Home Litecoin Litecoin Price Predictions For 2018: Experts Forecast Next Year's Value

Litecoin Price Predictions For 2018: Experts Forecast Next Year's Value

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Litecoin creator Charlie Lee made an unprecedented move this month to preserve the integrity of his bitcoin-inspired cryptocurrency: selling off all his tokens.

“It is conflict of interest for me to hold LTC and tweet about it because I have so much influence,” Lee wrote on Reddit. “Litecoin has been very good for me financially, so I am well off enough that I no longer need to tie my financial success to Litecoin’s success. For the first time in 6+ years, I no longer own a single LTC that’s not stored in a physical Litecoin.” Aside from a few collectible momentos, Lee no longer holds any of the digital currency he invented. This set the stage for many new developments coming for the litecoin community in 2018.

1. More mainstream merchant options.

Litecoin is technically very similar to bitcoin although it is much cheaper to use. So many crypto-savvy businesses are adding litecoin support this year with a few simple steps. There is now a dentist in Dallas, Texas who accepts litecoin in exchange for his services, not to mention a spattering of bars, beauty parlors, car dealerships and stores worldwide. The litecoin community is hard at work in their hometowns to make Lee’s vision come true: a version of bitcoin that is easy to use for everyday payments.

2. The start of new privacy features, cross-chain swaps and smart contract capabilities.

Lee told International Business Times his team is working to add new features to litecoin, such as private transaction options and the potential to layer smart contracts, especially those related to protecting funds and recovering them if a cryptocurrency wallet or key gets stolen. Litecoin’s smaller, nimble team of contributors has proven they can implement technical upgrades much faster than larger cryptocurrencies like bitcoin and Ethereum. Such was the case with SegWit, an update that prepped litecoin for the first transactions on the Lightning Network that automatically swapped bitcoin for litecoin to buy a cup of coffee. Right now all these updates are still in the R&D phase. Expect to see some of these experiments bear blockchain-shaped fruit in 2018, probably first in a testnet or beta form.

3. Prices may rise dramatically.

According to CoinMarketCap, Litecoin sold for around $4.42 on the first day of 2017. As of Thursday, the token sells for more than $253 apiece. Many experts predict the price of litecoin will continue to rise next year as the broader cryptocurrency market matures. Estimates of how much litecoin will surge vary dramatically. Cryptocurrency analyst George Tung predicts it will go as high as $1,500. These predictions come packaged in the usual caveats about short term volatility coupled with an overall understanding that cryptocurrency is an experiment, not a risk-free investment opportunity. However, litecoin is one of the rare cryptocurrencies that lack divisive Reddit drama and inspire widespread confidence from analysts speculating about 2018.

This article was curated from Google News. You can read the original article here.