Why Litecoin Is Considered the Silver to Bitcoin’s Gold

There are many crypto-coins out in the world today that compete to dominate the market but one coin stands out because its vision is to work side-by-side with Bitcoin.

Litecoin is considered the silver to Bitcoin’s gold because it uses much of the same code as Bitcoin’s blockchain but remains itself a separate chain.

What sets Litecoin apart from Bitcoin is that it currently works on a cheaper and faster scale, with Litecoin’s transactions currently being processed 4x faster than Bitcoin’s.

Launched in 2011, Litecoin was created by former Google computer engineer Charlie Lee. Using Bitcoin’s blockchain, Lee often jokes on interviews that he created Litecoin simply for “fun” and that it’s the “light” version of the giant that is Bitcoin.

Fast forward to today, Litecoin now sits comfortably as one of the top ten biggest cryptocurrencies by market cap, hovering around the $1.8 billion mark. Pretty amazing for something that was created just for fun, right?

Dubbing itself as the money for the Internet age, Litecoin is the cryptocurrency that was made to be used especially for payments.

Litecoin’s mission is to be a “peer-to-peer Internet currency that enables instant, near-zero cost payments around the world”. It is also guided by its vision to complement Bitcoin to solve the world’s growing digital payment needs.

At present, Litecoin ranks 7th in the world’s biggest cryptocurrencies and is priced around Php 1600 as of writing.

DISCLAIMER:

We are not an investment advisor, and this post is for educational purposes only. Any information contained in this blog is not meant to be taken as financial advice.