Today Aug 31 started excellent for all Litecoin portfolio holders, as the “Silver Coin” reached another record breaking all-time high of $65.88 with a market cap of $3.389 billion and $336 million trading volume in only 24 hours – Based on Coinmarketcap.
Found by Charlie Lee, former employee of Google – Similar like its rival and Gold-counterpart Bitcoin, LTC uses blockchain technology to get transactions complete. However like Silver it is easier to use and its purpose is to “get things done” in a faster and cheaper rat.
Ash Whitener – well known virtual currency expert and enthusiast added his point of view towards Litecoin (LTC):
“Litecoin is a very well-known and trustworthy coin and blockchain. It’s currently much faster and cheaper to send than bitcoin. Unfortunately, litecoin isn’t accepted at nearly as many places as bitcoin and it’s not as liquid,” he said.
The use at ease of Litecoin will come at place and understood with the crypto-mainstream phase taking position as the interest in digital currencies is growing. Keeping in mind that with Bitcoin price growing it is more difficult to start with BTC as its more expensive so for safer trading many will diversify their portfolio to more affordable cryptocurrencies.
“Bitcoin will always be the gold standard because bitcoin will have the strongest network, the most secure, the most money mining it. Litecoin will be second to that and bitcoin being the most secure will obviously cost more … Litecoin transaction will cost less. So Litecoin will provide a niche where it will be more used for payment whereas bitcoin will be more used for storing.”
According to Whitener, in general at least all top-cryptocurrencies are benefiting in demand and price because of the latest in-global scale increase of interest in virtual currencies.
“Remember, the crypto tech is still very new and monetary coins like bitcoin, litecoin, and dash are competing against each other. No one knows which will reach mass adoption, but all have their distinct advantages.”
A recent bump to the price gave the could-come true regulations especially in Asia. South Korea official are drafting out legitimization on how to regulate cryptocurrencies.
“It will give people a safer feeling about the new form of money. Regulation will allow cryptocurrencies to become accepted in the mainstream financial system of banks, brokerages, ETFs, and exchanges. Its risk will be lessened when everyone knows the rules of engagement.”
While it sounds all good and a read-go investing plan, there is plenty of room for the risk factor.
“Consumers need to be aware that this is a very frothy market. The majority of the price value in cryptocurrencies is based on future hopes and speculation.”
“Anything that rises so much has plenty of room to crash back down.”
But with the latest improvements in blockchain tech and network for longer term investors, Litecoin could be a choice to consider.
One of them, as explained in a previous writing related to Litecoin – is the Lightning Network 0.3 that supports the so called “atomic swaps” that allows a user directly to trade and get cross-chain swaps done instantly. This is going to support Litecoin and Bitcoin as per/initiation but altcoins will be joining too. Trading without a third-trusted party to work as a fund-holder will be much cheaper and faster.
“My vision is that with Lightning network … you wouldn’t need to hold all these coins, you could just hold all your money in bitcoin or litecoin, and if there is an application that requires ether or some other token, you can easily … convert it on the fly to the token that you need,” Lee said.
So, do your analyzing and invest only the money you can afford to lose and risk as the crypto-community is looking better than ever.