Litecoin has always been a staple of the cryptocurrency market. If you’ve been investing in crypto for more than 2 years, chances are you have a little bit of Litecoin in your Portfolio. Litecoin is simply a digital currency that can be transferred at lightning speeds. No hidden agendas behind that. Almost identical to Bitcoin, but as its title suggests, it’s a little bit lighter.
The founder, Charlie Lee, is praised as a dedicated developer to the project, constantly working to improve the project since its inception in 2011. Litecoin was the first to adopt the Lightning Network and was made famous for decreasing the average block time (compared to Bitcoin) by more than seven minutes.
1. Litecoin is fast
Litecoin processes a block on average in 2.5 minutes. This is 7.5 minutes faster than Bitcoin (about 10 minutes). Litecoin’s speed was an intention by its founder, Charlie Lee. He wanted to make an improved Bitcoin. Bitcoin paved the way for the first ever digital currency but ended up having quite a bulk to its code. Charlie was able to look at Bitcoin with a fresh set of eyes and point out what could be made better. One of the greatest accomplishments was speed.
2. Litecoin- Since 2011
Bitcoin was created in 2009. Two years later, Litecoin was made. It can be considered one of the first successful coins, as many of the top ten coins today come from the last three years. This is a big reputation builder for the coin, as investors know that it has stood the tests of time in this extremely volatile cryptocurrency game. It is actually the oldest coin on the top ten, next to Bitcoin.
3. Litecoin was the first to activate SegWit
Originally intended for Bitcoin, SegWit is a code to expand transaction volume for a coin. Bitcoin was hesitant to activate SegWit, but Litecoin jumped to the opportunity to become the first coin to active SegWit. Although critics say that SegWit has little or no effect on Litecoin, Charlie Lee proposed that it could help Bitcoin see that it is okay to use. Charlie has never wanted direction competition with Bitcoin and hopes his coin can help improve the number one crypto. Eventually, Bitcoin activated SegWit as well.
4. Litecoin is the silver to Bitcoin’s gold
Litecoin was always meant to be a friend of Bitcoin. Although it is almost a duplicate of Bitcoin’s functions and blockchain, the concept was meant to aid Bitcoin in the future, when trillions are invested in it. Bitcoin is a bit bulky in code, which can create some problems making fast, large volume transactions. Litecoin can be viewed almost as a sidechain to Bitcoin; providing relief to the network when there is too much traffic.
5. Litecoin is “boring,” but necessary
Litecoin receives a lot of criticism for not bringing anything very new to the table. Even the founder, Charlie Lee, tweeted “Litecoin is boring and will slowly but surely moon. Have patience.” It’s hard to understand the concept of Litecoin now, but once Bitcoin is being used in more day to day activities, people will be searching for a faster transaction. Litecoin will be their answer.
6. Litecoin is one of three coins available on Coinbase
Coinbase is the most popular exchange in the world, and it only has three coins available for purchase via USD: Bitcoin, Ethereum, and Litecoin. Litecoin finds itself on almost every exchange in the world.
When there are limited resources for an exchange, these three seem to be the bare bones they will put up. The two biggest Brazilian exchanges only allow you to buy Bitcoin and Litecoin.
7. Litecoin is minable
Litecoin is a Proof of Work coin, which means it can be mined. Litecoin provides 25 coins per block, which will be halved every 840,000 blocks. The total number of coins that will be produced in Litecoin’s existence is 84 million, compared to Bitcoin’s 21 million. Because there are more Litecoins, entry costs for a beginner are much cheaper for mining Litecoin, compared to Bitcoin. As of now, anyone connected to the internet and with a desktop computer can mine Litecoin.
8. Large community
Litecoin’s Reddit has almost 50,000 subscribers. Litecoin even has its own wiki. The community has been growing on an upward trend for six years now, and many dedicated users provide a lot of these resources just because they want to see the community and the coin grow. Community members of Litecoin have always been seen as extremely patient and knowledgeable about the coin; which is surprisingly hard to find in the Reddit crypto community. This has to do largely with the fact that nobody views Litecoin as a pump and dump. The price has been very slow, but steadily increasing for years; fewer jumps in price means more solid holders.
9. Charlie Lee
Charlie Lee (AKA “SatoshiLite) is the founder of Litecoin. For years, Litecoin was a part time job for Charlie as he worked for Coinbase. But he recently quit to become Litecoin’s first full-time developer. He is very active on Twitter and helps put a face to the coin. This is very helpful as it humanizes the process for many investors. People love to know who is behind what they are investing, like crypto celebs Vitalik Buterin (Ethereum) and Da Hong Fei (NEO).
10. Litecoin is a testing ground for Bitcoin
Because Litecoin has a much smaller market cap than Bitcoin, and because Charlie Lee strives for Litecoin to be the silver to Bitcoin’s gold, Lee is willing to take risks that Bitcoin is thinking about taking. This is exactly what happened with SegWit. If something terrible happened from the code, there would be far less of a disaster from it happening to Litecoin than from Bitcoin. Even though SegWit was a sure go, that small chance that it could mess up something would be too much for Bitcoin. Bitcoin is the face of cryptocurrency, and all non-believers are waiting on their feet for the “bubble to pop.” Litecoin providing this for Bitcoin allows a mutual alliance between the two giants, and will for sure allow Litecoin to live peacefully in the crypto space far into the future.