Litecoin is one of the oldest cryptocurrencies. Often compared to cryptocurrency money and Bitcoin to gold, Litecoin continues to appeal to investors and here’s why.
Litecoin was developed by Charlie Lee, a former employee of Google. The code for Litecoin is an alteration of the code for Bitcoin. The maximum amount of Bitcoin is 84,000,000. Each unit can be divided by 8. The Litecoin network was launched on October 13, 2011. At that time, only eight altcoins existed: Namecoin, Ixcoin, I0coin, Solidcoin V1 & V2, GeistGeld , Tenebrix and Fairbrix. All but Namecoin were forks of Bitcoin. In other words, projects that take up the source code of Bitcoin and propose slight changes in the operation of the protocol.
Litecoin benefited from a ‘little brother of Bitcoin’ image and Charlie Lee’s influence on social media. Thanks to this, the project has been able to unite a community that believes in its potential and appreciation of its price over the long term. Before 2014, the vast majority of altcoins had one goal: to replicate the success of Bitcoin by trying, for example, to change the average time needed to validate a new block or simply the transaction fees. Most of his projects have not been successful and many have disappeared. Yet Litecoin is still there. Why?
Litecoin is one of the assets that has a positive image and has managed to unite a community. Gradually, Litecoin was added to several payment platforms. Today, Litecoin is mainly working on increasing its scalability. The arrival of debates around the adoption of cryptocurrencies as a reserve value and payment value has awakened investors' appetite for projects like Litecoin.
Although the project is well positioned to fulfill this role, it faces many newer competitors who are very successful. Litecoin will always remain a second-tier asset in the shadow of Bitcoin. Recently, Bloomberg has rumored that Litecoin ETFs could be launched in the year 2025. If this proves to be concrete, the trend of adoption of its products will be closely monitored to see whether investors are still optimistic about the future of Litecoin.
