We cannot talk about Bitcoin as a crypto alternative without mentioning Lite coin was a direct i=Bitcoin first started the crypto phenomenon in 2009. Bitcoin was the first crypto created by the mysterious figure Satoshi Nakamoto. In only ten years, we witnessed one of the most significant expansions of market value in history. The success of Bitcoin as well as his revolutionizing blockchain technology, was one of the main inspirations for other developers to create their own cryptocurrencies. Bitcoin directly inspired currencies like Litecoin.
The Modern State of the Crypto World and Litecoin
Nevertheless, today, most cryptocurrencies are perfectly integrated into our world. Many of them are used for purchasing items such as vehicles and clothing or used on online gambling platforms like casinos or betting sites. However, they are still considered fragile assets, and there are traditional sites that haven’t integrated them yet.
For example, Novibet Sports, a high-tech modern online betting site, only accepts traditional payment methods. Regardless cryptocurrencies as a payment method are still being integrated. In this list, we will present the greatest underrated crypto alternatives.
Like many other cryptocurrencies, Litecoin has real-life use. It can be used as a store of value or a peer-to-peer transaction between individuals. Although for much of its timeline, Litecoin was undervalued, it still managed to have steady growth reaching a market cap of 5 billion.
Origins of Litecoin(LTC)
Litecoin was first introduced by Charles Lee in 2011. Charles’s first intention was to develop a fork for Bitcoin, but essentially, his project grew into Litecoin. Litecoin is now its own separate currency. In the early years of crypto, Litecoin was considered a strong competitor of Bitcoin. Litecoin is considered one of the bitcoins first rivals.
The Origins of Litecoin are linked with Bitcoin’s open source, but Litecoin has its own unique modifications. According to Charles Lee, Litecoin was, in a way, a reaction to Bitcoin, and because of that, Litecoin has many similar features as Bitcoin, but Charles Lee’s goal was to upgrade Bitcoin’s shortcomings by improving the system generally.
Litecoin also shares the same philosophy as Bitcoin, focusing on the decentralization of finance as an alternative modern fiat central banking system.
Litecoin Technology and Future
Litecoin tech is decentralized. Litecoin coins can only be 84 million tokens. New LTC can be released by a process called mining. The Mining process is programmed in a way that every 2 minutes, a new block is produced in the blockchain system, and the mining process verifies it. There are rewards for mining Litecoin; the first miner to verify the block gains 12 Litecoin, which encourages future miners, but the rewards are reduced with time to prevent inflation. Similar to Bitcoin, Litecoin
also has a system of proof algorithms. The system is used for Litecoin to secure their networks. PwP is programmed in a way that allows one party to verify the transactions of all parties involved, but unlike Bitcoin, the Litecoin version uses fewer resources in the Scrypt PoW algorithm.
There have been upgrades that have enhanced Litecoin’s performance today Litecoin is one of the most traded cryptocurrencies, and for that, we can safely assume it has a bright future if the global market circumcircles improve.