In order for cryptocurrencies to be successful, people need to be able to purchase goods and service for it. But how does the average person replenish spent cryptocurrency? In order for this to be successful, I'd think there has to be a constant exchange of crypto in the economy. I just can't envision any employer paying salaries in crypto (not much of it). If I have 200 coins of X, over time spent it all but have very limited ways to earn it back, then whats my incentive to spend it? As a crypto holder do we just hodl the crypto forever..?
It might not be obvious to you but the value of USD is constantly changing too. And yet people still collect and spend it. As crypto becomes more mainstream, such as when PayPal starts allowing users/merchants to use it, then people will likely become less concerned with holding because it won’t be as big of a challenge to get more should one want to. And even if the value of LTC/USD changes drastically the prices will be updated to reflect that.
I think we already seeing people starting to get paid in cryptocurrency now for example recently the Dallas Mavericks got paid in DOGE coin. I do think that fiat isn’t going away though due to people having a preference for physical cash still.
Agree. More and more tech companies will offer to pay in crypto because employees ask for it. Even the mayor of Miami wants to pay employees in crypto.
I would accept Litecoin as consultant fee and would even be willing to fix in x Litecoin per day, regardless of USD value.
It will come. Just takes more time.
The good currency is held, the bad currency is spent. For the time being, I myself believe that Litecoin is the better currency (thus I only spend it when I desperately need it).
However, I’m worried by the lack of efforts towards building an economy around Litecoin. There are no jobs or businesses, and nobody seems to put effort into it. I wish I could find the people that would prove me wrong.
Only BTC and ETH are more widely accepted than LTC.
The only 4 cryptos that are top 10 by market cap for 8 years straight are BTC,ETH,LTC,XRP.
That’s surely not the result of a lack of efforts towards building an economy around Litecoin!