Litecoin vs Bitcoin: Could Bitcoin be outshined by Litecoin soon?
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Litecoin vs Bitcoin: Could Bitcoin be outshined by Litecoin soon?

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When we talk about cryptocurrencies, it is impossible not to mention the leader in this matter, Bitcoin. Nonetheless, this number one position may be at risk due to a whopping increase in the price of Litecoin.

Although Litecoin is not as consolidated as Bitcoin, this crypto is actually on its way to the top of the list. Let’s recall that Litecoin was founded in 2011, only two years after the well-known Bitcoin was released, but despite this, it currently ranked as the fifth cryptocurrency in value.

During the last year Litecoin has increased its value in a remarkable number of 4119.82 percent, and if we compare that to Bitcoin, it appears as small with only 13.4 percent the last year.

One of the reasons why this cryptocurrency is emerging is because of its simplicity; users find it very practical and easy to use. In fact, the Winklevoss twins recently stated they are considering Litecoin as a new possible allied for a market exchange; and if everything works out well, they would be adding the cryptocurrency to their platform during this year.

At the very moment only Ethereum and Bitcoin are offered on the platform of the Winklevoss brothers, Gemini Exchange, but as one of them said: “…potential tokens for expansion are from the Satoshi Nakamoto family tree – bitcoin, Litecoin”.

Why Litecoin’s popularity?

As all the cryptocurrencies, Litecoin was designed to be decentralized and with the hope of being a faster and more simplified currency; and in this matter, Litecoin is achieving its goal.

The primary key is the time variable; while Bitcoin creates a block of information with data encrypted in about 10 minutes, Litecoin does it in 2 and half minutes; this represents an operation speed of four times faster.

Consequently transaction fees are much lower, and of course, the whole operation process is simpler. Furthermore, the benefits of this cryptocurrency are under the spotlight of multinational companies such as Starbucks and Amazon, who are actually thinking of adopting Litecoin on their sites this year.

Could Litecoin price topple bitcoin?

Litecoin showed a remarkable growth in last year when it passed from having a price of $4.05 to $175.26. On the other hand, Bitcoin has been struggling to stay above $9,000 after dipping below the crucial pricing marker on many occasions lately.

However, neither of them (Bitcoin or Litecoin) are exempt from falling upon the market pressures. Regarding this matter Charlie Lee, who is a former Google employee, stated the market, in general, is very volatile:

“I expect us to have a multi-year bear market like the one we just had where LTC dropped 90% in value ($48 to $4). So if you can’t handle LTC dropping to $20, don’t buy!”

He later explained that he wasn’t asseverating the market was going to drop, but he thinks this is something to be considered since the cryptocurrency market has proved to be a constantly changing one.

Why is the crypto market so volatile?

The uncertainty of crypto-market gets attributed to a lack of supervision, regulation, potential hacking and a sell-off of tokens from the Tokyo Whale.

Subsequently, a crackdown on the crypto-assets is expected for better and more consolidated monitoring, and international standard-setting as the G20 financial leaders reportedly are going to push for that in annual summit being held in Buenos Aires on March 20. And in case of regulations, all the cryptocurrencies probably will be affected (at least at some extent for a while) but as Bitcoin is the big brother of them all; it might get to bear the brunt of the traders and short sellers more.

We will be updating our subscribers as soon as we know more. For the latest on LTC, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of BTC Keychain via Flickr

Bitcoin

AAX Crypto Exchange Announces Massive Growth Numbers in August

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AAX Exchange

As the crypto market continues to surge, new traders continue to enter the market on a daily basis.  One of the first questions that new traders have is where should they trade crypto.  While there are countless options for buying and selling digital assets, traders need to exercise extreme caution and perform due diligence to avoid scam exchanges as well as places that have limited or no volume.  While the main platforms such as Coinbase, Binance, and Bittrex will always have significant volume, their fees are known to be on the expensive side.  AAX, a next-generation cryptocurrency exchange with the lowest futures fees in the world, represents a compelling alternative that traders should consider.

Growth Announcement

A few of the most important issues to consider when deciding whether to use an exchange are the number of users and the volume.  On August 7, AAX announced that in a little over two weeks, the exchange doubled its user base bringing the grand total of registered users to over 200,000.  At this rate, AAX may surpass the million mark later this year which would be an incredible achievement and is most certainly due to a variety of factors including extremely low fees and revolutionary technology.

Institutional-Grade Exchange

When AAX decided to build its platform, it set out to meet the demands of both institutional and retail investors.  In order to achieve that goal, the exchange operates at the highest possible…

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3 Reasons Why WISE Token Could Be a Massive Winner in 2021

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WISE token

After working in proprietary trading for over a decade, I decided to transition to crypto in early 2017.  Although crypto is significantly different from traditional capital markets, I managed to successfully find a niche for successful and opportunistic trading.  While 2017 was the perfect time to get involved, the past few years have proven to be a bit more challenging as far as generating ROI.

Cryptocurrency traders have spent the past several years searching far and wide for the next big winner.  While the market as a whole hasn’t been very bull friendly, one specific area that appears to be gaining traction is decentralized finance, more commonly known as DeFi.  This area generally refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum.  The reason why so many crypto entrepreneurs are flocking to this space is that it allows them to create traditional financial vehicles in a decentralized network, outside the meddlesome control of foreign governments.

One extremely popular DeFi project is Chainlink (LINK) which is a decentralized oracle network that provides real-world data to smart contracts on the blockchain.  Chainlink has seen its token price increase by more than 300% year-to-date.    Another impressive project in the space is Kyber Network (KNC) which has seen its token soar from $0.20 at the start of the year to more than $1.60 at present.  Kyber Network’s on-chain liquidity protocol allows decentralized tokens swaps to be…

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The Pros And Cons Of Cryptocurrency

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cryptocurrency

Many facets of our lives are now digitized––money is no exception. 

Have you noticed that paper money is on its way to being obsolete because so many people receive direct deposit and love the simplicity of their debit card? 

Not to mention, cash carries germs, as we’ve heard lots about during the pandemic. Many businesses have turned to card only options in light of this. 

But what about cryptocurrency?

You probably heard everyone raving about it a few years ago, but the excitement’s calmed down quite a bit. That doesn’t mean that it’s not a viable option you should keep in mind. 

What’s Cryptocurrency? 

Let’s start with the basic definition of cryptocurrency so we’re all on the same page. Cryptocurrency utilizes cryptographic methods and complex coding systems to encrypt sensitive information during data transfers. This protects your funds and personal information on a whole different level. 

These transactions are virtually impenetrable due to the combination of mathematical and technological protocols created and put in place. This aspect of cryptocurrency is what makes it safer. Also, the details of transactions are kept private. No one can see who sent what, etc., because those rigorous mathematical and technological protocols protect it.

The Pros: 

Different From Traditional Banking Transactions

One thing people hate about traditional banks is the fact that they can…

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