Is Litecoin the Next Crypto Sensation?

While all the news about the decline of Bitcoin and the overall coin market cap are floating all over the crypto world, the potential of currencies like LiteCoin is being neglected.

Litecoin is rated to be one of the largest cryptocurrencies, rated at number 7, in the top 100 cryptocurrencies list in terms of dominance on the market capitalization by Coinmarketcap.

src: Coinmarketcap

Many investors of the crypto world are getting inclined towards Litecoin, which is why the volumes of the currency are increasing day by day.

Litecoin came into being in October 2011 as a fork of Bitcoin. It was released in that month via an open source client by Charlie Lee, who used to work in Google. The platform became active a week later. Litecoin kept growing since then and in November 2013, in a 24 hour span, the currency saw a surge of 100% its value. Within the same month, Litecoin made its name and  became one of the preferred altcoins by reaching a market cap value of $1 billion.

In 2017, Litecoin became one of the few cryptocurrencies to adopt the SegWit (Segregated Witness) system which separates transaction signatures to increase block size limit of the blockchain.

Although the success of the digital currency is huge, Charlie Lee still aspires to achieve greater heights and catch up with the top few crytocurrencies:

Litecoin, although being the fork of Bitcoin, offers transaction speeds much faster than Bitcoin. Ethereum also struggles to catch up with Bitcoin and Litecoin due to network and speed problems. Although there’s a competition between Litecoin and Bitcoin, the CEO Charlie Lee still laughs it off and endorses the currency sarcastically by saying that the number of Bitcoins out there are very less and they don’t even make one for a millionaire, so one should buy a Bitcoin to board the millionaire bandwagon before buying altcoins. He tweeted:

One of the platforms that endorsed the transactions of Bitcoin years ago was the dark web. With the passage of time, however, more currencies have entered the scene. Litecoin does not offer full privacy and anonymity which are important for making transactions on this kind of network. These qualities of Litecoin point to the fact that in a few years, Litecoin could become one of the favorites of dark web, as it is smooth and fast too.

Bitcoin was ruling the dark web a few years ago, but since the prices are sky rocketing and there is lack of transparency, the currency is slowly disappearing and other currencies like Dash, Monero and Litecoin are taking the place, with Litecoin clearly dominating. 30% of the transactions made on the dark web are through Litecoin, which makes it the leader in the altcoins domain on dark web.

Litecoin offers many pros compared to its competitors:

  • It is considerably less volatile during market crashes or corrections than some of its peers.
  • It allows atomic swaps between BTC and LTC.
  • It is supported by all Hardware wallets.
  • It is significantly faster than bitcoin and completes transactions in 2.5 minutes rather than the conventional 10 minutes time of Bitcoin.
  • It has a minimal transaction fee, almost zero if compared to that of Bitcoin.

The accessibility and usability is what puts Litecoin ahead of the other altcoins. People use it for standard blockchain-related procedures, such as lifting a smart contract, but it also has the capability, technologically speaking, of being used as currency, in the way of fiat money.

As for the last week, the price of Litecoin was fluctuating between $91 and $74. The predictions, however, show a light of hope for the investors of Litecoin that it would reach at about $600 at the end of 2018. So, for those of you who’re willing to invest in Litecoin, now is the right time!

Shehryar Hasan

Performing artist, guitarist and sub-editor at BlockPublisher. Shehryar is an electrical engineer and blockchain enthusiast. He holds investments in bitcoin, ethereum, OST, TRX and Ripple. Email: shehryar@blockpublisher.com or contact the editor at editor.news@blockpublisher.com

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