If litecoin has a 1MB block like bitcoin. Does that mean that if people used litecoin as much as bitcoin then the fees would be the same?
Help me understand why the fees are so low? Is it because fewer people use the network?
The price of Litecoin would have to be the same price as Bitcoin and even then it could handle roughly 4x the transactions. But there’s a lot of complicated factors that go into fees so it’s not really that simple but a decent estimate.
I don’t particularly think saying any coin having low fees and fast transaction times is a feature because the truth is if any coin gets popular enough it’s going to have fee scaling problems and if you have lower fees still somehow you are likely exchanging it for lower security as well somewhere (e.g. Litecoin has lower fees but the faster transactions potential introduces less security, other algorithms other than PoW often deal with some centralization issues, or you are relying on off-chain transactions with some level of central trust needed, etc, etc).
I don’t really think Bitcoin is slow or has high fees for what it should be used for. You shouldn’t be making payments for coffee on-chain, coffee payments make far more sense for a lightning network or an off-chain payment app or something. Trying to use Bitcoin for day-to-day payments (or any crypto IMO) is like lugging around gold everywhere with you or something and slicing off bits of it to pay for things. It’s not convenient for small transactions but it’s amazing for very large matters and backbones to larger systems. Bitcoin is EXTREMELY cheap for buying a house or taking your wealth across borders etc, etc. Paying a $20 fee to transfer MILLIONS of dollars in unheard of and destroys overhead that could trickle down to smaller systems using it as a backbone.
It’s obviously a nice perk that we live in a (brief) time where Litecoin has lower fees and is more usable for day-to-day things, but for all of crypto, this really won’t scale when we see major adoption. Just keep that in mind and just my two cents.