A Growing Player - Litecoin

One of the most well-known alternatives to Bitcoin is Litecoin. Charlie Lee, the Director of Engineering at Coinbase, was responsible for its creation in 2011. It was the first alternative to bitcoin. Litecoin is as a fork of bitcoin, made in the image of the first form of cryptocurrency. It was the idea of becoming the silver to bitcoin’s gold.

How Is it Different from Bitcoin?

The main difference between Litecoin and bitcoin is its much shorter transaction time. This often draws investors towards it. While completing a bitcoin transaction takes 10 minutes, Litecoin takes a much shorter 2.5 minutes. This faster transaction speed means that it can achieve more sales than bitcoin can. Additionally, it has more coins in circulation. 84 million is its limit; while bitcoin is down at a 21 million threshold. This means that it is much more affordable than bitcoin.

What’s Making Litecoin’s Price Rise Now?

With bitcoin futures having launched yesterday, Lite is experiencing a trickle-down effect. It benefits from the increase in bitcoin’s value. As media coverage of bitcoin grows, many reporters have reached out to Charlie Lee for quotes on the price increase. This growth in his media mentions may also have led to a renewed interest in investing in Litecoin. Its focus on making their transactions fast and simple has given them many more platforms. Platforms useful as a payment method through. With the growing emphasis on e-commerce, cryptocurrencies are becoming more and more accepted and valuable. At the time of writing, Litecoin values at $326.01. Which is a $225 increase from just the beginning of this month. This article is third party analysis. It does not constitute any financial advice. Which, can only be provided by a certified financial adviser.