If you are already interested in cryptocurrency trading network, you`ve probably heard about this high ranked internet currency (no.4 on the list) which had joined the sphere back in 2011, and was previously developed by former Google engineer Charlie Lee. It is no wonder its ranking is so high up the ladder, as its rising percentage stood last December at 7,290% in comparison to BTC`s rise of 1,730%.
So what makes Litecoin one of the stand out crypto trading participants?
It`s About Velocity
The most affecting parameter of Litecoin`s success relies on the speed of transaction closure element. If you take no.1 on the list, Bitcoin, you can detect that the amount of time it takes to perform a trading transaction circuits around 10 minutes of time. But, with Litecoin it takes approximately 2.5 minutes, a staggering given if you think about it. We live in fast times, so you can probably appreciate this motivating factor as one to make Litecoin a preferable cryptocurrency platform of choice. Why is there such a difference between transaction response durations? Well, as Bitcoin was the first original cryptocurrency introduced to the digital trading arena, its original programming code wasn`t designated to technically cope with the buy/sell frenzy it has evolved to. Litecion was gradually designed to improve and shorten transaction duration based on upgraded hardware and more advanced mathematical algorithms.
A Competitive Factor or a Complementing Contender?
Another attraction Litecoin presents to potential and ongoing investors is the fact that its ICO issued 84 million in total currency amount, as opposed to Bitcoin`s 21 million. This results a more appealing relation to investing in Litecoin, as the larger number of tokens enables a lower purchase rate. This fact motivates low risk investors to buy it for smaller valued proprietaries.
The cryptocurrency industry often addresses Litecoin as a lightweight token against Bitcoin for example. But the situation is that it’s not really a competition between the two, but a more complementing relativity. While consumers utilize Bitcoin for large scale purchases such a real estate or vehicles, others can utilize Litecoin to engage in less substantial deals. It is a great opportunity for those who struggle with Bitcoin`s high buying rate, to use this strong market alternative.
Another Addition to Coinbase
Following Coinbase`s addition of Litecoin to the big league by making it a valid member of this brokerage site, there was no doubt it will affect a stronger impact on the digital trading network. Last December educated investors that this light weight contender is actually a heavy weight one, with over 10,000% soar during the year of 2017.
Furthermore, Lee, Litecoin`s original founder is also a former director of Coinbase itself, had explained that the mining process of this currency is effectively more profitable, due to the technological infrastructure on which it is designed.
All of the above are only a few elements which make Litecoin a promising token to lay your hands on, and as months go by and its market capital continues to rise, there is no better deal to get in to right now.