I bought a fair chunk of Litecoin back when it was $40 odd, it seemed cheap back then, and because Litecoin seemed to be a cheaper version of Bitcoin, just more functional - quicker and cheaper to transfer across the network.
I also subscribed to theory that Litecoin would grow quicker than Bitcoin in a bull market fuelled by new individual investors getting into crypto for the first time - simply because psychologically it feels like a more substantial purchase when you can buy several Litecoin rather than 0.02, or whatever fraction of a Bitcoin.
However, fast forward to today and I can't see any real future for Litecoin - I've had several comments over the last year, whenever I happen to mention Litecoin in a post, that there is a void of development going on within Litecoin - and a quick look at Github commits certainly confirms that....
(Note that they're different scales, and LTC is on the low side there).
I actually sold most of my Litecoin several months ago and bought Rune with it, at $0.40 and some AVA, at around $0.70, and MAN was that ever the right decision, two cryptos with what you might call rampant development and a corresponding 20 times and 8 times in price since I bought, while LTC has only seen a relatively mediocre increase in price.
I still use LTC for transferring across exchanges, but even that function seems to be faltering - it took 50 minutes today for around 1.5 LTC to get from Binance to Kraken, I'm used to 20-30 minutes.
When you compare that to the speed of transfer on the Binance Chain, or Hive, or Dash, quite literally the ONLY reason I use LTC is probably because of habit, and OK the reasonably cheap transfer fees, oh, and because I can't be arsed to verify another coin to transfer between those exchanges!
Add to this the fact that LTC has slid down to CMC ranking nine, and it's probably only a matter of time until it slides further, I really can't see any future in the coin, certainly I can't see any point holding onto any, other than just maybe a couple for old time's sake.
I still think it's got one of the coolest sounding names in the crypto space - it sounds like something out of a sci-fi movie, but that's pretty much the only positive thing it's got going for it, and I certainly don't regret selling of the bulk of mine for cryptos with better development and just better potential!
Honestly, what's the point of Litecoin these days? Besides having a cool sounding name, what's it's USP?
It almost feels like a collector's coin these days - like a half shilling or something - with no legitimate function, other than making us feel nostalgic for 2017?
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LTC is mainly used a currency.
It is used as as payment for services between countries (low fees)
LTC also has some dev work going on with adding security features but I know there are no commits on it as of yet.
LTC is not an investment token
The legitimate function is it gets used for commerce (payment of services) than any other crypto token I know.
It is not used as a store value
It is not used much by the traders on exchanges
It IS used by people as a currency, primarily with purchases across borders of countries.
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Maybe there's some hope for it then!?!
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Hope as in going higher?
maybe, but it would be better to have a more stable price as it is used as a currency.
I always have LTC in my accounts for business.
I don't hold looking for a gain from price increase.
I know what you mean, it is a pretty useable coin!
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!ENGAGE 30
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ENGAGEtokens.I think it will beat expectations.. reputation alone has continued to make to make it a top 10 despite many others whch are onw gone. It's a meme coin or a legacy coin.. make your decision.. but there's 74 million or something out there.
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It is very visible and well known, it has that going for it for sure!
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I have a fair bit of Litecoin.
Hopefully the privacy feature will separate it from the rest.
Being silver to Bitcoin's gold seems to have lost it luster.
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Well I have to say that I'm feeling the advantages of privacy coins, so maybe there is something in it?
I'm still happy with what I traded it for - Rune mainly!
I've long used it for the same reason you have - to transfer between exchanges because the fees aren't bad, but that's about it. But then, I've never been flush enough to be able to hodl it just as an investment so I wasn't really looking at the investment/development of it.
It is handy for transfers for sure!
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Thanks for the post! I had forgot about the little bit of litecoin I had squairreld away from ages ago and now your right it's pretty useless in most cases, I don't even use it to more between exchanges anymore
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Time for me to dust off the LTC I still hold. I was somewhat surprise that through the current crypto boom from 2020 to today that LTC could not rise as strong as other cryptos. At first I thought it was due to its already high prices to begin with but just the past month seeing how ETH did I am starting to think similar to you. The tech behind the crypto token is now fallen in favor and investors are becoming very knowledgeable as to which ones have particle uses and potential for future growth. Thanks.
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Although some people in the comments are suggesting there's stuff in the pipeline, and you know crypto, anything can happen!
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no! litecoin is my bae...
I finally got rid of some ETC and traded for CUB - I don't think I want to let go of my litecoin yet.
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Well it is useable at least.
I've never heard of ETC?
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Ethereum Classic
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!ENGAGE 20
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ENGAGEtokens.Cashout and physically burn
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it took 50 minutes today for around 1.5 LTC to get from Binance to Kraken, I'm used to 20-30 minutes.
I use ltc al the time - Normally transfers (for me) are around the 5 -7 minute mark...
I agree.
It is normally quick.
I have noticed tho that some exchanges are dragging out the time frame and the number of confirmed blocks.
This is not a LTC issue but an exchange issue.
Exchanges are all kind of shady.
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Oh that could well be binance then!
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Interesting, maybe that's times of day!>!
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Keep the rewards. Stake them.
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Yes sir, I will.
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I was holding Litecoin in 2017 and on some point i found a casino site and lost it all :)
Was not that much would be a lot today...
