Posted on

Litecoin, Now Seen in a New Light

Litecoin (LTC) is touted as the next best thing after Bitcoin. Litecoin was launched a couple of years after Bitcoin and it has many facets that appeal increasingly to crypto investors, users, and traders. This cryptocurrency is growing fast and many believe that it will close the gap with Bitcoin soon enough. Litecoin has emerged as one of the largest cryptocurrencies very quickly. Many institutional investors, as well as cryptocurrency funds, are also investing in Litecoin, which is one of the main reasons why transactions in Litecoin are increasing rapidly with each passing day.

The time to buy Litecoin is now

Gone are the days when investors would ask “why buy Litecoin” and proceed to look for reasons for investing in the cryptocurrency. All that is the thing of the past. However, one should not measure the past using the yardstick of the stock market where events are measured in decades and where Apple takes more than 40 years to breach the one trillion market capitalization mark. This is the world of cryptocurrency, where time flies faster. Nevertheless, crypto investors are well aware of the fact that Litecoin is the best altcoin. Investors who have missed the Bitcoin bus are on the lookout for a coin that is similar to Bitcoin. Litecoin is generally considered a peer-to-peer cryptocurrency. Litecoin is based on an opensource cryptographic protocol and thus it is not managed by any central authority. Some even contend that it is better than Bitcoin because it uses proof-of-work algorithm, and is ASIC-resistant, allowing both CPU and GPU miners. Though these seem like buzzwords and technical parlance, to laypersons they signify that Litecoin has a robust and secure network. Further, the association with the Abra app allows Litecoin users to trade fiat-crypto and vice versa. The Abra app in fact uses Litecoin to access smart contracts since, with a much more secure network, Litecoin transactions are faster and scalable.             

Since all these factors are already well known to most Litecoin investors, a more pertinent question to ask would be why the time to invest in Litecoin is now. Reading into the tealeaves for Litecoin, the cryptocurrency is predicted to close 2018 at $600 or thereabouts. Litecoin seems to be poised for a secular long-term rise and the time seems ripe for investing afresh in Litecoin or for diversifying your holdings in other cryptocurrencies. Since its inception in the crypto market in October 2011, Litecoin has been growing in leaps and bounds and it achieved market capitalization of $1 billion within two years in November 2013, cementing its spot as the preferred altcoin option for investors and traders of cryptocurrencies globally. A number of technological feats lent further pre-eminence to this surging coin. In 2017, for instance, Litecoin was the first currency to adopt the SegWit (Segregated Witness) system, which separates transaction signatures to limit the block size limit of the blockchain. Further, in May 2017, Litecoin served as the host platform for completion of the initial Lightening Network transaction of 00000001 LTC going from Zürich to San Francisco in less than one second. With a solid network that oozes potential, and given the penchant of its high-profile founder Charlie Lee for pushing the envelope, Litecoin is certainly poised for growth at lighting speed!

Advertisements
Leave a Reply

Your email address will not be published. Required fields are marked *