The world of cryptocurrencies is becoming more and more enjoyable. According to trending Bitcoin news, more people are starting to invest in them, especially bitcoin. But what about litecoin? What is it? How does it compare to bitcoins?
About litecoin
Charlie Lee designed Litecoin. It is a peer-to-peer cryptocurrency that enables instant, near-zero cost payments to anyone in the world. Litecoins are based on an open-source global payment network that is not controlled by any central authority and uses “script” as a proof of work, which can be decoded with the help of CPUs of consumer-grade. Although bitcoin has become more widely used over time, litecoin provides faster transaction confirmations (around two minutes).
How is litecoin performing in 2021?
In the past three years, litecoin has seen a tremendous rise in value. It went from about $0.09 to over $350 at its peak in December 2017. Since then, it’s been relatively quiet. According to Bitcoin news, the popularity of cryptocurrencies is ever-growing, and there could be significant rises again for many coins, including litecoin, but bitcoin will likely remain on top.
With the growing popularity of cryptocurrencies and litecoin in particular, we believe there will be significant rises again for many coins, including litecoin. However, bitcoin will likely remain on top. Litecoin is one of the most stable cryptocurrencies out there, with almost zero volatility, making it a great investment option compared to other crypto assets.
The price may have been declining recently, but if you look at the big picture, things don’t seem too bad: Litecoin was still trading up over 30 times from 2013 until now which means that long-term investors could see some significant returns.
What are some differences between Litecoins and Bitcoins?
Although bitcoins have become more widely used, litecoins provide faster transaction confirmations (around two minutes).
The average block mining time can go up or down depending on how fast blocks are being mined but generally speaking, it takes about four times as long to mine a bitcoin block than a Litecoin block, meaning you get fewer “free” coins.
The average block mining time can go up or down depending on how fast blocks are being mined but generally speaking, it takes about four times as long to mine a bitcoin block than a Litecoin block, meaning you get fewer “free” coins.
Conclusion
There are many reasons to be bullish on litecoins. There is a lot of room for upward movement, and it has excellent potential as bitcoin continues its gradual decline in value. The price may have been going down, but if you look at the big picture, things don’t look so bad: litecoin was still trading up over 30 times from 2013 until now which means that long-term investors could see some serious returns.