The surge in interest in Bitcoin has also raised interest in another alternative cryptocurrency (“altcoins”). One such altcoin is Litecoin, and it has seen a surge in value in recent weeks as it has come to be seen as a stable alternative to Bitcoin.
The Basics: What is Litecoin?
Litecoin was created in 2011 by a former Google engineer named Charlie Lee. It is derived from the same source code as Bitcoin and also operates on a blockchain. Litecoin’s network is faster, and also has a much larger supply cap (84 million coins) vs. Bitcoin’s (21 million) coins).
5 Benefits of Holding Litecoin In Addition to Bitcoin
- Litecoin is considered the silver to Bitcoin’s gold
- Transaction fees are lower
- Litecoin transactions process much faster than Bitcoin
- The cost of Litecoin ($314 USD as of Dec. 21) is much lower than Bitcoin ($15,000 USD as of Dec. 21)
- It’s always a good idea to diversity your holdings
Finally, Litecoin’s creation can be traced back to one person. Indeed, Charlie Lee sold all his Litecoin holdings in order to avoid a conflict of interest. Bitcoin’s creator, on the other hand, is still unknown.
Litecoin: Coming Soon to a Bitcoin Depot ATM Near You
Bitcoin Depot ATMs were built to support Litecoin from day 1. We have already begun conducting quality control tests of our software to make sure the user experience is as smooth and hassle-free as customers have come to expect from Bitcoin Depot. Soon after that testing is complete, customers will be able to conduct transactions and purchase both Bitcoin and Litecoin at our kiosks.
Disclaimer: Due to the highly volatile nature of the cryptocurrency market, Bitcoin Depot does not dispense investment advice. The following content is our opinion only. Please consult with your financial advisor before making any investment decision.