Daily Litecoin News Update
Litecoin is neck-and-neck in a race with Bitcoin. We’re on the last lap now and the finish line is very much in sight. For Litecoin, the final milestone to reach is user adoption. In yesterday’s LTC update, we shared that this is the final hitch that’s keeping this rocket ship from taking off. But a day later, we hear that Litecoin may finally be warming up its engines.
In a report published by Recorded Future, Inc., a threat intelligence company, it was revealed that Litecoin is beating Bitcoin as the go-to medium of exchange on the “dark web.” (Source: “Litecoin Emerges as the Next Dominant Dark Web Currency,” Recorded Future, Inc., February 8, 2018.)
It may seem bizarre at first that we are actually celebrating the shady use of our preferred coin by the illegal market but there’s something reassuring about this.
For a minute, forget who’s using it and focus on the reason why they are using it. It is because Litecoin is ostensibly the best alternative to Bitcoin that’s out there.
On the dark web, where transactions take place between anonymous parties and there’s an obvious lack of trust, payments that take hours or days to settle are infeasible. Speed and security are of prime importance here, and Litecoin offers that better than Bitcoin.
Even if it’s only one shady part of the digital world, Litecoin is proving that it’s a better choice than Bitcoin.
In its bid to stay cheaper and faster than Bitcoin, the network dropped its relay fees in the most recent update and will be dropping transaction fees in the upcoming update. (Find out the difference here.) On top of that, block size is being reduced to speed up processing times.
This is exactly why, when asked what value Litecoin may achieve when it’s fully adopted by the mainstream, Litecoin founder Charlie Lee said he expected it to be comparable to Bitcoin.
At BTC’s current market capitalization, this could make Litecoin worth as much as $2,500. While reaching that price seems like a pipe dream right now, Litecoin is taking steps in the right direction.
Litecoin is proving to the crypto adopters that it is the more viable choice than Bitcoin. At least, one part of the digital world has just agreed to that. So, why won’t we be optimistic in our Litecoin price forecast? Thus far, $400.00 stays our LTC price target for 2018.