A popular crypto trader is analyzing the Litecoin (LTC) bitcoin fork and whether it is properly valued in today’s market.
Litecoin, valued at around $ 14 billion after this week’s tough crypto correction, has many of the properties that Coin Bureau’s pseudonymous host is looking for in an asset.
The host, known by the name Guy, claims that Litecoin, which has been around since 2011, has “not only survived but thrived” since its inception.
“It has all four of the properties I mentioned … a use case as a means of payment, super robust tokenomics, global awareness and acceptance, and the best slogan in crypto: the silver to Bitcoin’s gold.”
Guy notes that the recent bullish Litecoin price move ahead of the $ 200 mark may be fueled by institutional demand as crypto investment giant Grayscale reported 80% of the litecoin supply mined last February ( LTC) has eaten.
Additionally, Litecoin, created by developer Charlie Lee, one of the earliest contributors to Crypto Exchange Coinbase, is a bit more efficient than Bitcoin and is designed to be decentralized as well as the leading cryptocurrency.
“Litecoin uses a special PoW (Proof of Work) consensus mechanism called Script. The script should make it possible to mine LTC with a normal computer. This would make the Litecoin blockchain more decentralized as anyone could participate in the network.
This is in contrast to Bitcoin’s Sha-256 mining algorithm, which could only be mined using special computers called Asic. “
Guy also notes that Litecoin (LTC) developers are working faster than BTC developers, which means it could be improved faster than the leading digital store of value.
But maybe LTC developers are not working fast enough and maybe not transparent enough, warns Guy. He also points to the fact that in one of the biggest crypto scandals to date, Charlie Lee sold his entire stacks of Litecoin in 2017, which some considered treacherous, while Lee saw the move as crucial to Litecoin’s future success.
“In practice, Litecoin seems to be missing from more than one department. For one thing, transparency wasn’t its forte and there is no question that Charlie Lee, who sold his Litecoin in 2017, was a bad look.
As hard as the Litecoin developers are working, it seems like a slow pace of development, even though it was still much faster than Bitcoin. “
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Featured image: Shutterstock / Tithi Luadthong