You’ve heard about Bitcoin, right? But, do you know the crypto-world has an another coin which it lit!
We’re talking about Litecoin. Litecoin is envisioned to be the cheaper, smarter and better version of Bitcoin. Litecoin is a form of peer-to-peer currency which allows instant payments to anyone around the world.
It was created by Charlie Lee who was a former Coinbase and Google employee, he created Litecoin by splitting the Bitcoin code base and added new features to it. That’s how the crypto-space witnessed the creation of this coin. Interestingly, there was no premier kept by the developers for themselves instead everyone had a fair and equal access to join the network and contribute to it.
Litecoin Vs Bitcoin
When it comes to a comparison. We’ll say Litecoin has taken the lead from Bitcoin for many reasons. You see, Bitcoin was new in the market it’s impact on the market wasn’t as huge as we think it was.
Bitcoin was the first crypto introduced and it failed to create that impact on the audience. Many heads turned, but not as much as they did for Litecoin. There are little comparisons between Litecoin takes the lead from Bitcoin when it comes to the confirmation of the transaction speed. Litecoin takes up to 2.5 minutes whereas, the confirmation of a Bitcoin transaction takes up to 10 minutes. That’s a lot! Damn! Bitcoin needs to up their game!
Anyone who gets anything for a lower and cheaper price is automatically attracted towards it, it’s human nature. Just like that, an average transaction fee on Bitcoin is $5. Guess what? The same transaction costs $0.2 on Litecoin. That’s so cheap! But, in a good way!
This attracts the people who use cryptocurrency on a daily basis for various reasons like remittance, shopping, trading. Makes all sense because no one wants to pay so much transaction fee.
The price of Litecoins went up like shooting stars from $1 to $50 in a span of three months and later reaching $1 Billion mark by the end of the very first year in 2013. 2017 was the year of crypto. Just as the news of Segwit adopting Litecoin broke in, things took a wild turn and more exchanges started to be offered. Litecoin then reached an all time high making it to $370 and brought the market cap to $20 Billion.
With Litecoin and Bitcoin going head to head in the market as a competition. Litecoin has introduced new forms of payment techniques making it easier for the merchants to utilize Litecoin. They have introduced Litepay which helps you accept Litecoin payments and also helps you convert your cryptocurrency into Dollars with the help of Litecoin card. There is surely a lot in the bag for Litecoin in the near future, all we have to do is just hang in there to find out more on how will they explore more fields. For now, Litecoin is giving Bitcoin a hard time. Litecoin is totally Lit!
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