After a rather tumultuous start to the week, the cryptocurrency markets seem to have stabilized, and Litecoin is trading around $150 USD as of this writing. Litecoin is quickly becoming the silver standard of cryptocurrency for a number of reasons, including its lightning fast transaction speed and stability.
Litecoin has heavy competition, including the also wildly popular cryptocurrency, Ethereum, which was co-founded by Vitalik Buterin. While Ethereum is currently and has been frequently the second largest cryptocurrency, Litecoin has been in the top ten and has shown signs of increasing its market presence this year.
Other competitors include:
Ripple (XRP) – another of the largest cryptocurrencies in the market; Ripple boasts that they are able to offer a seamless experience to customers sending money across the globe using blockchain, however it is the subject of intense speculation that it is a ploy for big banks to regain control over the capital markets because it will function as a “centralized blockchain” for interbank payments.
Zcash (ZEC) – this blockchain is based on the Zerocoin protocol, which uses provably secure cryptographic techniques to ensure that the currency cannot be traced. Unlike most blockchain based currencies which have transactions that have histories that are easily viewed (and immutably recorded), Zcash jumbles the history of the currency with similar transactions so as to anonymize them. Its blockchain does not show the public keys of the individuals invovled in a transaction, or transaction sizes, rather, it only notes that a transaction occurred.
In 2014, Litecoin founder Charlie Lee, Litecoin’s founder, shared his five-point vision for Litecoin’s future. That five-point vision included:
- Increase network security
- Boost market capitalization
- Drive exchange liquidity
- Add merchant support
- Watch Litecoin being used as currency
The first three benchmarks have been met, and Litecoin has been getting ever closer to completing the fourth, as well.
After creating an efficient mining system to gain speed and security, Litecoin used branding to solidify their place in the market opposite bitcoin, and was able to leap into the forefront of the market as more merchants began accepting cryptocurrencies due to its speed and the fact that it remains cheaper than bitcoin.
As more and more merchants are allowing cryptocurrencies, more merchant processors have emerged to facilitate these transactions, and Litecoin has made significant inroads as a result. Aliant Payments and BTCPay Server had added support for Litecoin, and it is expected the another, LitePay, will be joining them this month. With more available options for Litecoin, they will most likely see a significant bump in consumer usage across a variety of platforms.
It seems as though Charlie Lee’s projections for the future of his company are going to met even before he imagined they would.
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