This Altcoin Is Ready to Challenge Bitcoin’s Domination of the Crypto Market
2017 has been a stellar year for cryptocurrencies as a whole, but Bitcoin is still the de facto leader in terms of popularity and market cap. However, several characteristics inherent to Litecoin could give it the ability to challenge Bitcoin’s domination in the crypto market.
While Bitcoin currently leads the cryptocurrency market in terms of adoption and market cap, some argue that other, newer cryptos are actually a better investment. Once proposed alternative is Litecoin. Sometimes referred to as the “silver Bitcoin,” this altcoin could prove superior based on four factors.
First, Litecoin’s algorithm is far simpler than Bitcoin’s, which makes it easier to run on graphics processing units (GPUs). This results in a lower barrier to entry for Litecoin miners in comparison to Bitcoin.
Second, Litecoin has a faster block generation speed. Processing a Litecoin block takes two-and-a-half minutes as opposed to Bitcoin’s 10. This decreases transaction fees, making the Litecoin cryptocurrency more attractive to investors.
Third, Litecoin is about to launch a “lightning network” that will improve its already superior ability to adapt to changes. This network will make it easier for Litecoin to scale as it gains more traction.
Fourth, Litecoin’s lifetime cap is higher than Bitcoin’s (84 million coins as opposed to 24 million). Once this cap is reached, miners will no longer be a part of the process, and this could decrease the security and stability of the blockchain supporting each currency.
While cryptocurrencies in general are increasing in popularity, the individual variants are constantly vying for market dominance. Perhaps Litecoin will come out on top, or perhaps it won’t — the primary characteristic shared by all cryptocurrencies right now is volatility, and only time will tell how the crypto market ultimately plays out.
Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.