The crazy world of cryptocurrency is back. This time around, Litecoin (think the silver to Bitcoin’s gold) made headlines.
Litecoin price has risen after several successful developments this year. But it’s been doing particularly well lately. Here’s a graph from the past week:
Source: www.worldcoinindex.com
You can see why we are excited about crypto here at Money Morning.
Why does the Litecoin price result in a fee?
Litecoin’s was launched in 2011 and is designed to be very similar to Bitcoin. The main benefit back then was that transactions were processed faster. Since then, the two cryptos have continued to change and diverge as each has gone through multiple updates.
At the moment, litecoin has outperformed Bitcoin, at least for the time being. The bitcoin community has been struggling lately to agree on the direction. The most important decision was the adoption of Segregated Witness, colloquially known as SegWit. Litecoin completed the rollout of SegWit in early May this year.
SegWit is basically a code optimization at face value. Now I don’t have a deep understanding of programming so I’ll try to keep this as simple as possible for you and me.
SegWit frees up space for transaction blocks so that more transactions can be recorded. Think of it this way: if every transaction were handwritten, SegWit would mean we wouldn’t have to write down as much as we did before so we could fit more records on a single page. This makes the system leaner and faster.
SegWit is far more detailed than this, but hopefully this will help you understand why it’s a benefit. The bottom line is, Litecoin has it, Bitcoin doesn’t – not yet.
It is important, however, that SegWit enables a blockchain to use the Lightning network. To simplify matters, the Lightning Network will improve transaction speed and block volume. We are an impatient society; We want things to be done quickly and safely.
Charlie Lee, the inventor of Litecoin, announced shortly after the launch of SegWit that Litecoin would implement the Lightning network. Another strong win for Litecoin that should ensure a bright future.
Charlie Lee had worked as an engineer for Coinbase, a crypto exchange agency. But in June, Lee decided to quit that job to work full time with Litecoin. This is another major difference between Litecoin and Bitcoin. Bitcoin’s creator, Satoshi Nakamoto – who may not even be her real name – never showed up. While Lee was and remains the figurehead for Litecoin. Lee’s influence was critical to litecoin’s success. Its role in enabling SegWit and the Lightning Network was critical.
What’s next for Litecoin?
Litecoin’s future looks bright as it continues to outperform Bitcoin in terms of performance. We will monitor your progress closely and keep you informed. It’s hard to know exactly where these digital coins are going to end up. There are just too many strangers when it comes to something this new.
But like all cryptos, litecoin is currently enjoying the success of a thriving market. It’s fleeting as hell, but they’re still making up ground. We believe this is one of the most exciting opportunities for investors right now. The problem is knowing how to navigate the minefield of winners and losers.
It is for this reason that Sam Volkering has released his new Secret Crypto Network service. In it you will find important information about investing in cryptocurrencies and the best recommendations from Sam himself. He has learned everything about the crypto markets for years. So, if you want to learn how to start investing, check out this new service today.
Greetings,
Ryan Clarkson-Ledward,
Junior Analyst, Money Tomorrow
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