At its peak, the cryptocurrency market was worth $819 billion. But that was on January 8th. Since then, the market has seen a massive correction with multiple coins taking a hit. In fact, the overall value of the market has dropped by almost 70% to around $250 billion. If you had the misfortune of investing at peak prices, your portfolio would probably feel like it’s in crisis. Even if you didn’t invest at peak prices, it still feels like every coin is dropping like crazy—and with good reason! However, this isn’t necessarily all bad news. As investors look for new opportunities and price corrections subside, there are plenty of opportunities for savvy investors to get in on cheap coins and tokens. One of those opportunities is litecoin aud: The Next Big Cryptocurrency?
What is Litecoin?
Cryptocurrencies like Litecoin are a peer-to-peer decentralized digital currency that allows you to transfer money from one person to another without the need for a centralized bank. Litecoin was created in 2011 by former Google engineer, Charlie Lee, as an alternative to Bitcoin. The main difference between the two is that the block generation time is much shorter for the Litecoin, making the transaction confirmation times much quicker on the network.
Why Litecoin Might Be the Next Big Thing
Let’s look at the reasons that Litecoin might be the next big thing. First and foremost, the adoption of Litecoin will likely increase as the block rewards for mining decrease. This means that the supply of the coin will decrease, and the demand for it will increase. This is because as the mining reward decreases, the price of mining Litecoin will increase, making it the more expensive. This has already happened with the Bitcoin. As the block reward decreases, the price of mining Bitcoin will increase, which will decrease supply and increase demand, which will increase the price. Mining has become unprofitable for many people, leading to an increase in the adoption of Litecoin.
Litecoin’s Potential Problem: Scaling
Litecoin has the potential to be the next big thing, but it is facing some issues. One problem is that the block generation time is shorter for the Litecoin, which means that each block can hold less transactions. The Bitcoin network can process around 7 transactions per second, but each Litecoin block can only hold around 56 transactions. There are a couple of solutions that have been suggested, such as raising the block size of the Litecoin blockchain or changing the transaction confirmation time. Read More
Should You Buy Litecoin?
Litecoin has the potential to be the next big thing, but it will have to overcome some challenges first. If the team can get past these challenges, there’s no doubt it will be a massive success. If you’re looking for a cheap investment that might come with a huge return, then Litecoin could be a great option. The market has dropped massively and many cryptocurrencies have seen their values drop by 70% or more. This is the perfect time to buy bitcoin in Australia.