Will Bitcoin Cash Be a Litecoin Killer?
Update: Charlie Lee talks about Litecoin on CNBC and he doesn’t see Bitcoin Cash as a threat.
The price of Litecoin has been gaining momentum over the past few months with the activation of Segwit, or as some say, “survived bloodbath”. As Bitcoin is in a crucial stage and Ethereum is losing ground, Litecoin advocates believe that it’s time for Litecoin to shine. And some enthusiasts interpreted random numbers Charlie posted as price predictions, saying bitcoin and litecoin will go up to $3000 and $60 respectively in two weeks.
Little did they know that a new cryptocurrency is about to steal the spotlight.
Bitcoin Cash(BCC) is a token designated by ViaBTC to a possible hard fork. The community has been unanimous in defining it, a split-coin, a clone-coin or a shadow-coin. Supporters believe that it is “pure Satoshi” while opponents say it is an altcoin trying to bask in Bitcoin’s reflected glory by naming itself Bitcoin Cash. But what is clear is that BCC has caused a sensation among Chinese litecoiners.
Chinese litecoiners in WeChat groups are crying that Litecoin’s position as Bitcoin’s silver is threatened by BCC.
Jiang Zhuoer, owner of BTC.top and LTC.top posted an article about BCC on 8btc last Monday.
“If SegWit2X is successfully deployed, BCC will become a testbed for Bitcoin like how SW was first activated on Litecoin. It will become an alternative investment to Bitcoin. Just like people buy litecoin because they believe in bitcoin, they will switch to BCC for there is a huge potential for it to grow and LTC will probably be replaced by BCC.”
As the article is getting more views, it has caused panic among Chinese litecoiners who think a bear market is on the way.
However, Teddy—a Shanghai-based cryptocurrency investor— says Jiang is wrong.
“BCC can’t become a testbed for Bitcoin because it is taking a completely different road than Bitcoin. For example, it won’t even have Segwit. Litecoin will be much closer to Bitcoin and much easier to develop for than Bitcoin Cash will be. The fact is that Litecoin has a long history and it is fast and safe. Litecoin is traded on every exchanges, but I don’t think BCC will ever be traded on Coinbase. And not only Core supporters, most bitcoiners dislike BCC and it will end up becoming irrelevant to bitcoin or litecoin.”
Teddy added that the current ICO craze is damaging the cryptocurrency world. And people who wish for easy money tend to be blinded by the media hype and fail to realize what makes an altcoin valuable. He believes that later coins with real long-term potential usage will gain back and that means Bitcoin and Litecoin.
Xinxi Wang, a developer of the Litecoin team, notes that Jiang’s articles are mostly objective, but this one is too speculative and could be seriously biased.
“We focus on the Litecoin development and generally don’t speculate on the market reaction.”
Xinxi revealed that it’s well on track for them to add LN and RSK on Litecoin. The onchain atomic swap between Bitcoin and Litecoin should not be too far after SegWit gets activated on Bitcoin.
But shaolinfry, a full-time developer of the litecoin team, tweeted last Wednesday that he would not work for the litecoin project anymore.
The sudden departure leads to a lot of speculation. Does he have a different vision of litecoin? Is it a fallout between him and other developers?
“We’re sorry to see him go, and hope he will come back one day.”
Xinxi remains optimistic about the future of Litecoin to see more merchants and exchanges are supporting litecoin and litecoin ATM are situated in more places.
What do you think? Will there be future for BCC?