The Litecoin market is booming! In the last few years, Litecoin has surpassed many other cryptocurrencies to become one of the most in-demand currencies in the market. They are easy to use, powerful, and still dominating the industry.
Litecoin is the second biggest cryptocurrency in the world. It was made with the intent to act as an alternative to Bitcoins. The founder of Litecoin, Charlie Lee, came up with the idea for this currency after observing anomalies in the Bitcoin network.
Bitcoin transactions are too slow at 7 transactions per minute. Lee wanted to develop a better, faster, and more flexible alternative. So, he developed the Litecoin cryptocurrency. The cryptocurrency can complete a single transaction in 2.5 minutes where Bitcoin completes it in 10 minutes.
Apart from that, it can process 56 transactions per minute while Bitcoin is stuck at 7 transactions per minute.
This made Litecoin the ‘silver’ of cryptocurrencies where Bitcoin was called as the ‘gold’. However, in comparison with the BTC market share, Litecoin market share is considerably smaller at $20 billion only. It currently ranks as the 7th biggest cryptocurrency with a single coin price of $44 as of the writing of this report.
Let’s learn a little more about Litecoin’s inception and its market conditions for future investment.
What Is Litecoin?
Litecoin was launched in 2011 to change the status quo of Bitcoin in the cryptocurrency market. It was started as a decentralized blockchain with a transparent network. The cryptocurrency offers peer-to-peer transactions and uses the same code that runs the Bitcoin transactions.
So, in a way, it would not be wrong to say that Litecoin is a child of Bitcoin. However, it was made even more secure by altering the blockchain code further. Although Litecoin is a lot younger than Bitcoin, it has increased the cryptocurrency exchanges because of multiple transactions per second and reduced time per transaction.
However, recent cryptocurrencies such as Ripple have even surpassed Litecoin and they can do 1,500 transactions per second. But that is another story.
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