Litecoin (LTC) is one of the first ICOs ever to be issued with the exception of Bitcoin BTC that came out back in 2009. Embracing the idea of blockchain technology, and following Bitcoin’s steps, LTC, otherwise known as Bitcoin’s little brother, was issued with the idea to offer everything that BTC lacks in its foundation while keeping all the good stuff from the original crypto.
While Litecoin was doing more than well for seven years already, it established a reputable ranking as the fifth best currency. However, after a massive market dip that sank 0ver 90% of the trading ICOs by nearly and over 80% since their record prices, LTC was overthrown by EOS, being declined to the 7th spot, while Stellar Lumens XLM pushed LTC down by another ranking.
Even though LTC has dropped down to the 7th spot on the list, being traded below 100$, Charlie Lee, the founder of Litecoin foundation is still working on keeping Litecoin among the top 10 cryptos.
What is Litecoin?
Litecoin (LTC) was created back in 2011, making one of the oldest and simultaneously most thoroughly established cryptos in the market. Litecoin was made to represent a currency native to the peer-to-peer blockchain network, which works much like Bitcoin, the original crypto.
However, Litecoin is said to be designed to keep all the great things that Bitcoin has introduced us to, while trying to implement innovations that are focused on creating, so to speak, an improved alternative to BTC. That is how Litecoin actually represents the first fork from Bitcoin, while other forks came along years later.
Forking means creating a different coin from the original blockchain; in this case, creating Litecoin from Bitcoin while integrating changes that would make the fork product Litecoin unique.
Bitcoin and Litecoin are different in many ways, starting from utilizing different protocols and algorithms; however, what might interest you the most that Litecoin does beat Bitcoin in the terms of time taken to generate a new block.
So, while Bitcoin takes 10 minutes to generate a new block, Litecoin takes 2.5 minutes for the same action. This, of course, affects the time needed for each transaction to be processed.
That means that Litecoin is indeed faster than Bitcoin, however, there are numerous currencies that are taking advantage of scalability integrations which as a result has faster processing time for transactions.
Future of Litecoin
While Bitcoin has no CEO or an active or publicly known founder or a dev team in the first place, which makes it a passive blockchain project, Litecoin’s CEO Charlie Lee is actively working on getting Litecoin “out there”, which may positively affect Litecoin in the market in the long run.
Litecoin has as of the most recent events become one of the shareholders in a German bank, as a result of partnering up with Token Pay (TPAY).
As an additional positive outcome from the mentioned partnership, Litecoin is waiting its first crypto debit card that should consequently affect its price in the time to come. However, Litecoin and TPAY have to make things official by purchasing additional shares in the mentioned bank.
In the meanwhile, Charlie Lee is working on further integrations of Litecoin while aiming to bring LTC to a complete mass adoption, by offering small and medium-sized businesses integrations of LTC as one of the payment methods for their business ventures.
While using Pay With Litecoin campaign to invite more business owners to integrate Litecoin, Charlie Lee has also announced that Litecoin can now be purchased and invested in with using Skrill, which is another integral move for further mass adoption and integration of LTC and cryptos in general.
Should I Invest in Litecoin LTC?
It seems that a solid portion of holders has given up on Litecoin since LTC is having a hard time trying to bounce back up above the price of 100$.
However, the most recent integrations, adoptions, partnerships and future developments of Litecoin might as well represent a prelude to what Litecoin might become in the near future while carrying a potential to bounce back off with the issuance of the first Litecoin debit card.
That is how the recent lows of LTC might as well become a solid good investment option, if not a bargain, as one LTC unit can be purchased at around 80$ at the current moment, while its all-time high price went up to the amazing 330$ per one LTC back in December 2017.
Litecoin is available, just like Bitcoin, on almost all major exchange markets, so it can also represent a faster payment alternative to Bitcoin, while with the active dev team and Charlie Lee on the head of Litecoin (LTC, unlike Bitcoin, can be further improved and perfected, while remaining an open-source decentralized ecosystem.