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Litecoin: My Thoughts

One of the oldest alternate crypto currencies that is floating around is Litecoin. Most people that get involved with Bitcoin have heard of this, as it has been around for quite a while. The real difference between the two currencies is that Litecoin is created at four times the rate and amount as Bitcoin, but there is also the fact that it is designed to be ASIC proof (which it has been holding its own for quite a while). The majority of new alternate currencies that have been created are based on the Litecoin code, working towards the same goals it was. But where is the Litecoin going?

Sadly, there just has not been enough going on with Litecoin. Many others have things going for them that are outside the mining and trading scene. Primecoin, for example, helps generate prime numbers for science. Curecoin is designed to help with unraveling DNA strands. Devcoin is designed to help out developers and writers. Each of these has their own benefits that go above and beyond the mining and trading game. Sadly, Litecoin does not offer anything that Bitcoin and others do not offer already. Even worse is the fact that the project is just not pushed out and marketed as much as it needs to be in order to make it a truly viable currency.

I want to take a minute to say that I am not against Litecoin at all. It was actually the second currency I learned about as well, and I am not putting it down. It has also been going up in value as of lately, although I have been having issues trying to figure out why this is happening. Were it to offer any tangible benefit, I could see its value. But right now the only thing it is really offering is the fact that it has been here a long time. As a great example of another similar coin that beats it, we have Worldcoin. It has a faster transaction time, making it much more viable as a sales system. Litecoin, despite being faster than Bitcoin, can still take a while to get a transaction through and verified with, and when selling items and paying for things in the stores, this is just not something we want to deal with as consumers.

The main thing that Litecoin could use right now to really skyrocket its value is to do some serious marketing pushes. As it is, the coin is pretty much just alive because of its age. With all of the new coins that are being released all the time, plus the few that have been super successful, it is hard to tell whether Litecoin is going to continue to stay around in its current state. It would not take much to make it completely worthless (or near it), but it could also use marketing to boost its value considerably. I am really looking forward to seeing what happens with the coin, and as one of the coin holders myself, I am hoping that it all ends up going well. We did see the value drop quite a bit as Bitcoin shot up in value recently, but it has been getting caught up slowly but surely. The only question that remains now is “up or down?”

Litecoin


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