Litecoin: Can it Outperform Bitcoin?

Picture this, you hear about an investment opportunity, but you decide to dismiss it because you have never heard anything about it before. It seems like it isn’t worth your time, so you forget about it. A few years later, you hear about people suddenly being worth hundreds of thousands, or even millions, because of the investment opportunity you missed. Does this sound familiar?

Of course, it does. That is the story of Bitcoin and how most of those who heard about it in its initial offering dismissed it as unimportant. Now it is one of the most powerful and influential forms of cryptocurrency, which everyone now wants a piece of.

In recent years, the world of cryptocurrency and the cryptocurrency market has been broader than before, with more people investing, creating, and performing transactions on the network run through the use of Blockchain technology.

The code for Bitcoin is open source, so they can create many alternative coins or ‘altcoins’ by using this. However, no altcoin has performed as well as Bitcoin has. It begs the question, can anyone ever rise to surpass Bitcoin, or have we missed a once-in-a-lifetime opportunity?

What is Litecoin?

They created Litecoin as one of the altcoins with the use of Bitcoin‘s code. However, they’ve made several modifications or alterations to this coin. They’ve decentralized it like other forms of cryptocurrency on the Blockchain network. It means that no one is central to the cryptocurrency, so a single entity cannot manipulate it.

A Brief History of Litecoin

In October of 2021, a graduate of the Institute of Technology in Massachusetts, Charles Lee, created Litecoin. According to him, Charles Lee had only been fiddling around with the coinbase of Bitcoin, and he made the altcoin.

Charles Lee invented the Scrypt Proof of Work Algorithm. It is the algorithm with which Litecoin is on. They also created this algorithm to prevent large-scale attacks and prevent custom-built hardware attacks as well.

What is the Future of Litecoin?

The Bitcoin price at this point is a close rival to something as precious as gold. Can Litecoin do the same?

Litecoin is well known for its speed and ease when it comes to handling transactions. It means that it can never really go out of the public eye because one of the essential things that adds value to an altcoin or any cryptocurrency is its utility. As a result of its high utility, it is not a bad idea to buy Litecoin.

Market analysts predict that Litecoin, which has a current market price of about $180, will reach a high of $300 by 2022.

Litecoin as an Investment

In 2021, an investment in Litecoin may not be as beneficial as it would have been when this altcoin started in 2011. Even though it may have been ahead of its time in the earlier years, the introduction of innovations to the cryptocurrency market has made its use more normal.

In simpler terms, there are now many new coins that do the same thing that Litecoin did in the case of Bitcoin. So if the reason you want to buy Litecoin is because of the benefits, there may be a few newer options that provide what you need with even more specificity.

Although, if the reason for your investment is because of its possible future value, then Litecoin is an excellent bargain.

Litecoin Versus Bitcoin

Bitcoin had and will most likely continue to be the face of the cryptocurrency market. However, for those looking to invest in cryptocurrency, it may seem like this coin is too out of reach. Litecoin, however, was created to sort of be the sequel to Bitcoin. It is like a more improved version which is a lot cheaper but comes with added security advantages.

Conclusion

Litecoin did what it was supposed to. Its ease in transactions and fixing some of Bitcoin‘s shortcomings are among the best reasons to buy Litecoin today. Although there may be an oversaturation of the cryptocurrency market today, Litecoin has proven that it will be able to stand the test of time, at least for the foreseeable future.