Where Will Bitcoin And Litecoin Be 10 Years From Now?

I’ve always said that we are in the very early stages of cryptocurrency. Despite the fact that Bitcoin is now several years old, in relative terms, it’s still very young. Even now, after the big Bitcoin boom that saw it rise up to over $1,200 extremely quickly, the general public still does not even know cryptocurrency exists. But when will this change? Where will cryptocurrency be 10 years from now?

Every day, more and more people are finding out about this magical thing called cryptocurrency. It’s amazing – no central controlling authority, no regulation, no taxes. However, despite this, there are still not many businesses accepting cryptocurrency as a form of payment. The majority that are accepting Bitcoin are purely digital businesses, and to be fair, this makes a lot of sense. After all, with the majority of people not even knowing what a Bitcoin is, why bother going to the trouble of accepting it as a form of payment, right?

But what about when this changes? Surely as more and more people find out about this tax-free cryptocurrency, the demand for acceptance of it is going to go up. This allows another problem to arise – transactions themselves.

Let’s be honest here – Bitcoin transactions, while quick for sending money around the world, are slow to process if you need them to locally. Imagine a business where each checkout takes 10 minutes or more to complete – it wouldn’t be able to operate smoothly. This is where Litecoin steps into the picture.

One of Litecoin’s main improvements over Bitcoin is that transactions involving Litecoin can be confirmed in as little as 2 minutes. If we theorize cryptocurrency in everyday use, this is an obvious huge advantage in general acceptance of cryptocurrency as a form of payment.

However, this may not actually matter. If cryptocurrency were to be used in say, a fast food drive-thru, it’s extremely likely that the business would not wait at all for confirmations before handing you your food and sending you on your way. Why? Because it’s extremely improbable that one is going to be able to perform any such attack that would make the transaction invalid. As long as the transaction is propagated on the network, it will almost certainly go through successfully.

So if transaction time isn’t all that important for shopping, where does Litecoin have an advantage? Well, there will be many more total Litecoins than Bitcoin (84 vs 21 million) making it a bit easier to set prices for inexpensive items like those you’d see at a store. After all, it is much easier to say the price of something is 1.2 Litecoins rather than 0.027532 Bitcoins, right?

Perhaps in the future, Bitcoin will be used for large, expensive purchases, and Litecoin will be used for inexpensive, regular purchases.

One thing is for certain, however – both Bitcoin and Litecoin will still be around 10 years from now. Even if the government decides to regulate the two main cryptocurrencies, it will certainly not kill them off – they are here to stay.

What are your thoughts on the future of Bitcoin and Litecoin?

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