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Digital Currency: Is 2014 the year of Litecoin?

By admin
Jan 8th, 2014

Paul Krugman once said that, “Bitcoin might be a bubble.” However, the digital currency has done fairly well in 2013 considering its current value i.e. $839.99. For the most part of the year, Bitcoin maintained a steady value of $950 making it one of the hottest areas to invest. The valuation graph of Bitcoin is nothing less than an astonishing piece of work. It started at a modest price of $13 and went up to $1,250 to create huge ripples in the money world. Bitcoin has been facing a lot resistance from government authorities who have been trying to restrict its global usage.

For those who couldn’t get rich with Bitcoin, Litecoin is presenting yet another opportunity as an alternate digital currency. Litecoin was launched in 2011 and the industry experts have ever since considered it as the next biggest digital currency. Litecoin is promising the same fortune to its investors as Bitcoin once did.

Is the Litecoin more deficient than the Bitcoin?!

Some of the financial speculations have even considered Litecoin as an efficient version of Bitcoins. Several financial experts have emphasized over the excellent security features and quicker transaction time offered by Litecoin. All of these factors together are promising an excellent year for Litecoin.

What should be your expectations from Litecoin in 2014?

Bitcoin and Litecoin share a similar event tree and one might have witnessed the same, if these digital currencies had their Facebook timelines. At the time of its launch, Bitcoin was trading at $24. With respect to the history of Bitcoin, Litecoin has been doing fairly well and it might follow a similar trend in the upcoming months.

When compared with Bitcoin, Litecoin is referred as the “silver of digital currency” against the gold tag enjoyed by the Bitcoin. However, there are some specific features offered by Litecoin, which makes it potential option against all other crypto-currencies.

Important features of Litecoin

  • 4x quicker than Bitcoin: Litecoin transactions are four-times quicker than Bitcoin and offer a quick confirmation.
  • Higher security: Some experts and security professionals are considering Litecoin as the more secure version of digital currency. It has outgrown the security features offered by Bitcoin. 
  • 84 million litecoins against 21 million bitcoins: It is possible to create up to 84 million litecoins as compared to 21 million bitcoins. According to the statistics, nearly 23 million litecoins have already been mined.

In addition to the current value of digital currencies, investors have been drawn by the development in mining technologies and associated hardware systems. The past few months have witnessed an excessive demand for GPUs and ASICs used to create Litecoin and Bitcoin. One of the leading high-end system manufacturers, Alpha Technology, has announced pre-order availability for their latest ASIC for creating Litecoin.

Litecoin an emerging cryptocoin in the global market

Litecoin has laid a positive impact on investors from all around the world. Several online retailers including names like GoCoin have already added Litecoin as a payment method for online purchases. The credit for this overwhelming response can be given to the huge success of Bitcoin. We can only bet on the future to accept Litecoin as a digital currency and an emerging power in the global money market.

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