Cryptocurrency of Litecoin
Which cryptocurrencies will be Facebook,Google, Apple of the crypto world? Because of the depth and complexity of the crypto world, it is not easy to answer this question. In addition to the investment objective, I am looking for the answer to this question to get to know the blockchain universe and satisfy my intellectual curiosity.
I tried to evaluate Bitcoin comprehensively in my previous post. You can reach the post containing my reviews on Bitcoin from here.
I would like to analyse litecoin, the seven most valuable cryptocurrency in my article today. lite is the name of the crypto money of the litecoin. However, since crypto is listed as "litecoin" in the exchanges, I used the name "litecoin" in order not to create confusion.
Litecoin is an open-source, blockchain-based operating system designed to create smart contracts.
Lite was introduced by cryptocurrency researcher. The system was launched on 15 Jan 2013 with the sale of 840 million coins.
It is an interesting choice to give the name of Lite, a volatile gas for a Crypto money, on a monetary issue where trust is essential. Buterin said that he chose this name because the environment in which light is moving is called as "Lite" and because it sounds pleasant.
Comparison of Bitcoin
Average transaction amounts with Bitcoin are approximately 500 times higher than Litecoin.
A block is created every 8 minutes in Bitcoin, and a block is created every 1 second in Litecoin.
Transaction fees are determined according to the amount of calculation required by the transaction, bandwidth usage and storage requirements in Litecoin, and Bitcoin transactions are determined according to the transaction size in bytes.
If we consider the blockchain as a new Internet, Bitcoin and the other cryptocurrencies with the purpose of money transfer can be compared with e-mail. Litecoin is a platform to develop features for different purposes on the blockchain.
Besides being a subject of trade, such as other cryptos, Ethereum is used to pay the fees for transactions made by application developers on the Litecoin network.
Investing In Litecoin?
Could Litecoin be Google, Facebook, Apple of crypto World? I don't know the world of crypto well enough to answer this question, but my research shows that it is one of the most serious candidates. Someone can argue that it already has been.
Being the first in the world of technology does not always provide lasting success. Google was not the first search engine; Facebook was not the first social media platform, Apple was not the first company to produce personal computers. Followers have the advantage of learning from the difficulties experienced by the early developers of technology.
The following table shows the development of Litecoin prices over the years compared to Bitcoin.
Other than the first year of release, we see that Litecoin is always performing better than Bitcoin. Time will show if this relative performance advantage will continue.
Is the current Litecoin price eligible to invest? To answer this question, I demonstrated daily prices on a chart from 7 August 2016, the day Ethereum was traded first, to yesterday, and I added a trend line to the chart on the Excel.
The average of the value over time can give us an idea of the "real" value of an asset. In this context, when I examine the chart and the trend line I created on it, I have predicted that the "expected" price of Litecoin is for yesterday was USD 90 and "expected" price for the year-end is USD 237.
According to the "expected" price of Litecoin today is USD 86 and the expected price for the end of the year is 412 USD.
I can't say that Litecoin is the "best" crypto to invest in, but it seems to be a good investment alternative.
I'm neither an investment nor a crypto expert, so the information I share here should not be considered as investment advice.
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