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22 March 2018, 12:15

The Rise of Litecoin as Potential Bitcoin Alternative

Under the light of madness that was caused by the fluctuations of Bitcoin in the last year a serious potion of attention was missed to those cryptocurrencies which remained in shadow though continued to develop and grow. The best known example among such unnoted candidates is the Litecoin.

This is number four among the most capitalized representatives of the crypto world. The tempos of grows were truly amazing. It managed to beat the cap of $320 per unit. Some people might think that it is nothing if compared to Bitcoin giant cost. However, if we compare the tendency of growth: the speed of development of BTC per year was only 1.7% if compared to 7.3% of Litecoin’s development.

It seems like the investors are becoming more interested in purchasing some cryptocurrencies and Litecoin seems to be one of the most affordable for purchasing and with potential to grow on and on. 

Who are you Mr. Litecoin

At an early stage the Litecoin was considered as one of many clones which split from the Bitcoin back in 2011. It was originally designed to become Bitcoin’s silver option. The main goal of the creation was to generate a speedier and lighter version of BTC – we can observe it in the name of the currency.

The creators managed to fulfil their goal regarding the lightness and speed as the transaction that is conducted through the Litecoin takes only 2.5 minutes against 10 minutes of BTC operation. That is amazing 4x speed which can secure 4 times more operations.

Not only the speed of operations was quadrupled but also the amount of coins that are available for operations. Bitcoin has 21 million of units, while Litecoin can boast with a stunning number of 84 million units. As a result, the current total exchange rate is much lower $18 billion against $291 billion.

However, all this can change within several years. The greater amount of units makes the cryptocurrency more psychologically attractive for purchase and utilization.

The Idea of Utilization

Plenty of people are wondering if this currency can become a worthy rival to Bitcoin. There is no 100% certain answer as Litecoin was never created to oppose BTC. It uses the same algorithms and similar modifications can be applied to Litecoin.

Basically Litecoin is a sort of addition to BTC. It’s like large and small nominal of paper money. For large nominal represented by Bitcoin it is possible to do some serious shopping – purchasing a car, a house or even a factory. The Litecoin is used for some miniature purchases that people do every day – first necessity goods, paying for the restaurants etc.

Being more available for obtaining Litecoin seems a great alternative for Bitcoin, but telling that it can substitute the BTC is totally wrong as the cryptocurrency that is based on the same principle regardless of some peculiarities cannot overcome the original in exchange rate but can surpass it in usability.

You can find more about litecoin forecast on our website.

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