For the uninitiated, Litecoin is a cryptocurrency. If you’re thinking why Litecoin sounds familiar to Bitcoin, it’s not just a coincidence.
Litecoin is the little brother of Bitcoin. I explained this in another article on Dark Web News about the future of Bitcoin.
But, to avoid any confusion, Bitcoin and Litecoin were not made by the same people. Bitcoin was created by Satoshi Nakamoto; nobody really knows who he really is and people even think that his name is fake.
The original reason why Lee created Litecoin is because he was inspired by Bitcoin.
Bitcoin and Litecoin are both open source, so no one can have the authority to control it. Another main reason it was created is because transactions were faster to clear, and cryptocurrency mining for Litecoin was faster than Bitcoin.
Litecoin in November of 2013 had a huge boom of a 400 percent increases in less than 24 hours.
The price rose from $9 to around $44. Most recently, the price reached a peak of around $36.
So, the throne of the highest price has not been reached in more than four years, unlike Bitcoin which has been breaking new price records every day.
That same month of November, Litecoin reached an impressive one-billion-dollar market capacity.
Four years later and the market capacity in 2017 is $1,542,657,077. It only grew half a billion since 2013, which is not an impressive jump.
But a few weeks ago, the price of Litecoin had a huge drop.
It dropped from $35 to as low as $22. This was caused because of a malware called Wannacry.
The ransomware encrypted files and victims had to send the attackers $300 in Bitcoins. It affected thousands of people before being fixed with patch updates from Windows.
Even with Litecoin successfully activating Segwit, it still did not make a huge improvement in price.
Segwit could’ve been more effective if the malware did not pop up. Segwit boosted prices and made transactions faster.
It is starting to rise up about $0.20 per hour. One analyst even says the price can rise to at least $40.
One criticism about Litecoin lies in the question of whether or not it’s entirely useful.
People state there is no difference between Bitcoin and Litecoin, but it doesn’t have rising prices like Bitcoin.
People even say that Litecoin is waste of time.
Litecoin rose $2 as of May 18, 2017. The next day, it rose to a high of $29 in the afternoon and settled down to around $27.
This is probably the result of Bitcoin finally rising again after slowing down. Sometimes, Litecoin may or may not rise with Bitcoin, and sometimes it does not fall with Bitcoin.
But it is looking like it is the case for Litecoin at the moment. Ethereum is also rising again after leveling out just like Bitcoin.
When you look on paper and compare other cryptocurrencies to Litecoin, you start to see the downsides of Litecoin— like how all these cryptocurrencies are rising on a huge level and Litecoin is only rising on a small level.
What really made me interested in writing this article aboutLitecoin is an investment I made last week.
On Coinbase I invested $182 USD for around 5.5 Litecoin. When I bought it on May 10, the price of Litecoin was around $33 a Litecoin.
As soon as I bought Litecoin, my investment was looking very slim. The cryptocurrency began to plummet and I was losing lots of money.
I was thinking about selling it but I already lost half of what I invested, so I took the risk in keeping it. I was really getting worried when the price a couple of days ago reached a low of $21.
But then this week, the price is rising up again. Hopefully, the expert who made the prediction of Litecoin reaching $40 is possible.
I sure hope so because I do not want to be down $100.
Litecoin is nowhere near the magnitude of Bitcoin, but it is still a cryptocurrency worth acknowledging.
The stability in Litecoin might actually help you, in contrast to Bitcoin’s price fluctuation by the minutes and seconds.
But since Litecoin is usually stable and remains the same price most of the time, you won’t have to really worry about your value going down.
But with the rise of the prices after the price drop, we just have to find out if it will grow or if it will sink.
In conclusion, Litecoin is another option for a cryptocurrency you can use. But with less chat about Litecoin, who knows if it can really grow.
Hopefully, his month of May will be a surprise for Litecoin like how Bitcoin’s price jumped hundreds of dollars.
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