Once upon a time in 2009, there was a pseudonymous developer Satoshi Nakamoto who created the world’s first crypto-currency Bitcoin. Shelved by critics and picked by visionaries, Nakamoto’s Bitcoin soon became a fashion in itself by battling with the topmost financial authorities, and eventually emerging as the only currency whose value has increased by 40 times within a mere period of four roller-coasting years.
With Bitcoins making initial investors rich with its successful survival against the world’s leading currencies, there were also other digital currencies – almost 70 – that were formed out of thin air to prove their competency like its predecessor. Some among these tweaked Bitcoins’ versions created news, while some just rested in peace. But the most serious player that emerged from this lot was 2011’s incepted Litecoin.
Commonly referred as the “silver” to the “gold” Bitcoin, Litecoin has been rightly pushed into the market to create a wonderful ambience among exchanges and investors alike and thus, is currently wearing a $638 million market cap on its proud head. One may call it a nicely done branding by its creators, but the much-serious alt-coin has definitely plunged investor’s faith in itself by directly competing with the “BIG BROTHER” Bitcoin.
And it is what that has made Litecoin being fairer than the primary digital currency Bitcoin and several other alt-currencies such as Dogecoin, Coinye, BBQCoin, and others. The currency is comparatively faster when it comes to transaction (almost four-times than Bitcoins), and is somewhat secure in terms of mining, with its creator replacing the Bitcoin’s hash-based mining process with much secure scrypt-based mining process.
Investors thus see a big market player in Litecoins for the 2014 financial year, the same that was once expected from Bitcoin. Likewise the “gold” digital currency’s success, its “silver” counterpart is also likely to do the same, as predicted by analysts and traders. By considering Litecoin as a younger version of Bitcoin, the former’s investors anticipate a likewise return the latter has once given to its own investors.
Litecoin, for now, might be not as developed as Bitcoin in terms of infrastructure and number of exchangers and processors, but one cannot doubt its gravity-defying emergence as a currency which is now being traded 328 times than its initial trading value. It is due to the speculation which states the alt-coin having a tendency to produce more coins than Bitcoin. It means a Litecoin can be mined every 2.5 minutes as compared to the Bitcoin’s 10 minutes mining time.
Clearing the air further is the Litecoin’s creator Charlie Lee who states, “Litecoin versus Bitcoin is like Facebook versus Google Plus. It would be hard for Plus to overtake Facebook. But if something catastrophic happens to Bitcoin, I could see Litecoin positioned to overtake it.”
There would be no trouble in commenting that if Litecoin is the “Wolf” of a virtual Wall Street, then the Bitcoin is the “Lion” of the same. The year 2014 holds a great deal for both crypto-currencies. Their success is proportional to each other, as well as their catastrophe.
Keep watching this space for more Litecoin news and articles.
To contact the reporter of this story: Jonathan Millet at firstname.lastname@example.org