Litecoin Undervalued, Best For Retail Adoption – Report Claims
Amidst the current bearish crypto market, a new report claims that Litecoin is better positioned to gain wider retail adoption over others by being used for small transactions. The report by eToro, a social investing platform, would add to the buzz in the build-up to the forthcoming 2-day Global Litecoin Summit scheduled for mid-September in the US as it puts Litecoin to be one of the most established networks in the crypto space based on its being fast and adaptable.
It compares Litecoin to other currencies – Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic and Dash – and concludes that the Litecoin network has two distinctive edge over others: its much larger number of daily active addresses (except Dash) in market cap and its relative higher daily transaction volume.
Aside its fast network speed, complementary price to Bitcoin and recent purchase of a stake in a German bank, the report adds that Litecoin is active, established beyond its current valuation and better prepared for widespread retail adoption having experienced a very significant correction from the all-time highs of the cryptocurrency industry in January 2018.
In the same league with Bitcoin and Ethereum, Litecoin is not struggling with being recognized by the community or an exchange. Rather, it is known to be a testnet for Bitcoin and has been building on its potential to steadily gain traction within communities.
The report’s submission goes against the belief in some quarters that Litecoin’s use would be limited if Bitcoin turns out as it ought to be – an online currency for transaction without the traditional banking system. Also, it does not seem to credit the view that Litecoin is basically held by some to hedge against the several factors hindering the growth of Bitcoin such as the infighting, image issue and politics. Slumping from almost $370 in December 2017 to $76 (as at the time of this writing), the market couldn’t be any worse. However, with a flurry of network-related events coming its way, Litecoin could prove the eToro right in the next twelve months.
Upcoming value addition triggers
– In about a year (7 Aug 2019), the Litecoin network will witness another block reward halving cutting its block mining reward into half (every 840,000 blocks) – coin reward decreases from 25 to 12.5 coins.
– Crypto.com (formerly Monaco MCO) has added Litecoin to its wallet. After keeping its subscribers waiting for about a year, MCO now seems ready to actualize its project’s main objective – issuing crypto-backed debit cards. Litecoin is the first currency to be added since its app launch. MCO’s first set of cards are due to be sent out before Q4 2018.
– The addition of its founder, Charlie Lee, on board the blockchain-powered HTC Exodus smartphone team and the inclusion of Litecoin support in the phone’s make up is a great infrastructure strategy whose impact is yet to be felt due to down market so far. When the market recovers and if the phone should debut successfully within the crypto community – hopefully by the end of Q3 2018, it will go a long way to help Litecoin jostle for greater prominence. The infrastructural efforts are like ground-building for the right moment as Litecoin is virtually making itself available in various facets of the cryptocurrency domain.
Olusegun Ogundeji writes on tech-related issues including from the crypto/Blockchain space.
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