Daily Litecoin News Update
“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin,” says the young entrepreneur Jack Dorsey, who is the architect and captain of two ships—Twitter Inc (NYSE:TWTR) and Square Inc (NYSE:SQ)—both of which sail in the crypto seas today. (Source: “Jack Dorsey expects bitcoin to become the world’s ‘single currency’ in about 10 years,” CNBC, March 21, 2018.)
Jack Dorsey predicts that Bitcoin may be the digital currency to rule the Internet a decade from now. But he confesses it won’t be easy for Bitcoin to take over since “it is still slow and costly to use.” So we’re here to remind Dorsey that there’s a better alternative out there that makes for the best use-case as the Internet’s digital currency. It’s Litecoin.
Chart courtesy of TradingView.com
Dorsey is personally invested in Bitcoin, which goes to show his firm faith in cryptos. But it also means he has vested interests, which raise questions about his neutrality. Either way, however, his prophecy carries weight since he’s striving to make it a reality.
Dorsey’s Twitter is quite easily the largest online forum for cryptocurrency discussions and news. For Litecoin, Twitter has made notable contributions to its adoption.
Square, on the other hand, is more directly involved in cryptocurrencies. Square’s “Cash App” is one of the very few applications from outside the crypto world that allow you to buy and sell Bitcoin.
What it misses, however, is the more practicable alternative, Litecoin. Litecoin is a Bitcoin doppelganger that is more efficient to use for day-to-day transactions.
Bitcoin is expensive and slow. While the “Lightning Network” (LN) may change that, Litecoin will still have an edge.
Dorsey recently poured money into Lightning Labs—a team of developers working to perfect the Lightning Network—but so has Litecoin founder Charlie Lee.
Getting Lightning Network off the ground will be a grand slam victory for the two bosses. It will increase the performance of both cryptocurrencies manifold.
But if we were to stack them up together, Litecoin would sit above Bitcoin. It’s already cheap and fast to use. The Lightning Network will only turn this air jet into a rocket ship.
Perhaps Dorsey’s prediction is spot on. Perhaps there will be a single digital currency for the Internet 10 years from now. But if there’s any crypto that makes the best case here, it has to be Litecoin—the cheaper, faster clone of Bitcoin.
What’s keeping it back is mainstream acceptance, and Dorsey’s Cash App could help improve that to some extent. Maybe it’s time he looked beyond Bitcoin.
Regardless, our faith in Litecoin is firm as we see this digital currency making a mark in the real world with new partnerships, the most recent and notable of which is Abra. Find out more about it here.
With a $400.00 price target, we are staying upbeat in our Litecoin price prediction for 2018.