The Digital Silver
Recently crypto-currencies have become the talk of the Internet. While they are gaining popularity in the financial area with the leading digital currency-Bitcoin-there are some cryptocurrencies competing for the second place. One of them is Litecoin (LTC). Here is some interesting information about it.
What Is Litecoin?
Litecoin is a cryptocurrency—an Internet currency that enables a person to conduct an almost-instant and almost-free financial transaction with another person, anywhere in the world.
Coin’s History: Who Invented Litecoin and Why Was It Created?
When Charlie Lee, an ex-Google employee first heard about Bitcoin, he thought of it as digital gold. And he thought it would be cool to create “digital silver;” something that is cheaper, more available, and faster in terms of transaction speeds. Just as you would keep gold in a safety deposit box, but use silver daily, you could store Bitcoin for its value, and use “digital silver” for daily purchases.
On October 7, 2011, Charlie released a decentralized software development model on GitHub, and named it as a Litecoin. A week later, the network went live and the so-called “digital silver” came to life.
How Litecoin Is Different
Before Charlie launched Litecoin, there were quite a few alternate currencies created by people who wanted to get rich quick. These people would mine a lot of coins themselves before releasing the cryptocurrency. They would then try to promote it and create value so that the coins that they mined themselves would be worth something.
But Charlie launched Litecoin without pre-mining any blocks and made it open to everyone, to make it as fair as possible. His strategy paid off, and today, with a market cap of just over $4.0 billion, Litecoin is sixth on the cryptocurrency rankings chart. In fact, if you Google “What is LTC?” you’ll be surprised by how many people are interested in the fast-rising cryptocurrency.
-Exchange times happen four times faster than Bitcoin.
-At around $75.83 per Litecoin, it is still very affordable for many individuals.
-Hypothetically, one Litecoin ought to be worth one-quarter of a single bitcoin since there will be four times the same number of coins. It could, therefore, be argued that Litecoin is hence underestimated.
-A bigger number of coins than Bitcoin implies that Litecoin may be more future-friendly than Bitcoin.