Litecoin – The Currency That Failed To Fail

Litecoin – The Currency That Failed To Fail

Can you name other cryptocurrencies apart from Bitcoin? Well, undoubtedly it was literally everywhere in 2017, but it was Litecoin that grabbed the attention of the ones into cryptocurrencies. This year its rise (7,291%) is considerably higher than Bitcoin’s (1,731%) earning Litecoin fourth place in the virtual money world.

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Can you name other cryptocurrencies apart from Bitcoin? Well, undoubtedly it was literally everywhere in 2017, but it was Litecoin that grabbed the attention of the ones into cryptocurrencies. This year its rise (7,291%) is considerably higher than Bitcoin’s (1,731%) earning Litecoin fourth place in the virtual money world.

You are now probably asking yourself why this is happening. There are more than one factors that can cause this, and here we are going to outline some of them. The growth of the interest in virtual money may be one of them, making some investors take adventurous actions. In addition, many consider Bitcoin price ridiculously high, thus investments in alternative currencies increase. On the top of that, it is now a piece of cake to purchase Litecoin via Coinbase.

What is Litecoin, anyway? As many others’ we can trace its roots back to the Bitcoin stem. Since 2011, Litecoin has been evolving in its own way. Initially it was invented to be a faster, lightweight version of Bitcoin. Litecoin transactions take up to 4 times less time. Another major difference between these cryptocurrencies is the total amount of coins that can be mined. Again, Litecoin provides more possibilities. You can mine 84 million Litecoins, which is four times more to the 21 million Bitcoin offers. What about market value? Bitcoin’s estimated worth is $291 billion, while Litecoin’s worth is just $18 billion less – $273 billion.

How do people benefit from that? Since Litecoin is available in huge numbers it makes it more easily used for purchasing cheaper things. With its bigger cousin, Bitcoin, you can make transactions that are larger, so it is not always comfortable when you want to pay your dinner with virtual money.

Who is behind Litecoin? Its creator is Mr. Charlie Lee, former Google and Bitcoin employee. When he first dropped out of the Bitcoin camp, his intention was to create better cryptocurrency that the one on the market. Mr. Lee states that it was fun learning and expanding the Bitcoin code, and it wasn’t until the beginning of 2017 that he got serious about his product.

But why did Litecoin fail to fail? First, in the beginning, the distance between Bitcoin and it was not that large. It reached $1 billion market value in November 2013, just 8 months after Bitcoin did.  Second, Litecoin mining requires hardware that is available widely. You can mine Litecoins via graphic cards or GPUs.

All being said, Lee still warns buyers that Litecoin investments are risky.

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