In October 2017, the lesser known second Apple Inc computer industries co-founder Steve Wozniak shocked the traditional financial markets by stating that he believes Bitcoin and other cryptocurrencies will eventually be superior in value to precious metals such as gold and even the US dollar. What is more, when people like Steve Wozniak stand up and say something positive about cryptocurrencies, people listen.
There is only one problem. When leading tech experts speak out about cryptocurrencies, they usually always talk about Bitcoin. Did you know, however, that Bitcoin has a potentially more market robust equivalent?
Litecoin & Why the First Ever Bitcoin Fork is Worth a Second Look
Cryptocurrency investors rarely stumble across Litecoin price prediction forecasts as often as they do Bitcoin and other altcoin forecasts. What many people forget, however, is that Litecoin itself is actually an opensource fork of Bitcoin which first went live in 2011, prior to the cryptocurrencies big sister becoming as well known as it is today.
Different from the more recent Bitcoin forks, Litecoin was created specifically to offer 4 x as many individual cryptocurrency tokens as Bitcoin. What is more, Litecoin is designed to be mined more easily and transacted with greater rapidity. In fact, even today, Litecoin transactions take just 2.5 minutes to be confirmed on the Litecoin blockchain, as opposed to the 10 minutes which it takes Bitcoin transactions to be confirmed.
The Current Litecoin Price & Possible Future Growth Forecasts
At the time of writing, Litecoin is priced at $60, down from a previous September high of $93. As recently experienced by Dash Coin, however, fresh uncertainty about the long-term future of Bitcoin and recent Bitcoin derivatives, is once again making people take a second look at viable cryptocurrency alternatives. If in this case, we continue to see Bitcoin miners switching between mining Bitcoin and Bitcoin Cash as difficulty levels rise and fall, it is highly likely that cryptocurrencies like Litecoin might make a huge price rebound.
Litecoin is an open-source, peer-to-peer Internet currency forked from Bitcoin in 2011. Like Bitcoin, it enables instant, near-zero cost payments to anyone in the world. Litecoin’s decentralised network is secured by complex mathematical computation which allows individuals to control their own finances. Compared to Bitcoin, Litecoin features faster transaction confirmation times and improved storage efficiency.
The Benefits of Buying & Holding Litecoin
Because Litecoin is a fork of the Bitcoin network, it offers all of the convenience, security, and anonymity of its parent coin. The only drawback, of course, is that the Litecoin brand itself isn’t nearly as well recognized as that of bigger cryptocurrency players like Bitcoin and Ethereum. That, however, could easily all change as soon as serious investors start realizing that Litecoin offers almost all the same benefits of Bitcoin, just at a much more affordable entry price to bigger altcoin offerings.
Of course, no one likes risking their hard earned cash on what is essentially a purely speculative altcoin investment. What needs to be remembered, however, is that with the recent creation of Bitcoin forks such as Bitcoin Cash and Bitcoin Gold, regular Bitcoin investors now have like for like alternative cryptocurrency balances for each coin, essentially giving them triple the investment potential they had 6 months ago. A wise person, in this case, might say that it’s time people started taking some of that capital and investing it in an altcoin like Litecoin which has almost seven years of proven viability and real investment potential.