages ter media-spotlighting, household name appeal and scarcity (21 million coins vs LTC&rsquo,s 84 million total supply), Litecoin has come to be seen spil a better option for transactions. Since the inception of the currency ter 2011 (originally spil a hard fork of Bitcoin founded by Charlie Lee), the phrasing around Litecoin has bot a &ldquo,silver&rdquo, to vleierij Bitcoin&rsquo,s gold. Primarily, this served spil a clever tactic by both Lee and the Litecoin community, spil a way to rail the positive press, rente and crypto-enthusiasm ter Bitcoin without having to pose spil a meteen competitor.
But times are switching.
Te the Shadow of Bitcoin
Spil wij stir into 2018 and the market-share dominance of Bitcoin proceeds to slip, the moniker of being &ldquo,second-place&rdquo, to Bitcoin is bruising to widespread LTC adoption and the usability of the currency overheen its larger competitor. More than a handful of investors have pointed out that Litecoin benefits from having its price tied closely to Bitcoin: when BTC goes up, Litecoin goes after. However, what about the situation where Bitcoin prices plummet? Or, more likely, fail to raise to an appreciable level relative to the surplus of the market? Litecoin&rsquo,s price may benefit ter bull-markets from the rising price of Bitcoin (spil almost all currencies do), but suffers exponentially from that correlation if Bitcoin fails to proceed its growth. Wij may be eyeing the waning days of Bitcoin&rsquo,s true dominance te the cryptomarketplace.
That&rsquo,s not to say Bitcoin is going away any time soon. It will likely proceed to hold the top market spot for at least the foreseeable future (albeit Ethereum is a strong contender te 2018). There are enough powerful players backing BTC to ensure it has a strong presence ter the marketplace (billionaires Marc Andreessen and Peter Thiel, to name a few). Likewise, Bitcoin holds a fascination te the general public. CNBC may be kicking BTC while it&rsquo,s down, but when the market turns again, or if BTC prices commence to climb, expect another wave of positive press.
Benefits of Litecoin
Litecoin doesn&rsquo,t fairly hold the mass appeal of Bitcoin&ndash,yet. All of that could switch with a strong market shove and alteration of the perception around Litecoin. Instead of being the silver/2nd place/junior brother to Bitcoin, Litecoin&rsquo,s community needs to thrust the currency forward spil a superior product and solution to the current problems plaguing BTC usability. Litecoin has proven swifter transactions and lower costs. Most of thesis currencies have yet to be stress-tested with the same kleintje of scaling that Bitcoin has experienced, but Litecoin has ubiquitous segwit implementation and the same possibility for lightning network.
Litecoin doesn&rsquo,t need to create contention te the way Bitcoin Specie has sought a zero-sum-game with Bitcoin. The heavy-handed antics by Roger Verafgelegen and other BCash fanatics is not just hurting Bitcoin, but the industry of cryptocurrency spil a entire. Wij are still te the period of adoption. The more people that come to Bitcoin, through mainstream news outlets or water-cooler talk with coworkers, the more the entire industry is able to benefit. Creating controversy, particularly te the form of slander and claims that &ldquo,Bitcoin Core is dead,&rdquo, creates confusion for novice investors, and instills enough uncertainty te the general public to steer clear of crypto.
Instead, Litecoin should proceed with the grassroots treatment&ndash,i.e., letting the majority of people inject crypto through Bitcoin but finding Litecoin organically&ndash,with a thrust to differentiate itself from the parent coin. Many traders have already come to the conclusion that Litecoin is a more usable form of BTC, and exchange Bitcoin to Litecoin when sending currency inbetween exchanges.
Litecoin ter 2018
The path Charlie Lee has taken to this point has kept Litecoin relevant but te the shadow of Bitcoin. Despite the stalling cryptocurrency market, wij have reached a point of no come back with digital currencies. While other coins may opoffering layers of technology that supersede the usability of the early cryptos, there will always be a need for digital, decentralized, blockchain based currencies. Bitcoin and Litecoin are ter a zonderling position for becoming the token of choice for online commerce giants moving into 2018, because of their long history te the space and diffused market share. If Litecoin offers an advantage ter usability&ndash,te particular for transactions&ndash, now is the time to capitalize. The utility of Litecoin should be its greatest selling point, and there is no lighter form of advertising than making a meteen comparison to advantages overheen Bitcoin. The failure to distinguish itself from Bitcoin is going to proceed the trend of LTC price being tied solely to BTC, spil opposed to the currency being bought and sold on its own merit. It also fails to take into account the many benefits of Litecoin, and why the currency should be a popular choice for transactions and sending/receiving crypto. If Litecoin is incapable to pauze out of this deluge, the market will proceed to pass it by, with advantageous transacting currencies like RaiBlocks (instant trx, zero fees) on the rise.
Litecoin has the potential to reclaim a top spot te total market capitalization and potentially challenge Bitcoin spil the most usable and easily-recognized cryptocurrency. The community, development team, and Charlie Lee need to take the steps necessary to place Litecoin te a more advantageous light relative to the surplus of the market.
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