In this modern epoch, cryptocurrencies are rapidly changing the foreign market exchange. Currently, there are over 1,500 cryptocurrencies in the market, but not all of them are popular and acceptable. With popular digital currencies in the market with high market cap, it is easy to select the one that can work for you. Two of the major cryptos in existence are the Bitcoin and Altcoin.
An announcement by one Charlie Lee, the leader of the Litecoin foundation, together with his team revealed that the future of Litecoin is very bright. The impact of the message promises to strengthen the reputation and increase the number of users for a considerable period. We shall delve into details of the statement, but first, we need to give you a brief account of Bitcoin and Litecoin.
A programmer named Satoshi Nakamoto is the creator of the first cryptocurrency. He wrote a paper titled Bitcoin: A peer to peer Digital Cash System. This brought about the launch of the digital currency. Bitcoin became the very first cryptocurrency with no governing entity and guaranteed people the life without financial institutions such as banks. It proposed a secure platform where people could send and receive money across the globe seamlessly without any hassle. After a few years, Bitcoin experienced some challenges, and Charlie Lee proposed to make some changes. His ideas of improving the coin caused Bitcoin to split into two. This disagreement brought about the launch of another digital currency called the Litecoin cryptocurrency.
Currently, these two coins both command a huge following. So which of these two cryptos is better than the other?
It is essential to understand that Litecoin was an upgraded version of the Bitcoin. It was launched on November 7th, 2011. The developers aimed to solve the problems that the original coin was experiencing. According to the Litecoin predictions, the latest announcement by Charlie Lee promises to deal with scalability issues, reduce the fees for transactions, and increase the speeds in the network. The following is an excerpt of the announcement:
“The upcoming release of Litecoin Core 0.17 is about to lower network fees by a factor of 10….the transaction fee will soon become Ł0.0001 per KB or ~ $0.005…”
The statement went further to promise the users that they will reduce the fees linked to all Litecoin trades. This is very encouraging in the world of cryptocurrencies since all the other top coins such as Bitcoin, Ethereum and others are raising their transaction fees. This crypto has huge potential because it is improving its services to the users by introducing reasonable transaction fees. You may ask yourself, ‘what is Litecoin used for’? It is a significant financial asset that a majority of people want to use for their daily transactions. For instance, if you want your favorite book in a shop, or to eat a meal in a restaurant, or have a drink in your local bar, you should be able to pay with your Litecoin. This is the main reason why this upgrade is bound to take the market by storm.
Within two years after its launch, the Litecoin value was 1 billion USD. It has since been experiencing rapid growth regarding users, the technical aspects and also the market cap volume. Currently, the price of Litecoin approximately stands at $130. Some investors are predicting that Litecoin’s value can reach heights of $500 or $600 if it is sustained.
When you take a more in-depth look into the technology, Charlie Lee made serious changes in how the original coin was working. He changed the blockchain technology by introducing scripts which make cryptocurrency mining much faster and cheaper. Also, it is secure because no hacking has ever been witnessed.
The crypto wave has rapidly grown as more investors are grabbing opportunities to make money with cryptocurrencies. The price of Bitcoin is still high; thus, making it quite expensive to buy. However, the Litecoin is a much affordable digital currency to invest in because it has been growing slowly and steadily.
What is Litecoin used for? It has an excellent potential to become valuable. Just like traditional currencies, they have the features that make them legal in the market. They can be traded for product and services for instance in online shops, and restaurants. Also, as an investor, you can buy the coins in huge amounts then wait for a suitable time to sell them. You might earn huge profits from this venture.
It is imperative to know what is happening in the crypto world. Since the market dynamics keep on fluctuating, you need to have real-time updates to enable you to make a rational decision. According to the current trending news, the developers are about to launch Litecoin core 0.17. This upgrade has a positive impact, and it can boost the popularity of the Litecoin. It might become the most popular cryptocurrency across the globe in a few years.
There is a current campaign in social media known as the #PayWithLitecoin that drives the users to use this crypto for their transactions. With reduced fees and high speeds, users can experience the best services from the Litecoin cash foundation. With this strategy, you can confidently predict the future of this cryptocurrency.
It is not completely clear whether Litecoin is going to take the top spot from Bitcoin? It is tricky to conclude if Litecoin is the leading cryptocurrency and if it will eventually take over. Most people still feel that Bitcoin is still the best crypto since it is widely accepted in various financial institutions. As much as Litecoin is an upgraded version, it is difficult for it to take the top spot. Investors usually compare Bitcoin and Litecoin to Gold and silver. They function next to each other with very slight differences. However, with the current developments, it is normal to think that the Litecoin price prediction is bound to go higher shortly. Hence, all factors are taken into consideration; Litecoin may soon take the top spot.