Table of Contents
Launching and History
LiteCoin, just like the Bitcoin is a peer-to-peer digital currency. It was launched late in October 2011 and since then has appreciated in price from about $4.30 early in 2013 to about $64.11, late in 2017. Now, this is almost a %1,500 increase. The Bitcoin, on the other hand, was launched in 2008 and has reached an all-time high of almost $6000.
So before our eyes, based on price, it will take quite some time for LiteCoin to be the next Bitcoin. Nonetheless, with the way we have seen Bitcoin value soar almost like an Eagle, nothing is impossible. With 10,000 Bitcoins, 2Pizzas were purchased shortly after the currency was launched, at the moment that will buy a billionaire’s house.
Demand & Supply Effects
The litecoin has not been in existence as long as the Bitcoin and for digital currencies, time is essential for appreciation in value, popular acceptance and even stability in price. So it very much needs more time to show its true color. With the way Bitcoin took over and still leads the crypto-currency market, it will take some genius for any other digital currency to overtake the Bitcoin in price. But it is not impossible for another to become like it. In fact, recently it is majorly in price alone that the Bitcoin is superior to other digital currencies. For instance, there are 84million LiteCoins in supply( as a maximum), which is four times that of Bitcoin in supply. In addition, payment and transaction with LiteCoin are also four times faster than with Bitcoin, because of better technology. Anyway, because bitcoin is in such a high demand when compared to its supply (available quantity in actual circulation), it remains much more expensive than its competitors. So, strictly speaking, the comparatively few number of Bitcoins in supply, keeps it on top.
Investment / Speculation or Payment Method
The truth is that more of LiteCoin owners are speculators and own it because of its visibly steady and constant increase in price. In other words, they own it because they believe that in months, or years to come, their coins will be much more popularly appreciated, more valuable. Whereas, the actual transactions, purchase of physical commodity including services like shipping, and even the purchase of many other digital currencies are more favored by Bitcoin. And do not forget that this is the real purpose of digital currency to replace fiat money.
Price Comparisons with other Cryptocurrencies
Ranked among the top 5 cryptocurrencies (coin market cap), it is not too far off from becoming the next Bitcoin. We saw how the acceptance of the Bitcoin in such powerful countries as Russia, U.S.A, Japan and even the Republic of China, has exponentially doubled its value. All it takes is for similar acceptance of the LiteCoin, and such acceptance can take place pretty much sooner than later because the quickly growing demand for ownership of digital currency cannot be met by the 21 million Bitcoins in supply alone. Furthermore, there is a possible event of a sharp decline in bitcoin value at any time, something like that occurred when China had some policy crackdown in September 2017.
Related: TOP 10 CRYPTOCURRENCIES LIST
Because of this possibility, many digital currency investors, who prefer to play safe are looking for credible alternatives to bitcoin. And although Etherium is currently the next most promising digital currency, no other steadily growing digital currency among the top 5, is as cheap as LiteCoins are. And certainly, none has a few downs in its growth curve as it also does. Therefore, although it is very far off, a likely question may be, ‘when can LiteCoin be like Bitcoin?’