The Litecoin has been around in the market of cryptocurrency for a long time. Since its introduction, it was known to be a fast and quick mode of crypto coin transaction that has revolutionized the applications of cryptocurrency. The investors seemed more interested in Litecoin since its introduction and have started investing in the market of Litecoin. The market growth of Litecoin was significant where the market capital reached nearly up to $6 billion USD. This market capital has allowed Litecoin to gain a place in top ten cryptocurrencies in the market. This market gain of Litecoin has been the reason for many speculations by prominent economists about the future of Litecoin. The precedent rate at which the Litecoin is growing can show the future growth that it can gain.
Even though Bitcoin is at the top there are many features in Litecoin that can help you get faster transactions and block time comparing to Bitcoin. The market experts have made many significant predictions about the applications of Litecoin and the profitability that it would offer in the future. Here are some factors that will furthermore help you understand Litecoin in detail.
Where did Litecoin come from?
The Litecoin was introduced as a Bitcoin fork during 2011 by Charlie Lee who was an employee at Google during that time. For the budding investors who don’t know about the fork, a fork is a split or divergence of a major cryptocurrency that basically occurs when the users encounter a change in the algorithm or software. However the same happened with Bitcoin where Litecoin was a split of users who were looking for a change in the system. The Litecoin decreased the block time by 2.5 minutes for Litecoin blocks where it was 10 minutes for Bitcoin. Along with that Litecoin started using s different hashing algorithm scrypt instead of SHA-256 which was used by Bitcoin.
Favourable coin – Litecoin
The Litecoin is considered as one of the favourite coins of many investors and internet users who trade in cryptocurrency. The main factor that helps Litecoin to be their favourite coin is the speed and reliability of their Blockchain that follows scrypt hashing algorithm. The transactions are completely anonymous and private which a trader looks for in a cryptocurrency. The transactional charges are minimal and are done in a fast manner. Hence the traders and investors choose Litecoin as their favourite coin.
Advantages of Litecoin
As Litecoin is open-source, it has the flexibility to implement new technologies inside the system of Litecoin. This opens new doors for Litecoin and their users. The block time of Litecoin is less compared to other Major crypto coins. The Litecoin offers a cheaper mode of transaction and an easier and faster mining procedure. The audience that uses Litecoin are very sensible and conservative that offers a great community and platform for trading. The Litecoin has faced fewer changes during market crashes and fluctuations, making it a reliable source of investment.
Future of Litecoin
The market of Litecoin has been very stable since its introduction and has also attracted many users during the time period. There are many online exchange platforms where you can exchange Litecoin for other coins and vice versa. The reliability of Litecoin is the reason these exchange platforms offer Litecoin exchange services at a mass level. Litecoin has a bright future ahead and many economists and cryptocurrency experts agree with this statement. If you are looking to invest in Litecoin then it is a good time to do it.