Hackernoon logoWhy Litecoin Is Rising?! by@mahyardean

Why Litecoin Is Rising?!

Author profile picture

@mahyardeanMahyar Dean

People ask why Litecoin is rising it was about 60$ a few weeks ago! thatโ€™s a good question. First of all you should know that Litecoin is the first altcoin which was created on October 7, 2011 by Charlie Lee, a former google employee. Its very similar to Bitcoin and actually its a fork of Bitcoin but faster due to its 2.5 minutes of processing each block when it takes 10 minutes for Bitcoin. it has a proof of work algorithm meaning that you can mine it but mining devices for Litecoin are different comparing to bitcoin!
In 2017,the first Lightning Network transaction was completed through Litecoin, transferring 0.00000001 LTC from Zรผrich to San Francisco in under one second which is a big thing.

With wall street entering to Bitcoin realm lots of people started to invest on it and took the price up very fast but at the same time brought up 2 major problems of Bitcoin; high fees and very long time confirmation process. so lots of new comers were looking for a faster way and Litecoin seemed like a decent alternative. Its on coinbase and lots of other exchanges and you can trade with that and if you ask any experienced trader they tell you that Bitcoin is gold and Litecoin is silver so when gold becomes very expensive in a short time, sooner or later silver should follow specially when the silver is faster and has lower transaction fees!

From other hand Charlie Lee is a respected man in cryptocurrency world and his activities in social media and crypto world draws attention to Litecoin which I think it deserve that.

in the end I think new comers have a important role in the market now. they act different and when find a coin in the green and heard about it a little, They jump on the wagon! day by day more people are coming into crypto world but we are still in the early stage of mass adoption. So if this continues some of the good coins specially the big ones like Litecoin will skyrocket!

Tags

Join Hacker Noon

Create your free account to unlock your custom reading experience.