Is Litecoin trying to follow in Bitcoins’ footsteps? Is it cashing in on Bitcoin’s success? What more does it hold in forthcoming years? Read further details in this news article, written by Jonathan Millet, market analyst at ForexMinute.com.
When Bitcoin was formed with an idea to introduce a currency that’s sole job was to eliminate the dependency on third parties, little then its developers knew that it will transform into one of the most valuable assets of the future. The future is what we see today, in which Bitcoin has seen a massive upsurge in prices if one tries to compare it with the value at which it debuted.
The Broken Promises
Amidst Bitcoin’s upsurge, the idea behind the currency’s creation seemed to have been lost somewhere. The intention of its pseudonymous developer Satoshi Nakamoto was never to build a digital currency that is considered as an alternative to the existing floating currencies. On the contrary, it was to introduce a democratic approach that makes one’s money rightfully his own without being answerable to higher authorities. Furthermore, its creation was also targeted at outwitting the inflation in the global market in 2008.
But we now see Bitcoin nothing as it initially promised to be. Quite the opposite, it has turned into a magic-trick that turns people into millionaires overnight. While the tech-gems are simply mining it by calculating the complex mathematical algorithms, common people are spending their hard-earned “regulated” money over an asset they don’t understand well, and the one that can come to extinction any moment.
So is there a possibility of these Bitcoin-led millionaires to wake up one morning and realize that all their digital money have been eaten by an unknown black hole? The weight falls on YES. But will it be the dramatic end of the digital currency era? The weight this time falls on NO. See how!
Litecoin – Bitcoin’s Brother from Another Mother
Soon behind Bitcoins is the army of other digital currencies riding highly on its success. The first one among them is Litecoin – a twisted version of Bitcoin with few changes. In times when the failing standards of Bitcoin is highly visible in events reflecting the currency’s ban in countries, its use in illegal trafficking of arms and drugs, and many other malicious activities, Litecoin is playing a safe card by staying low – currently trading at the mere value of around $20.
While Bitcoin’s falling prices do have a ripple effect on other digital currencies, the latter’s investors are at less risk because of their low value. Meanwhile, a lot of money has already been put on Bitcoins – yes it has $115,407,385 worth of market cap; Litecoin has only $16,600,528 at stake.
So there may be a great chance for investors to put their risks on the next best thing, which is indeed Litecoins. The currency which was born out of thin air is a promising storm, thanks to well-planned marketing.
And if Bitcoin Recovers
Even the recovery of Bitcoins could have a positive impact on Litecoins. The best thing about Litecoin is its low price. Only a person who has invested his every penny on Litecoin can face the jolt if the digital currency market fails. And as per we know, no one has turned into a millionaire by investing in Litecoin, at until least now.
Litecoin is indeed an example of a charismatic marketing plan. But from where we see, the digital currency’s future is only insured when they come under the policy of regulation. Otherwise the day of judgment for them also awaits, as was not predicted by Mr. Nakamoto himself, or herself.
To contact the reporter of this story: Jonathan Millet at firstname.lastname@example.org