Litecoin the “Peoples Coin”
I recently had the pleasure of chatting with Gavin Andresen, core developer of the Bitcoin project, Gavin by his own admission is a coder, he’s an ‘uber-geek’ it’s not about the money, it’s all about getting the code perfect. In that conversation Gavin mentioned something that got me thinking about crypto-currencies as a whole, he said that he hoped Bitcoin would eventually be seen as the “reference “. What does he mean? Bitcoin is the first cab off the rank, the ‘crypto’ that has paved the way, through it’s robustness and reliability Bitcoin is establishing real credibility for all crypto-currencies to come. With a market capitalization of over twelve billion dollars Bitcoin has now moved beyond some novel new currency into a place of real usefulness and as Gavin said “reference”. Crypto enthusiasts no matter what implementation they are into, tend to always check back to see what Bitcoin is doing.
When we look at the raft of coins now in use, we can see a trend, Crypto’s need time to prove themselves and garner wider acceptance, the internet allows for credibility and acceptance to build very quickly. News of the ebb and flow of coin capitalization spreads around the world in a matter of minutes, not days or months, minutes! On the various exchanges you can view the movement of the coins, in weeks, days, hours and minute intervals, which indicates pretty clearly how quickly these markets can move on any given news.
Litecoin has the same robust and reliable virtues as Bitcoin and many pundits refer to it as “the Silver” to “Bitcoin’s gold”. Many argue that Bitcoin’s scarcity, only twenty-one million ever issued, is a pivotal reason for it’s astronomical rise in valuation. There are more Litecoin than Bitcoin., four times more about eighty-four million, which in a sense will make them more accessible. Bitcoin is showing us, that there is a very real and predictable future for Litecoin too.
Bitcoin will probably be used between nations and corporations. But Litecoin is the people’s coin, to be used in the everyday transaction we need to get by. If you were to make an analogy in traditional banking terms we could say that Bitcoin is your long-term investment and Litecoin will be your everyday savings and transaction account.
As the volume of Bitcoin dries up, as the hoarding intensifies, there’s a growing need a real for Litecoin. Bitcoin has shown us that internet needs and is demanding it’s own digital currencies, government and corporate controlled money doesn’t cut it anymore. We can see that the crypto-currencies are the future of digital transactions. The crypto-currencies are all on the same team, just different players in one big ball game. Bitcoin is now on first base , looking at stealing second and Litecoin is about to step up to the plate.