Litecoin has been in the list of top-10 cryptocurrencies by market capitalisation pretty much since it began trading in the spring of 2013. Created by Charlie Lee – then a Google software engineer – it set out to improve upon the original crypto, Bitcoin.
By tweaking Bitcoin’s open-source code, Mr. Lee was able to launch Litecoin, a crypto that was much like its big brother but lighter in computational power – which is why it has its name – and much speedier in terms of transactions.
Mr. Lee’s Twitter handle is @SatoshiLite – an obvious reference to Satoshi Nakamoto, the mysterious Bitcoin founder, or founders – and on the micro-blogging site he expressed his concerns. “Bitcoin is a great store of value,” he wrote. “I’m fine spending ~$1 fee per transaction, but I can’t stand waiting 40+ minutes for a confirmation!”
He went on to be appointed the director of engineering at Coinbase, an online platform for buying, selling, and storing digital currency. In that position, he promoted Bitcoin and helped the crypto gain acceptance from a number of global organisations, such as Tesla, Wikipedia, Virgin Galactic, and a raft of others.
Mr. Lee was aware that Litecoin’s success in the market would be linked to Bitcoin’s popularity, as it is a derivative of the founding crypto. Some in the community call Bitcoin “gold 2.0”, which feasibly makes Litecoin “digital silver”. The infrastructure of Litecoin is much like Bitcoin’s, yet it has near-zero transaction fees, and it is considerably quicker to actually make a transaction.
It didn’t take Litecoin long to achieve a market capitalisation of $1 billion, soon after it was launched in April 2013. Four years later Mr. Lee established the Litecoin Foundation. It was a clever evolution, as he hired a development team, meaning protocol changes for new functions and scalability were possible without requiring disruptive hard forks.
Litecoin is appealing to investors who are happy to hold, as it has the potential to grow in value considerably in the