The most popular cryptocurrencies in the world have experienced high network fees as a result of high demand on the market. Coins like Bitcoin and Ethereum are reaching a point where they no longer become economically feasible for the average person. Only wealthy people or those sending large amounts of money across borders, will be able to use the aforementioned cryptocurrencies more thoroughly. The rest will be forced to look for alternatives in order to save money off fees. New cryptocurrencies have attractive features that are hard to ignore. Yet, they often face network interruptions due to their low level of security.
This lead me to believe that old altcoins like Litecoin and Dogecoin will gain traction as their level of security is beyond compare (unlike many of its competitors on the market). Litecoin's limited supply of 84 million coins makes it a scarce cryptocurrency just like Bitcoin. It has everything that makes Bitcoin so good, but with faster transaction confirmation times and ridiculously low fees. For a coin that's quite old, I'd say that this is pretty impressive. Unlike Dogecoin, Litecoin has active developers working on it day and night. This will ensure Litecoin remains relevant on the crypto/Blockchain space. Who knows if 2021 becomes the year of Litecoin, as Bitcoin becomes clogged up with many transactions? The upcoming "Mimblewimble" privacy feature should make LTC a much more attractive option than BTC in the eyes of investors. It could trigger a massive boost in price as hype takes place in the crypto/Blockchain space.
Thoughts?
This lead me to believe that old altcoins like Litecoin and Dogecoin will gain traction as their level of security is beyond compare (unlike many of its competitors on the market). Litecoin's limited supply of 84 million coins makes it a scarce cryptocurrency just like Bitcoin. It has everything that makes Bitcoin so good, but with faster transaction confirmation times and ridiculously low fees. For a coin that's quite old, I'd say that this is pretty impressive. Unlike Dogecoin, Litecoin has active developers working on it day and night. This will ensure Litecoin remains relevant on the crypto/Blockchain space. Who knows if 2021 becomes the year of Litecoin, as Bitcoin becomes clogged up with many transactions? The upcoming "Mimblewimble" privacy feature should make LTC a much more attractive option than BTC in the eyes of investors. It could trigger a massive boost in price as hype takes place in the crypto/Blockchain space.
Thoughts?