October 26, 2021

BlogCoinz

Cryptocurrency and Technology

Coin of the Week: Litecoin

We missed lasts weeks coin of the week, again, due to family tragedy but are here to bring it to you this week. I recently ran a poll and asked you what coin I should write about and the people have chosen Litecoin!

Litecoin was launched on October 13th 2011 by Charlie Lee, a few years after the OG Bitcoin with the goal of being silver to bitcoins gold. Litecoin boasts faster transaction fees and easier accumulation with a higher circulating supply. At the time of inception LTC was worth only a few cents. Today however, the coin is pushing $90.

Litecoin is widely considered Bitcoins testing ground as lots of the great features Bitcoin has were first implemented on Litecoin. Lightning nodes and Segwit for faster transaction fees were widely used on the Litecoin network first.

So, if Litecoin is practically Bitcoin then why bother? Simply put, Litecoin is capable of faster and cheaper transactions than Bitcoin while having most of the same features. The idea is you buy and store Bitcoin and convert to Litecoin when you are ready to actually transact with the world. This tends to work great during periods of high traffic and thus fees on the Bitcoin network. Personally, I’ve always found Bitcoin to be fast enough but at times the fees can be high and converting to Litecoin is a nice way around this.

Another great thing about Litecoin is the communication from its creator Charlie Lee who is typically very transparent about the coins future as well as his holdings into the coin. At its high Charlie sold most of his coins to remain a neutral party. He does however still hold some coins for payment purposes as its one of the currencies he uses. Some people think this was him playing the market in order to gain financially, however, he maintains it is only to stay as neutral as possible while he guides the ship that is Litecoin.

Got a coin you would like us to talk about? Drop us an email at jason@blogcoinz.com