Litecoin is not the only alternative these days

By Bala | Bala | 28 Nov 2023

Once upon a time when Bitcoin was the only coin, there was no other alternative and the first alternative that came into existence was Litecoin. Back then Bitcoin was compared to Gold and Litecoin was compared to silver. This is no longer the case. Maybe we can say that Bitcoin is still Gold but Litecoin is no longer compared to Silver because there are so many other alternative coins available in the crypto world right now.

Use case is one of the biggest things right now. Many people think that it is important to have enough use cases for a coin. The use case can be in the form of a financial betterment or a utility that is highly required. These days people see use cases as one of the important criteria to make their investments. As we have so many other alternative coins available in the market right now, the one with the best use case wins the market.


Litecoin still has its place

It is true that there is a huge community behind Litecoin like how people still prefer to purchase and hold Bitcoin. One of the biggest advantages that both Litecoin and Bitcoin have is the limited supply. These days there are also many cryptocurrencies that have unlimited supply and the supply keeps increasing every year. Unlike these unlimited coins, Litecoin has a limited supply and that's one of the biggest reasons why there is a huge demand for Litecoin.

As it is one of the earliest cryptocurrencies that is faster in transactions and good to use, people will still prefer to hold Litecoin and maybe they might even inherit Litecoin to the next generations. I already see many people giving away Bitcoin as gifts to their children and grandchildren during special occasions. Gold and Silver used to be gifted back then and still being a practice but it was good to see Bitcoin and Litecoin being gifted to the grandchildren.


Decentralization is the advantage here

Decentralization plays a significant role here. We cannot say for sure that one chain would be most welcome and the other would not become popular because these are all decentralized and there is a high chance that someone would come up with a great feature on top of Litecoin and make it popular. Today the alternative chains that are popular in the market are the ones with some unique features and better for the developers. This can happen to Litecoin at a later stage too. Suddenly there can be a group of people coming from nowhere trying to pump the price of Litecoin. This has happened to many native coins in the past. This can be a genuine pump of a game done by some major holders.

I personally think that there are several other blockchains available and at the same time it is not harmful to have a decent holding on Litecoin too. It can be considered a sleeping giant that can wake up at any time and surprise us.

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