Litecoin (LTC) Use Cases:
Means of Payment!
This needs to be promoted to clear confusion!
Purpose:
Means of payment. Litecoin can be used as an avenue for paying people anywhere in the world without an intermediary having to process the transaction. Litecoin is the ‘digital silver to Bitcoin’s gold’ not a "fundamental store of value". In fact, Gold has been perceived as the fundamental store of value because of its qualities and scarcity. While Silver does too share similar properties to Gold, it was not perceived and used as a fundamental store of value. It was used more as a convenient medium of exchange in tandem with Gold as it was easier to trade and carry. Additionally Litecoin is not intended to be the ‘best’ medium of exchange in the whole ecosystem because that is not what Silver is.
Distribution:
It is a set a limit of 84 million coins, which is 4 times that of Bitcoin’s limit.
Transaction speed:
Block speed of 2.5 minutes (near instant)– that’s 4 times the speed of Bitcoin.
Transaction fee:
Near-zero cost payments (.03 - .04 cents average transaction) that can be conducted by individuals or institutions across the globe. Compared this with Bitcoin's more expensive $7.60 average transaction fee. Bitcoin’s higher transaction fees make it less suitable for everyday transactions. Fees are lower with Litecoin because the network sets aside Litecoin that doesn't derive from transaction fees in order to incentivize miners. Litecoin is also one of the cheapest ways to transfer crypto between exchanges.
Scalability:
Litecoin is sometimes referred to as a “testnet” for Bitcoin improvements. Scalability improvements were performed first on Litecoin, such as SegWit and Lightning Network. Litecoin's network can handle more transactions because of its shorter block generation time.
Mining:
Both Litecoin and Bitcoin use the proof-of-work (PoW) algorithm in order to secure their networks. Bitcoin uses the SHA-256 algorithm, whereas Litecoin makes use of a newer algorithm, called scrypt. Scrypt is a faster and simpler algorithm. Merged mining will allow users to mine Doge and Litecoin (or other Scrypt-based coins) at the same time. It won't change the total output of coins, but will instead allow miners to receive two revenue streams at the same time, increasing their reward.
Passive Income:
With Litecoin you can earn rewards (interest) on many staking platforms on top of your holdings and grow them further by compounding those future rewards.
Bottom Line:
The growth of Litecoin should be based on getting mass adoption as a means of payment. There is an incorrect assertion that Litecoin is a store of value. Think about it, why would you want to spend your Bitcoin (Gold)? Does anyone really pay with a gold bar when purchasing anything? Stake your gold, earn interest, and use your ‘digital silver to Bitcoin’s gold’. All these big merchants want your gold! Do not make a mistake by giving them gold, give them your ‘digital silver to Bitcoin’s gold’ which is Litecoin!
If a coin is not proven to be a scam, why discriminate? Litecoin is not a scam like Bitconnect was and you know this! We should not discriminate on fundamental coins within the ecosystem, instead lets work together. A difference in opinion does not mean we cannot support each other to grow this space without any prejudice feelings towards crypto-currencies.
Proposed Improvements:
- Implementation: Add fungibility - [In Progress].
- Marketing: Add a celebrity as a member to the Litecoin Foundation similar with what the Dogecoin Foundation did adding Elon Musk.
- Adoption:
- Advertise "Means of Payment" for Litecoin to clear the confusion of comparing it to a store of value.
- Partner with more merchants to accept Litecoin as a means of payment - [In Progress].
- Passive Income:
- Add more merged mining coins to Litecoin to increase the profitability.
- Allocate a portion of merged mining proceeds to staking platforms applicable to coins that participate in merged mining with Litecoin (including Litecoin).
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Please send to LTC address: MJoojt9zgtsKCCCk2xfHWxN41NMZ6xHbTd
If you really want to pay with "Gold", I will take it too, just like these other merchants!
Please send to BTC address: 3HRfaaHPgXRCijDfdgfj7sCC49RXRJ2p32