02 Sep Litecoin Enters The Market As Bitcoin’s “Silver”
Bitcoin has been the buzz for a while with its unique design, extraordinary growth, and recent run-ins with government regulation.
Despite all of the controversy around the crypto-currency and questions of volatility, something else has helped the underground currency gain approval, Litecoin.
Litecoin was conceived in October 2010 by Charles Lee, a software engineer at Google. It’s incredible that one engineer, in his spare time was able to re-write the world’s most popular crypto-currency.
According to Wired.com, if you had invested into Litecoin instead of Bitcoin on January 1, Litecoin would have done better. Litecoin grew a whopping ~3000% from January at $0.07 to $2.40 today.
Although the Litcoin never gained the same amount of popularity as Bitcoin, people seem to like Litecoin because of it’s credibility (potentially Lee’s credibility) against Bitcoin imitators.
So what’s different?
- Litecoin is different than Bitcoin because it can be efficiently mined using consumer-grade hardware.
- It is scheduled to produce a greater volume of currency units (84 million).
- Litecoin processes transactions more quickly and discourages high volume/very high transactions.
Together, both currencies will compliment each other in our tech world where the appetite for new currency continues to grow.
What are your thoughts on Litecoin? Is it Bitcoin’s “silver”?