What Does The Future Hold For Litecoin?
If Bitcoin is the gold standard currency in the field of cryptocurrencies, Litecoin can definitely aspire to be silver. This currency has many advantages, such as the fact that it is completely decentralised, and provides peer to peer transfers at practically zero cost. Created by Charles Lee and released in 2011, Litecoin was actually intended as an improvement on Bitcoin, however. Whether you believe it to be better than Bitcoin or more of a handy backup option to Bitcoin, there is no denying that Litecoin’s future looks very promising indeed.
Future projections for the value of Litecoin
Throughout 2017, Litecoin’s value rose by a whopping 8, 000%. If it continues this upward trend, it is likely that Litecoin will continue to be a strong competitor for Bitcoin, even though Bitcoin will remain the default option for cryptocurrency users and will continue to take up most space in news items about cryptocurrencies. Though Litecoin started to 2018 at a price of over £217 it then fell by February 2018 to just over £87. This slump was a common trend with cryptocurrencies, however, and it is important to bear in mind that at the start of 2017 one Litecoin was valued at just $4.33 which is around £3 so this currency has seen massive overall growth. Bitcoin, Ethereum and other key players in the cryptocurrency sector experienced a similar slump. In the near future, then, the fortunes of Litecoin are likely to be characterised by a series of troughs and peaks but by an overall increase in value.
Will traders continue to purchase Litecoin?
The short answer is: yes. Even traders who are extremely loyal to Bitcoin will often purchase Litecoin. Litecoin are very quick to mine (taking around 2.5 minutes each) which is one reason why they are popular, particularly on fast moving markets. However, one disadvantage is that it is more difficult to purchase Litecoin than it is to purchase Bitcoin (which can usually be purchased using a major denomination of centralised currency such as pounds sterling or US dollars). The easiest way to purchase Litecoin is by using Bitcoin, and this looks likely to remain to be the case for the foreseeable future. That means that Litecoin’s success is highly dependant on the success of Bitcoin, indeed we can describe the future of Litecoin as being somewhat parasitic on the future of Bitcoin.
In sum: the future of Litecoin
Litecoin continues being the ‘second sibling’ to Bitcoin. But, it is a very strong second sibling, growing in value (despite a few ups and downs) which will continue to attract traders and investors who are seduced by its quick time frames or who are simply seeking to diversify their portfolio and branch out from Bitcoin from time to time.