So many shops dont take cash now which means everyone is more and more dependent on their Banks.
Offering independent means of payment from banks via LTC could avoid problems. Although this is still dependent on electronic systems.
It would really help if a chain like McDonalds or Starbucks offered LTC payment. Not sure where Amazon are on crypto but there’s another that could support LTC.
Another possible development is that a main Gold & Silver Bullion dealer could offer transactions in crypto.
Exchange between crypto and precious metals seems to be a mutual interest to be encouraged rather than these being seen as competitors for investor loyalty.
If circumstances are such that Gold holdings need to be used as a currency outside the banking system in a crisis then Litecoin could be ideal to facilitate this.
It would make a splash in the marketplace and be good PR if one accepts crypto, especially Litecoin with its low cost and speed of transaction.
A dealer could team up with a Crypto Exchange or issues its own Litcoin Wallet so its customers can totally transact outside banking system if they wish.
For sure. Isn’t this already happening? Do you mean something other than buying gold or silver with litecoin? And then buying litecoin with gold or silver? I seem to recall crypto being offered as a payment option on a bullion site.
I wondered if real Gold Bullion dealers themselves (not ETFs) might offer Crypto-Gold sell and buy services using Litecoin to provide a resilient independent and closed consumer transaction system outside the Banking System. In other words, enable consumers to go into Litcoin directly from selling their Gold for everyday payment if circumstances turn nasty (e.g. a dollar crisis). It appears this is more complicated than it appears to set up due to Financial Regulators. But not impossible to do by one that is willing to lead on this and gain an edge.
I think Kinesis is basically what you mean, right?
You store gold or silver with them.
Then you can exchange with litecoin, or buy goods with fiat via their virtual debit card.
Litcoin is going up more than other cryptos as I write rather than less as often the case…
Maybe the crypto penny is dropping in heads of bitcoin holders that if cryptos are really needed due to money crises then Litcoin is the better option to hold and use. More upside potential and simpler transaction potential too.
Crises upon crises on horizon imho from a US Election shock, an Iran-Israel bish bosh to N.Korea sending troops to Ukraine.
The current Litecoin hashrate is 1.13 PH/s, (P=10^15) representing the global Litecoin network hashrate with a mining difficulty of 42.71 M at block height 2,783,255.
Bitcoin Network Hash Rate is at a current level of 803.75M , up from 746.68M yesterday and up from 481.29M one year ago. The current BTC difficulty is 95.67 T (T=10^12) at block 868,301,
The math also reveals that there will ultimately be a greater total number of LTC than BTC — 84 million versus 21 million .
So why is BTC worth more per coin?
It’s still guesswork until you find the average hashrate per miner because from a mining point of view, it’s the profit per miner that drives price/coin up or down. From an investor point of view, it’s the volatility. BTC would be worth more if the average price-increase would be higher. It’s had two major spikes, so has LTC. The difference is that BTC stayed high after the 2nd spike while LTC came back down again. LTC has shown the velocity, the slope, of the BTC market. But BTC did not come down after the 2nd peak. Arguably LTC inspired less confidence in its owners after the first spike. Technically and in terms of perception, BTC is just a glacial coin compared to LTC. There’s too much profit, too much value in it to not take it seriously. So they’re traded differently. Exactly what the science is, I’m not sure. But often in life, increasing difficulty of manufacture leads to a higher price/unit especially when that combination leads to higher value/unit. If you were to take what SpaceX has done relative to the Shuttle or Apollo lift platforms, the value of the work is set by the value of each mission. SpaceX is looking to increase profit by decreasing cost. The mission isn’t increasing in value nearly as much as the cost/misson is dropping (after adjusting for inflation). That also leads to a higher value/unit. Passing the savings on to NASA or other clients, that leads to higher value/mission. The missions themselves still have to be worth doing, to justify their cost. We’re long past the time where we had space-missions for political value. Once the objective became purely “objective”, then the missions have to be tuned for profit, and that is why Musk is driving SpaceX to focus on StarLink. StarLink is funding the private-sector missions while the US government is funding the defense missions. I don’t know what he’s talking about in saying that Tesla is going to become one of the biggest companies on the planet, their car sales are dropping through the floor. But I guess that he has something else in mind. Anyway the point is, why would Bitcoin continue to go up in price when there are 200 other coins on the market now? Well, the main reason would be lack of faith that the others will hold value. They scare-off investors until they reach a transaction level that makes them too big to fail. But miners can’t justify mining a coin that isn’t valuable enough to justify the expense of mining it. That will change as the transaction-count rises. And like any commodity, it’s ripe for churning if the transaction cost is low enough or the churn is sponsored by investors. So arguably the BTC transaction rate is real while that of other coins is not. The easier a coin is to make and trade, the more likely that it will become the target of a pump & dump. LTC is a relatively efficient coin to mine and to use but not a great short-term investment. It will be once the transaction-rate gets high enough. Bu the halving rate will influence that.
