Litecoin is gaining traction as one of the major cryptocurrencies on the market. Where Bitcoin has dominated the digital currency landscape, Ethereum is the same for smart contracts. However, Litecoin’s strong advantages compared with Bitcoin have made them a near parallel option. As exchanges expand and increase their offerings beyond the big two, Litecoin is almost always in the running for initial product offerings. Recent announcements by the Winklevoss Twins have suggested that the two are actively seeking to include Litecoin in their Gemini exchange. This is a major triumph for the cryptocurrency referred to as ‘The Silver to Bitcoin’s Gold.’
Litecoin’s Exchange Proliferation
Although technically an altcoin, Litecoin has repeatedly proven that they have the ability and the desire to compete with the major blockchains. It is still surprisingly difficult to purchase cryptocurrency directly with fiat. Most gateways focus on Bitcoin, but Litecoin has racked up a considerable amount of LTC/USD trading pair locations. Major exchange Kraken offers a direct fiat exchange for Litecoin, as does Bitfinex. While these are significant options, they still pale in comparison to the key gateway; Coinbase.
Above all other exchanges, Coinbase is the easiest to use and the highest volume for direct fiat exchanges. They offer only four cryptocurrencies; Bitcoin, Ethereum, Bitcoin Cash and Litecoin. Due to their ease of use, Coinbase is the choice of most new investors. All inter-currency trading happens on sister site GDAX. Even the slightest rumor of addition to Coinbase can cause a currency’s value to skyrocket. That Litecoin is available on this site is a major feather in their cap.
The Gemini Exchange
As one of a select few cryptocurrency related businesses legally operating in New York, Gemini is an up and coming fiat gateway. Their slick presentation and ease of use are easily competitive against Coinbase. Further, the work that Gemini has put into obtaining licenses and certifications makes them one of the most reputable exchanges on the market. It helps that the owners and operators of Gemini are the vaunted Winklevoss Twins – known for a multitude of successful tech-based projects.
During recent interviews, the Winklevoss Twins have stated that they hope to introduce new coins to their exchange. When further questioned, they added that their immediate focus is on coins within the Satoshi family – Litecoin and Bitcoin Cash. This would open up new avenues for the futures offered by CBOE Global Markets, which operate exclusively with prices backed by Gemini. Obviously, this would also have a huge effect on the valuation of Litecoin itself.
Greater Adoption of Litecoin
Litecoin is in the middle of a marketing blitz. They have announced two separate products that seek to bring Litecoin use into the real world – LitePay and LitePal. LitePay’s recent release has hit a roadblock in the face of the recent cryptocurrency rejection by major credit card companies. However, it still provides the ability for merchants to fully integrate Litecoin transactions into their business. LitePal’s release is scheduled for later this year and will create a digital landscape for Litecoin use that operates in a similar fashion to Paypal.
If Litecoin continues to be adopted by large exchanges, we may see the overtaking of Bitcoin Cash’s market cap. This event is dubbed ‘The Flappening’ by the founder of Litecoin. This is a play on ‘The Flippening’ that investors anticipate happening between Bitcoin and Ethereum. While we are still quite some distance from this occurring, the array of positive news gives the idea a lot of credibility.
The ‘Silver’ cryptocurrency has a bright future ahead of it. The low transaction fees and rapid processing already give Litecoin a massive edge over the competition on Coinbase. Users may buy into Ethereum or Bitcoin, but the smarter investors don’t leave the exchange using these coins. The ability to trade ETH and BTC for Litecoin on Coinbase’s GDAX exchange severely reduces the fees associated with funding an exchange account.
The same will almost certainly be true of Gemini if they do decide to add the upstart digital currency. Should we see Litecoin futures as a part of Gemini’s futures agreement, that will further increase its value? The propensity towards crypto index funds is also a potential positive, as any fund will include the major currencies – of which Litecoin is one of the best.
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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. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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