So the logo for Litecoin totally looks like a superhero to me. When I see it, I think of “Lite-man” or “Lite-woman” rushing out to save the global economy. Well, that may not be too far from the truth.
According to it’s official website, “Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world”. Essentially, it is designed to be an accessible payment tool for everybody. So if I wanted to order that Wonder Woman costume for my wife, I could do so without having to wait on a bank to release the funds from my account. I should add, I still haven’t seen Wonder Woman. Maybe next week, but that’s another post.
Anyway, Litecoin busted onto the scene in 2011, a creation of Charlie Lee. According to his Twitter account, Lee was also a director at Coinbase, a site discussed in a previous post. His Twitter handle, SatoshiLite, suggests what Lee is about: creating a lighter version of Bitcoin. With a value that is a fraction of Bitcoin, that’s exactly what Litecoin is. That’s not a bad thing at all though.
As stated before, Litecoin’s transactions can happen fast, faster than Bitcoin. Additionally, there are potentially 84 million Litecoins as opposed to the 21 million Bitcoin that could ever exist. From what I can tell, they both work pretty similarly for purchases and transfers. Litecoin also seems to be improving in value. I purchased one last week and it increased in value by about $15. I’m not sure how long that will last, but to paraphrase a guy that I listen to, this whole experiment with cryptocurrency is funded by “Vegas-money”. I’m not aiming to get rich or go broke here, just figure out how this “cryptocurrency-thing” works.
Anyway, until next time.