The emergence of bitcoin also paved the way for other blockchain initiatives to develop cryptocurrency projects that seek to provide various innovative solutions to conventional financial markets. Some projects seek to compete with bitcoin, while others seek to optimize and complement bitcoin.
One of the major cryptocurrencies in the market seeking to complement bitcoin is litecoin. Here are some of the basics and comparisons between bitcoin and litecoin.
The little brother of bitcoin
Bitcoin was developed in 2009 by Satoshi Nakamoto. Nobody really knows who Satoshi Nakamoto is or are. While bitcoin rose more than 1700% since the start of 2017 to the beginning of 2018, litecoin rose by about 7300% in the same period. Litecoin is an alternative fork of bitcoin that happened in late 2011. It is often called as the “little brother of bitcoin.” If bitcoin will be compared to gold, then litecoin is the lighter and faster version of gold, which is silver.
On average, the litecoin network processes transactions in 2.5 minutes, while bitcoin does it in 10 minutes. In terms of total limit of circulation, litecoin’s limit is up to 84 million coins, while bitcoin is only limited to 21 million coins.
Charlie Lee, the creator of litecoin, states that he does not want litecoin to compete with bitcoin. He wants litecoin to complement bitcoin. He got involved into bitcoin in 2011, and not long after that, he launched litecoin.
According to him, while bitcoin can be used for huge amounts of money to purchase houses, cars, or other high value transactions, litecoin can be used for the smaller, cheaper transactions. litecoin is to be used for the day-to-day transactions, since its fees are cheaper and transaction times are faster.
How much does one litecoin cost?
As of the time of writing, litecoin costs $77 and current market capitalization is at $4.4 billion. If you are trading over bitcoin, litecoin price trades at the 0.0123 BTC level. The current circulating supply is 57 million litecoin, which is 68% of maximum supply. You can buy and/or trade litecoin through the following major exchanges with the highest volume percentages: OKEx, RightBTC, Binance, Coinbase Pro, Bitfinex, CoinEx, Huobi, and HitBTC.
Litecoin is a very promising cryptocurrency project that is looking to grow side by side with bitcoin’s growth. As of the moment, the whole crypto market is struggling to record gains, but fundamental and technical analyses indicate that litecoin has the potential for growth in the coming years.