Beginner Coin Introductions
The following series of five posts will be my attempt at accurately and succinctly explaining the mechanics of the top five market cap cryptocurrencies to new cryptocurrency enthusiasts, of which there are many. My goals are to provide the highest-value relevant information in between 100-150 words. The concise nature of each analysis mainly services the short attention span of the modern reader and will be used as scaffolding for later extrapolations
Newcomer Analysis 2: Litecoin
Current Market Cap: $8,212,965,482
Litecoin is a cryptocurrency loosely based on the model of Bitcoin, seeking to mimic silver commodity’s relationship with gold commodity.
Like Bitcoin, Litecoin are “created” through mining and have a fixed supply. They operate on an open-source, decentralized global payment network.
Litecoin mainly differs in that it has a faster block generation rate than Bitcoin, making its value proposition over bitcoin speed and faster token acquisition.
My bias: Although it does not have nearly as much popularity as Bitcoin, approximately one-fifth the users compared to Bitcoin in 2019, it does provide a functional and growing alternative to Bitcoin. If global adoption of cryptocurrencies continues, and Litecoin continues to be even averagely functioning, it will continue to grow in value with the rest of the sector, until viable and superior competitors emerge.
References:
https://coinmarketcap.com/ https://www.investopedia.com/terms/l/litecoin.asp https://www.investopedia.com/articles/investing/040515/what-litecoin-and-how-does-it-work.asp
Disclaimer: I am by no means a cryptocurrency professional. I am a BS in Finance and approach my analyses through an economic and financial point of view. I do my best to integrate all current relevant information into analysis.
