Is Litecoin Going to Die?

There has been a lot of discussion on the Internet about "litecoin is dead" recently, mainly because of the sharp drop in prices in the past few months.

 

Litecoin is dying? I think it is unreliable to say that the Litecoin is dying, or that it has lost its second position in cryptocurrency. Litecoin still has many advantages, which makes it the seventh largest cryptocurrency (litecoin market cap ranked 7th)in the world.

 

Why is there so much rumor about litecoin is dying? It may lie in the cryptocurrency community's misunderstanding of the universality of finance and the special nature of Litecoin. Litecoin founder Charlie Lee recently said in an interview that not only the Litecoin, but also the mining issues we feel will calm down those investors who are afraid of the collapse of the Litecoin.

 

Litecoin Mining Problems

The total amount of Litecoin is more than Bitcoin currency, which means that the miners get lower profits in each block. When mining began, Bitcoin miners used GPUs, while Litecoin miners used CPUs to make a profit.

 

The problem is that the ASIC miners designed specifically for Litecoin mining are not particularly powerful. For example, some high-end bitcoin miners can provide 2TH/s efficiency, while Litecoin miners rarely exceed GH/s. The trading time of the Litecoin is also much shorter, 2.5 seconds. Bitcoin is 10 seconds.

 

Other Problems

The litecoin value and litecoin price have recently declined, but Bitcoin is similar. However, there is no inference on the forum that Bitcoin will be finished. The success or failure of Litecoin does not depend on the success or failure of Bitcoin, just as the price of silver does not depend on the price of gold. They have similarities, but there are huge differences.

 

Lee asked people to try the Litecoin currency to slow down Bitcoin, as well as a highly speculative alternative currency for the development of other altcoins, setting the market value and market price of Litecoin aside. He and many other Litecoin enthusiasts believe that their currency is the only one that is close to Bitcoin in terms of speed, daily volume and economic size.

 

Litecoin user FreeJack2K2 also talked about:”Even if the mining imbalance caused by ASIC has had a negative impact on prices, it will not last long. The protocol is safe. Litecoin has almost no problem. It is very powerful, any other Scrypt coin wants to survive, It has to be merged with it, or it will change the algorithm."

 

The person who creates or destroys a coin is the miner. In the case of many Litecoin core miners dissatisfied with their profits, most of them have a great opportunity to transfer to other profitable coins. but in the end they are waiting for a good return on investment, rather than being planted on expensive ASICs. We cannot ignore the dumping that is taking place in the Litecoin market, which has a negative impact on the entire Litecoin community.

 

However, it is not only the Litecoin that has experienced this stage of disillusionment. Bitcoin fell 80% at some point in 2011, but it quickly rebounded strongly. Litecoin still has many advantages, which makes it the 7th largest cryptocurrency in the world. Now we need to pay attention to the litecoin miners.

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