In the title you asked what you should do with the rewards, well I would love to shill you my girlfriends art on NFT showroom maybe it is time for you to buy some beautiful NFTs?
you will find her work here: https://nftshowroom.com/tinty.art/gallery
and also on www.tinty.art for fiat :)
Happy shopping !
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Thanks for the response, I'll check that link out.
In the meantime, best stay away from those gambling apps!
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I always used LTC because it was faster, cheaper, just generally easier for me and my size of transactions compared to BTC. At this point though I have no idea if it's still the case. Is there any room to hold on to a coin for nostalgia? I'll miss LTC if it goes away. It was my one of my first tokens I actually transacted with.
I'm not sure what's going on with it, opinion seems to be divided!
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Sold mine for around $300 when the getting was good. After the owner sold out and said they would keep doing work on it I honestly haven't seen anything good come of it. It use to be the Silver to Bitcoin being gold because there where so few cryptos at the time and LTC made it possible to do transfers faster and at a lower cost. Well those days are gone and there are FAR better cryptos that do the same thing. Litecoin lost it's way.
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I feel pretty much the same! You got a good price!
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Litecoin has built a brand with name recognition. Most bitcoin atms offer Bitcoin, Litecoin and Ether. Grayscale trust offers a Litecoin fund. Charlie Lee selling his stake further decentralized the coin, making it more similar to Bitcoin.
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Yes I guess branding has a lot going for it, I've still got an irrational attachment to it, based just on the name!
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I used to use it for cheap transfers but there are better options out there now. Heck, if its between exchanges, Hive's better.
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We just need Hive on more exchanges!
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Where is Charlie when we need him
the most?
Definitely not one man show.
Litecoin is just hanging around
just like Doge.
We will see how it will handle
tough times.
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'Hanging around' is a good way of putting it!
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Basically has the same use case as BITCOIN, a reserve of value...
Only yesterday I had a discussion with someone about LTC and what's the big deal about it, really. We came to a similar conclusion as you. Then I saw that the price was a bit higher than what I'd bought it for. Nice! Reading this post today sealed it for me, and I sold. Unlike you, I went the Hive way (LTC - swap.ltc - swap.hive - LEO - bLEO) finally I changed it into BTCB and stashed it in the den to earn me some cubs. Later I may try the BTCB pool too.
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I hope it doesn't moon now!
I'm in that BTCB den myself, it's tempting to use Cub to stack a little more BTC - it's so easy to just buy it in dribs and drabs!
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Im not sure where it will be going. Bought some at $17 so still very much on the good side of the penny. But indeed it is stagnatie. I might need to freshen up some
(Rune is on fiyaaaaah. Happy as well with my 0.40 buy on that one!!!)
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I still have a soft spot for the old coin!
Let’s look at some facts
-Litecoin is nothing but a bitcoin fork with a change to its proof of work and coin distribution
-The founder promises privacy features, but dumps all his coins at the top while everyone else has been holding bags
Seems like a dud to me with no real interesting activity going on.
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Say it like it is!
Harsh!
But I agree, there's plenty more with greater potential!
I can only say the only thing consistent in the crypto space is change.
You never know which new project would offer some innovative growth road map and trajectory and which current hot property may become a relic.
So fret not dear @revisesociology it sure has been a learning experience.
It is getting on to the fastest escalator or shall I say the fastest rocket to the moon.
You just need to be nimble footed and spot an opportunity.
Rune at $0.40 was a real opportunity.
You had the talent to spot it Kudos for that
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Na Rune at $0.40 was nothing to do with talent, I just took other people's advice from LEO!
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Yes I remember a couple of member of our leofinance community posted about increasing their holding in Rune
A person is know by the company he/she keeps and so may I say you keep good company or heed to good advise ;)
Enjoy your weekend
Cheers!
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I also used it back in the day to transfer between platforms but nowadays I usually go for BNB or FIL so it's been a long time since I last bought LTC. Saved me a lot of money that's for sure! Rest in peace dear Litecoin
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I use it as a medium to transfer value across crypto networks. Very low fees.
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I think the reason why LTC is stagnating is because it has no strong community. Look at Leo, xrp and doge, they have very passionate community.
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Yes true, I don't see many flag wavers for Liteoin!
What I think is a great advantage for Litecoin is that it´s on all the exchanges. Even the blocktrades exchanange has ltc.
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Yes true, the fact that it is so well known is an advantage for sure!
No Biggie, I say enjoy the rewards or give some to some promising new users.
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No I guess once every couple of years the odd mistake doesn't matter!
Makes me sad how scared people are of being harassed over simple things.
I was more annoyed at myself TBH!
Litecoin did their first blockchain game - Litebringer, which is quite cool when you start, but repetitive after one week. Din not hear about anything else except this.
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I didn't even know there was a game on Litecoin!
There is only one game. It is called Litebringer, check it. Kind of like Heroes of Might and magic.
I used to have LTC. I was holding it tight for 3 years until last year. I sold them to purchase CRO. I was holding LTC for the sake of holding it but looking at the price pump in the recent weeks, I guess I should have held it a little longer. But CRO is also doing good by the way.
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It's hard to keep track of these movements sometimes - crypto isn't entirely rational, it wouldn't surprise me if LTC ends up going to $1000!