I have been reading a lot of comments and post of people saying, "When BTC implements Segwit, LTC will be meaningless" or "August 1st will be the end of BTC". I have to admit, I too got scared a couple months ago during the NYC Consensus back in May when hearing about BTC and Segwit. However, I did my research first before spreading FUD (Fear, Uncertainty, Doubt).
Y2K Bug = August 1st BTC Deadline
First off everyone is spreading FUD about the August 1st deadline and it honestly reminds me of the Y2K Bug. "Everyone cash out and protect your money" or "The market will crash and burn". The reason this is not going to happen is because this would mean everyone will just lose faith in cryptocurrency in general. People are spreading FUD all over the internet for one reason only . . . they want cheap BTC . Everyone has this idea that BTC will crash and then they can grab cheap BTC under $1000 and then BTC will go up to $10k and they will be rich! Honestly, Segwit is going to get implemented, there will be no hard fork.
When the dust settles, the markets will barely move.
It is a WIN - WIN for Litecoin
Scenario #1 - BTC does not implement Segwit on August 1st, there is chaos and panic in the cryptocurrency community. BTC holders jump ship to the next closet and most stable cryptocurrency, which is Litecoin. Litecoin jumps to over $500 dollars and everyone becomes rich. Likelihood of this happening = 10% - This is the doomsday scenario. It will not happen and everyone needs to take a deep breathe.
Scenario #2 - BTC implements Segwit, weak hands will jump ship on Litecoin, Litecoin will lose some value initially but will go back up and keep rising as BTC and LTC will see all time highs they have never reached before. Likelihood of this happening 90% - This is the most practical scenario. Sorry, millionaires and billionaires will not be made overnight. Don't be one of the weak hands that pull out of Litecoin cause it will easily increase 5 folds before this time next year.
Why Segwit on BTC = Best Case Scenario of Litecoin
Segwit on BTC means a HUGE price increase for Litecoin. Charlie Lee and the community of Litecoin wants Segwit on BTC.
But why? Wouldn't this mean BTC will have the same technology as LTC and LTC will be obsolete and lose it's edge in the game?
NO! -> Don't listen to the FUD, don't listen to the rumors. These are the people who are spreading this FUD:
People who don't know what they are talking about; didn't do any research; don't understand what they are investing in or; repeating FUD that they read from some random post naively.
People are want Cheap Litecoin because they know the value is going to increase drastically over the next year. These are the same people who are spreading FUD about the August 1st deadline with BTC and want to scoop up cheap BTC. These are not Whales, these are Wannabe Whales. These are the individuals who want as much value and weight as they can. The fact of the matter is - Whales don't spread FUD, whales move markets and can cause their own FUD. Whales are staying put and waiting for everyone to panic and sell their Litecoin and Bitcoin to scoop more up. Don't be one of these fools that the Whales make their money off of!
So how is Segwit on BTC good for Litecoin?
Charlie Lee has already expressed how this would be Huge for the Litecoin community. It will open so many doors, that are closed right now. Here are my top three but there are tons of more benefits.
Two words Atomic Swap - this is the best and newest technology in the cryptocurrency world. It is basically cross blockchain trades but without having to use an exchange. This is made possible because Litecoin will be implementing the Lightning Network soon. If Bitcoin has Segwit it will allow individuals to swap between Litecoin and Bitcoin almost instantaneously.
This means if you are at a store and they only accept Bitcoin but you have Litecoin, you can buy that item using atomic swap. Or Bitcoin takes too long to move from one wallet to another or one exchange to another, you can use atomic swap for this to hold Litecoin. Attached is a link to an article that explains atomic swap and how beneficial it will be if Bitcoin gets Segwit for the Litecoin community.
I know you heard it before Litecoin is the silver to Bitcoin's Gold. This phrase was actually coined (no pun intended) by the founder of Litecoin, Charlie Lee. With the Bitcoin community getting it's act together and finally implementing Segwit, there will be a big price increase to Bitcoin. Litecoin will truly become the silver of the cryptocurrency world. When Bitcoin goes up, it brings it's little brother Litecoin with it. Bitcoin at 5k will mean Litecoin over $150-$300. BTC going up to 5k is great if you were in the game for a while and have a huge holding of Bitcoin But if you got into the game late, you now have a chance to make a Huge profit with Litecoin.
Ready for the two most overly used words in the cryptocurrency community Bitcoin and Scaling. There is no secret Bitcoin has a scaling issue, Ethereum has a scaling issue, even Litecoin scaling solution isn't perfect. We are all early adopters and we should all believe cryptocurrency can be widely accepted with the mainstream public. If more and more people start using Bitcoin scaling is going to become even more of an issue. This is way Litecoin plays so well with Bitcoin. Litecoin is basically Bitcoin's scaling solution! Bitcoin is not meant to be quick and limber. Bitcoin is suppose to the gold of cryptocurrency, meaning it should be slow to move it. You store Bitcoin. Whereas Litecoin is the silver of cryptocurrency meaning you can use it quick and easier, cheap transactions and fast confirmation times. It is a win for business owners accepting Litecoin and a win for the individuals using Litecoin as a payment.
Segwit on BTC is amazing for Litecoin!
