There’s not much to doubt when one says that the year 2013 was the year of digital currency. The way investing in Bitcoins, Litecoins helped people in becoming millionaires in just a year is phenomenal and provides us with a small example of what digital currencies hold for us in store. Even the Nobel Laureate economist Paul Krugman was proved wrong by the performance of these digital currencies in 2013.
News outlets covered the phenomenal rise of the cryptocurrency and investors had a rollercoaster of a year. Starting out at a measly $13, the decentralized digital buck rose to a staggering $1,250, making some people very rich. Shortly thereafter, it fell again to where it remains today, around $800. The prices are already quite high for Bitcoins and investors who missed the bandwagon of Bitcoins in 2013 can now prepare themselves to board the bandwagon of Litecoin in the near future. Litecoin’s are at the same position as Bitcoins was a year ago.
Litecoin is an alternative currency very similar to Bitcoin; some call it the silver to Bitcoin’s gold. They both have an amount cap so as the market doesn’t get over saturated. They both are mined using application-specific integrated circuits (ASIC rigs) and high-powered graphics processing units (GPUs), and they both are used as a payment method and traded on open markets as a way to make money. Bitcoins are accepted much more widely than any other alt coin, but are still nowhere near the universality needed to be a generally accepted currency.
There are some differences between Litecoins and Bitcoins and that are in the way they are mined for commercial purposes. The trends that exist in the Litecoin world didn’t exist for Bitcoin as it rose in value. The aforementioned GPUs and ASIC rigs are out of stock in many stores. New specially built mining computers are coming onto the market, already designed with Litecoin in mind. There are many companies who have produced PCs keeping mining of Litecoins in mind, which was absent at the time of Bitcoins and required new configuration with the rising prices.
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