A recent report by social investment platform eToro hails Litecoin as currently one of the most promising assets in the crypto space. The report takes a number of factors into account, including the Litecoin network’s transaction speed, adoption in the retail space and the ability to serve as a robust platform for BTC testing, before concluding that the seventh largest cryptocurrency in the world is, in fact, undervalued.
eToro analysts are not the first to coin the term “digital silver” for Litecoin as such comparisons have been made before. They did clarify that saying Litecoin is “the silver to Bitcoin’s gold” is in no way derogatory as it reflects “the main intention of founder Charlie Lee of becoming not a competitor to Bitcoin but rather a compliment.” It adds that the relationship (in terms of market standing) between Bitcoin and Litecoin is in many ways similar to that of gold and silver.
Just like silver, Litecoin is more affordable, has a larger supply and enables quicker transactions, thus proving its worth as a go-to digital token for smaller transactions. Meanwhile, like gold, Bitcoin is often preferred for large payments and store of value.
Another major similarity would be that like their shiny metal counterparts, the values of both digital tokens are very much correlated as whenever Bitcoin surges, Litecoin almost always follows. The report cited multiple factors arguing that Litecoin, as its market value stands today, is actually undervalued.
Besides its obvious superiority in terms of speed and affordability, Litecoin also brings a number of other benefits to the community. For example, the Litecoin network uses a scrypt dominant proof-of-work (POW) system, which is basically designed to make hardware mining specialization more difficult to achieve. Read more from blokt.com…
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