Litecoin is a well-know cryptocurrency, often called the “Silver Coin” to Bitcoin’s “gold status”, that has suffered long and hard during the 2018 cryptocurrency bear market. Litecoin is ranked 7th by marketcap, which is currently $2,591,727,729 and is recognized as a “blue-chip” cryptocurrency present on Coinbase, Binance, Bittrex and most other exchanges. It was created by Charlie Lee of Google in 2011 and has a history of high performance and adoption. Falling from its all time high of around $350 to $42, it offers investors the chance to buy low now and secure cryptocurrency value for the future.
Litecoin has seen it’s price decrease precipitously, and lost approximately 85% of its value since 2018. Litecoin was once considered to be a more stable cryptocurrency, and was created to be a cheap and efficient medium of exchange. The SegWit wallet and transfer system, as explained here helped make transactions for Bitcoin and Litecoin faster and cheaper. Widespread support for SegWit has helped to bolster Litecoin as a true blue-chip cryptocurrency.
As a medium of exchange, Litecoin excels. It is faster and cheaper to send than Bitcoin and people can afford to buy a full coin. A sum of $62 million was transferred into a Litecoin wallet with a total transaction cost of $0.5. The ability for users to buy a full coin for less than $50 is a psychological driver for many. Why buy a tiny fraction of a Bitcoin when I can own a full “share” of the Litecoin cryptocurrency. What does the future hold for Litecoin? The Lightning Network and the excellent reputation under Charlie Lee’s leadership.
The Lightning Network is the most exciting driver of Litecoin’s price. A great article describing how Litecoin will drive the Lightning Network can be found here: https://cryptobriefing.com/litecoin-not-bitcoin-will-drive-the-lightning-network/# In essence, Litecoin will be used as the “ultimate personal decentralized exchange”, and can then compete with any coin on the market. In reality, the use of the Lightning Network will make Bitcoin and Litecoin come closer to their whitepaper descriptions. This alone makes Litecoin a buy.
Overall, this is the time to purchase Litecoin. It remains undervalued and is a real store of value and method of exchange under the guidance of a great CEO.