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In the crypto crazy world we live in now, it has become hard to use the word “impossible” to describe what a cryptocurrency can do and what it can’t. Bitcoin has now has crossed from 10,000 USD to 12,000 USD because yeah it is Bitcoin, and now the cryptocurrency market is worth more than JP Morgan. These are to mention but a few of the milestones attained by cryptocurrencies in this year. Litecoin, as “unpopular” as it may sound is actually one of the oldest and interestingly, most stable of the cryptocurrencies there are. It was initially launched in November of 2011 to be a Bitcoin open-source by Charlie Lee. Litecoin created a more transaction-friendly currency (than Bitcoin) that still offered a decentralized store of value utility. Despite all this, Litecoin is yet to go beyond $100 in value. But the excitement surrounding the use of cryptocoins in recent times and the stability of the Litecoin over such a long period, Litecoin could break the 1,000 USD barrier in the very near future.

 

Litecoin is Underrated

The truth is that Litecoin is greatly underrated as a cryptocurrency. It currently trades around 100 USD, and even struggles at that value while Bitcoin trades sits at about $12,000. Evidently, no one is expecting Litecoin to trade at about the same value as Bitcoin. But looking at the fact that Litecoin was designed to be four times the total amount of Bitcoin, the value of Litecoin is yet to reach a reasonable value compared to that Bitcoin. Even though Bitcoin has over 50% of the market share of the cryptocurrency market, it is still hard to imagine that what was touted to be the “silver” of Bitcoin’s gold is trading at about 1/120 the price of what is “modelled” after.


The founder of Litecoin is to be blamed for all this as he seems to be quite unaggressive with respect to trying to make Litecoin a top notch competitor for other cryptocurrencies. Charlie still seems to view Litecoin as a complement/sidekick of some sort to Bitcoin rather viewing it as revolutionary cryptocurrency of itself.
But all of this could be set for a sharp turnaround as people are beginning to realise the real value of LTC, and its feasibility as a payment system. Motley Fool earlier this week stated that Litecoin is the biggest competitor to Bitcoin – and this definitely is one confidence booster for people who are seeking to invest in Litecoin or already have LTC. Even though Ethereum is the next closest thing to Bitcoin on the cryptocurrency market, it still hasn’t delineated itself from being the tech development application we know it to be rather than an “actual” cryptocurrency.
Considering also the fact that Litecoin works just as Bitcoin but faster (2.5 minutes per block compared to 10 minutes per block of Bitcoin), it is becoming quite known that Litecoin’s poor value is only due to a lack of investor awareness and bad marketing. But as cryptocurrencies are beginning to gain ascendency, Litecoin’s worth is going to be realised for what it really is and that is when its price will shoot pass the roof.

Image of Litecoin creator, Charlie Lee

Short Term Gain, Long Term Value

Definitely, the skyrocketing price of Bitcoins has increased the interest of people in cryptocurrencies, and is making more people want to own some cryptocurrency that is at least recognised. This is evidently because of the gains they realise they can make out of cryptocurrencies. Since most people cannot afford to buy a Bitcoin due to its current price, they will resort to less expensive cryptocurrencies that they can afford, and that is where Litecoin comes into the picture. Looking at its current value of about $100 and short term value at the moment (due to it being underrated), it’s only interesting to realise that investing in it now brings you a rather higher value at the long run. One should not forget that most cryptocurrencies started out projects that were meant to give the little guy some decentralised money source that would enable him trade in the digital age we are entering. Due to this, many investors have begun to look at just how feasible the technology of cryptocurrencies is. Litecoin is actually one of the cryptocurrencies that offers this technology of cryptocurrency money exchange at a faster and cheaper price. Gradually digital currencies will gain supremacy and appreciation over fiat currencies. As this happens people will begin to resort to cryptocurrencies that offer them speed in terms of transaction at a cheaper rate. And even though it may seem like Bitcoin is the better option at the moment Litecoin, created to be an improvement of Bitcoin, could become the standard and dominant payment method of the electronic era.

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