After every 840,000 blocks are mined (approximately every 4 years), the block reward halves and will keep on halving until the block reward per block becomes 0 (approximately by year 2142). As of now, the block reward is 6.25 coins per block and will decrease to 3.125 coins per block post halving .
| Date | 11 May 2020 |
|---|---|
| Block number | 630,000 |
| Block reward, BTC | 6.25 |
| BTC created per day | 900 |
| BTC price at the start | $8740 |
| BTC price 100 days later | $11,950 |
| BTC price 1 year later | $58,250 |
The next bitcoin halving is expected to occur in April 2024 , when the number of blocks hits 740,000. It will see the block reward fall from 6.25 to 3.125 bitcoins.
Just as with Bitcoin, Litecoin miners are compensated in block rewards for each new transaction block they help validate. In 2011, Litecoin paid out 50 LTC for each new block created. In August 2015, that reward was cut in half to 25 LTC. After its most recent halving in August 2019, the reward was reduced to 12.5 LTC. Its upcoming third halving will see the payout shrink to 6.25 LTC per block.
When is the next Litecoin halving?
The third Litecoin halving is projected to occur on Aug. 2, 2023, give or take a few days. The reason for this imprecision is that although halvings take place at set intervals (every 840,000 blocks), precisely how long it takes to reach that milestone each time can fluctuate slightly due to unpredictable market factors. Litecoin will continue halving approximately every 4 years until the rewards are effectively nonexistent, which is expected to take place around the year 2142
…so the point here is that btc is halving about every 120k blocks while LTC is halving every 840k blocks. The return (in coins) per block is about the same, the halvings are at about the same time-interval in years, but the # of blocks between halving is far higher for LTC than for BTC. And the halving is cutting about 1000x the value out of mining BTC than it is for LTC. This will only drag down the mining rate, increasing the discrepancy even further…increasing the gap between the price of BTC and LTC. And the price of LTC has generally been pretty stable over its lifetime. Again, BTC is building value on the backs of the plethora of other, cheaper coins that are easier to mine and distracting miners as they upgrade. One will become a coin that’s rarely mined but worth a lot, the other a coin that’s often mined but worth little. In fact it’s like that already. So yeah, for a given coin the global hash rate tracks the coin value, but comparing coins the coins with the higher global hash rates will have lower values and higher profit for mining. One end is the mining-profit end and the opposite end is the coin-investment end. At that end, the miners are sacrificing short-term profit, even taking a loss, for long-term appreciation in coin value. But is the coin appreciating fast enough to cover the loss in mining it? Yes…if you’re not losing a lot of money in mining it. And all else the same, the loss will decrease as the coin increases in value…short of a halving. If the GHR goes down, your mining profit will increase. Transaction-rate goes up, mining-profit increases. Spike in the hash-rate or a halving, mining-profit goes down.
So LTC may be relatively cheap but there is plenty of headroom for faster miners, as BTC miners are about an order of magnitude faster in TH/s at about twice the price and the same input-power, with the btc miner running with water-cooling vs air for the LTC miner.
