John Carvalho recently conducted an interview with Charlie Lee, the Founder of Litecoin on his Youtube channel called ‘Bitcoin Error Log’.
John mostly concentrated on topics related to both Bitcoin and Litecoin and the recent changes which are occurring in both the platforms.
Some of the points which Charlie mentioned, in the beginning, was about the place of Litecoin in the blockchain ecosystem. According to him, Litecoin can be considered as complementary Bitcoin and that they are aiming to implement better payment methods. Bitcoin concentrates more on storing the values and he thinks that both the firms can work side by side.
Both the coins act separately and he believes that Litecoin is helping in the improvement of the ecosystem in multiple ways and that he does not want to be detrimental about Bitcoin.
Cheaper fees and faster transactions are the two best features of Litecoin. He mentioned that Litecoin will always be cheaper than Bitcoin because of its larger capacity.
He was also asked about the Litecoin Foundation further. The Litecoin Foundation was formed last year and is run by Charlie Lee who is the current Managing Director along with three other Directors. They hired developers to improve the functioning of Litecoin and make it more user-friendly. They are presently working on Litecoin’s core reference client and on increasing Litecoin network by introducing new marketing techniques.
During the chat, he described the entire issue regarding LitePay scandal. He stated that the initial idea behind introducing LitePay was to make payment methods easier for its users by using a consumer credit card facility. The firm had invested $50,000 for the same. But the LitePay team failed to deliver the project and they noticed that the team did not have the potential to execute the project. Later, LitePay team sold their assets and checked out.
Regarding Abra’s involvement with Litecoin, he said that the firm decided to migrate from Bitcoin’s smart contracts to Litecoin’s network due to the higher trading rates.
While comparing Litecoin and Bitcoin Cash, he said that both the technologies are almost the same except that all the Bitcoin holders will have Bitcoin Cash by default due to which the BCH supporters are more. He also mentioned that the security for Bitcoin Cash is very low because it shares the same hashing function as Bitcoin, making it more exposed to hacks.
Charlie believes that the price variation of any coin is only due to the market rates and the underlying technology should not be responsible for the same.
Towards the end of the session, he stated that Fungibility is the main feature which all the transactions that involve money are lacking. He says that we can expect ‘bulletproof and confidential transactions’ to be implemented based on the Lightning Network within a year.
And finally, he mentioned some of the reasons why somebody should hold or buy Litecoin; It provides much value and one can use their money without being censored and the transactions can be done quickly and effectively.
Johnny T, a cryptocurrency enthusiast tweeted:
“Charlie great interview! When will confidential transactions be added to litecoin? Also will that be enabled by default? ”
Another Twitterati says:
“@SatoshiLite I use #litecoin bitcoin as my store of values, my investments, my daily transactions. Personally I’m more comfortable with #litecoin. I tend to believe in you and litecoin more then I do bitcoin and the longterm future I see better with ltc how does that make u feel?”
Coty Cech, a Litecoin supporter says:
“Awesome interview, tone is hella monotonous lol but questions were quite detailed and relevant. Big supporter of Litecoin, I’m glad you had Charlie on “
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Fall in Bitcoin’s market dominance may be correlated to the fortunes of the altcoin market
The trends set by virtual assets have always highlighted the cryptocurrency market’s inherent volatility and spontaneity. Prices lack symmetry and rarely exhibit consistent growth as different factors come into play to dictate an asset’s valuation.
At press time, the world’s largest crypto, Bitcoin, had stormed past the $11,000 mark and was consolidating to push for a surge over $12,000. The rest of the altcoin market however, apart from one or two minor hikes here and there, has been relatively quiet after collectively surging in the early part of the year.
At the beginning of 2019, a significant number of crypto-assets performed significantly well in a group, wherein most assets demonstrated a prominent hike in their values with little to minor price corrections.
A majority of tokens doubled their valuation until Bitcoin breached the $6,600 resistance. Subsequently, altcoins failed to keep pace as Bitcoin continued to test more resistance limits in the market.
At present time, Bitcoin enjoyed an unprecedented 62 percent dominance in the cryptocurrency market. As its dominance primes itself to climb over the 63 percent mark, many in the community speculate this could be red flags for the altcoin market.
Major cryptocurrency enthusiasts and analysts have stated that altcoins could significantly capitulate if it so happens. However, past events offer a sliver of hope for the altcoin market.
According to CoinMarketCap, the altcoin market has been significantly affected whenever BTC’s dominance has fallen. During the bull run of 2017, Bitcoin enjoyed a dominance of 65 percent and the global market cap hit a value of $402 billion. However, in January 2018, when BTC dominance plummeted, the global market cap peaked at around $710 billion. The dominance was down by half, whereas the global market cap had almost doubled.
A major reason for the same was money funneling into other altcoins after witnessing a shift in momentum from Bitcoin to the rest of the crypto-market. The present market situation may take a similar path once BTC’s dominance falls, opening the door for other virtual assets to take advantage of the scenario.
However, the present rise of BTC is backed by much more certainty than the bull run of 2017. Hence, a repeat of the January 2018 period may be unlikely, and will happen if and only the market sentiment shifts gears drastically towards altcoins.
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