Litecoin which was created two years ago has become one of the most preferred digital currencies after Bitcoin. Currently, it passed the over $600 million market cap and according to some market observers, the way it is moving up, it may become a real challenge for Bitcoin by the end of the year. Nonetheless, the infrastructure around it is not nearly as developed as that of Bitcoin, yet it is gaining strength.
According to some market observers with few exchangers and processors and far fewer sites devoted to analyzing its activity and market fluctuations, litecoin is becoming popular option for those who feel its value will go up quickly once its demand catches up. None is happier than Charlie Lee, the Satoshi Nakamoto of Litecoin with the latest popularity of the digital currency.
Charlie Lee says that it’s a year and a half behind Bitcoin in age and maturity. The way Bitcoin reached new heights within one year is remarkable and according to Charlie Lee who is now 36 years old who worked at Google when he released the Litecoin code to the world in October 2011, Litecoin is the silver to Bitcoin’s gold.
According to Charlie Lee, Litecoin has taken 2nd place to the digital currency because it was created early and it was fair. Moreover, as Litecoin is designed to produce more coins than Bitcoin i.e. 84 million total and to create them four times as fast, it can in fact, become a better option than Bitcoin; however, this is not the design of the people behind litecoin.
Litecoin founder wants the digital currency to become the number one with its rich features. There are several rich features that are available with Litecoin; for instance, when it comes to transactions, it happens every 2.5 minutes whereas it is 10 minutes with Bitcoin. Thus, it is all about time and pace, Litecoin scores higher than Bitcoin.
Fast transaction process has been made possible by Charlie Lee who replaced Bitcoin’s hash-based mining process with a script-based one that’s harder to ramp up with specially designed computing equipment. According to the founders of Litecoin the efforts were made to reduce the hardware arms race that’s happening in Bitcoin right now.
The founder of Litecoin, Charlie Lee has not become rich from his invention. He says that when he released Litecoin there were a lot of other cryptocurrencies that were pre-mined by founders who wanted to be super rich.