If we didn’t have to pay for power, every miner would make money. The cost of the power is going into the value of the coin. It would be like switching from coal to oil. The temptation is to mine for profit but what you really want to do is mine to break even or close to it. The harder the coin is to mine, the more valuable it will be to mine it. Short-term profit will go down but long-term profit will go up. BTC has almost always been mined at a loss, but BTC is 1200x more profitable than LTC for that reason. For LTC the short-term mining profit will continue to be relatively high but even over the long-run the coin itself will not be worth much…because it won’t appreciate much. It won’t gain value relative to the dollar, it’s a deflationary asset. But you can make good money mining it in the near future. And this speaks to the type of people who are investing in each coin. Are you looking for good dividends or for good market-caps. Or are you happy just to work for the company and make a good salary.
Litecoin is not a pump & dump coin. Its often used to transfer other coins most cost convenient. Its fast and not expensive to pass it on.
There is no other rational explanation for such price supression other than the ruling forces of the world keeping it down so you give up and sell.
They have billions and live comfortably and they don’t care if it takes 5, 10 or 15 years. Or if you die before that time.
Once all is ready to switch to new system, they will shoot it up 10x, 100x and more.
We are near that time now.
It’s been soul crushing for a lot of us hodlers and it’s sad if you have no other option than to sell to survive, while your coins are bought by those who got into some useless meme coin and can now buy 10 of your portfolios.
Personally I consider investing in Litecoin the worst decision of my life and I will never be able to forgive myself due to lost years, health and barely getting by all that time. Even when it does 100x.
I agree ‘reason & logic’ is not in play. They currently have little impact on crypto prices. Only ‘fame’ seems to drive them.
Suppression of the LTC price will end. But when is anyone’s guess. It just needs a famous BTC whale to convert to it, imho.
Apart from its 'fame value, as I see it, the objective asset characteristics of LTC match and even supersede those of BTC’s.
BTC maximalists expect BTC to only double, treble or more from now in price due to supply and demand.
Yet fact is that the total quantity of LTC coins is just 4x that of BTC. So objectively instead of a BTC coin being worth 1000x an LTC coin it should be only 4x more of LTC, if supply and demand was equal.
So if, as and when LTC gets a bit of ‘fame value’ then buckle up imho. The IF is the key though to a moonshot price
I agree, it should be worth a lot more!
Do not give up hope fellow LTC hodlers , LTC is not as flashy as the memes or btc. Infact it is often left out of crypto lists and its potential ignored. However if we love this and believe in the future of LTC we can make it worth anything we want. I bought LTC at the bottom , and i bought LTC at the top , because i believe in it and love it . I will forever buy the top. And even though i do not know the future . I will always go down with the ship or to the moon ! . Forever Yours LTC 4 Life
Agree, LTC is not as flashy as memes or BTC. I see the lack of demand for LTC as a bit like with movie stars. BTC is a famous old movie star but not 10000 times more talented than a new starlet.
The old star has passed their best and the new young starlet is just getting known. It just needs one good performance by the starlet for fame to catch up to the old star. So how could LTC get noticed?
It is reported that the US Treasury under Trump intends to invest in BTC to try and reduce the huge US National debt. It would be better for it to invest in LTC as the gain from this fame would be far far greater than with BTC and wipe out more debt than BTC. Has anyone got a hot line to the US Treasury Dept? 
Everyone… the rumors about litecoin becoming the default medium of exchange are real. Paybis gives the last dozen or so transactions. Litecoin often dominates.
This tells you everything… from the Litecoin Shop…
I’ve contacted the website manager about the fact that not offering litecoin as a payment is not a good look, and the team are ‘working on it when they get time’.
Good for you. If they get time to provide an LTC payment option it could give enough authenticity to LTC to lift it up the crypto fame pop-chart. It should be No 2 to BTC imho. With LTC at £100 ish per coin now, imagine the possible future lift towards BTC’s £80k+!
