Things Cryptocurrency Community Should Learn from Litecoin

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Things Cryptocurrency Community Should Learn from Litecoin

ForexMinute.com – When Bitcoin started to manufacture millionaires out of thin air, many head turned towards these magnificent conversions in amaze but felt equally downhearted for losing the opportunity to trade it. And it was indeed a magical thing when Bitcoin prices reached over $1000 from $25 within a mere 3-4 years.

Soon the potential opportunists came before the world’s second cryptocurrency Litecoin, which was made on the Bitcoin source code, and promised to be yet another fortune-maker in making. People from Bitcoin community invested heavily on this coin, which ultimately raised its market cap and trading value within a short period as well. It eventually earned this coin a tag called “the silver to Bitcoin gold”.

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But once Litecoin became a success for its better than Bitcoin features, we soon encountered an army of cryptocurrencies that became the part of our day to day trading. These successful followers ranged from early coins like Dogecoin, Peercoin, Ripple, to the latest ones like Nxt, Darkcoin and BlackCoin.

But indeed they lacked the charm of Litecoin – the only coin that still is the best alternative to Bitcoin, undoubtedly. What we see today is the lack of empathy each coin has for each other. The increased competition has made them more of a product than an idea. When Litecoin was launched, it was meant to overcome the loopholes of Bitcoin such as its hashing power, low computation, less block rewards security, etc. The launch although was perceived as a trading opportunity like we explained earlier.

Whilst, we have coins distributing new developments, we also have coins to whom the entire idea of cryptocurrencies is about making profits. A new coin gets launched without introducing anything new; it gets a good marketing; and it gets pumped by its actors (the key investors) to make it look good before the audience. Eventually, what we see is how a decentralized economy turns into a centralized one.

But when it comes to Litecoin, we see how less corrupted this coin seems than the others, even Bitcoin whose majority of network was recently captured by a Bitcoin mining company. Litecoin meanwhile is the only one which never spams the social networks, blogs and forums by making unachievable announcements. It is the coin which is building its infrastructure gradually, and indeed the only coin which is running smoothly without introducing any melodrama.

This is also the reason why this coin has been managed to stay stable for most of the time. In recent months, when most of the coins were accused of being heavily volatile, Litecoin remained in a safe zone by getting traded between $9 and $11 most of the time.

And the reason for such stability is nothing but honesty. The Litecoin market is simply avoiding gimmicks and working on what makes a coin special, that is, waiting for the right time to get acknowledged and used as a transactional currency, not just a trading toy. Indeed even now, it is the most accepted and traded digital currency after Bitcoin.

Other coins much watch and learn from this silver gem, just few steps ahead of turning into a diamond-in-the-rough.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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