Litecoin, which started trading as a digital currency in April 2013, has been in the list of top ten digital currencies based on the market cap for a long time now. This is mainly because the coin is one of the first and most successful derivatives of Bitcoin. The Litecoin projected created by Charlie Lee, and it was launched in October 2011.
The Origin of Litecoin
Mr. Lee would spend his spare time tweaking the original open source code of Bitcoin. His ultimate goal was to create a peer-to-peer, decentralized payment platform just like Bitcoin, but with a lighter computational power (which led to the name of the coin) and much faster transactions.
He became the director of engineering at Coinbase, and he was able to promote bitcoin in that role. With his assistance, it obtained approval from a lot of big-name global companies, including Wikipedia, Tesla, and many more.
It was indeed a great move, and he knew that the share price and success of Litecoin will be tethered by the dominance of bitcoin. The digital currency hit a market cap of $1 billion immediately after its launch in 2013.
The Infrastructure of Litecoin
The infrastructure of Litecoin is similar to that of Bitcoin, and it boasts of almost zero transaction fees. It has been a center of attraction for a lot of long-term investors that have backed its huge growth potential.
Also, the digital currency will activate on Lightning Network, which enables settling and transacting, off-blockchain, and support its trade for any other digital currency with no need for a third-party, hence providing almost instant deals.
The value of the digital currency went to as high as $341 on the 18th of December last year, according to eToro – an investment and global trading platform. A lot of technical analysts predicted a steady increase in the coming years. An analyst at Wiki Crypto – Michael Serrano said that the long-term trend of Litecoin shows future value might surge to over $5k.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.