Anybody reading that is familiar with bitcoin (we are going to go out on a limb here and say that most of you probably are) as likely already come across Litecoin. For those that haven’t, it is the cryptocurrency that first hit markets back in 2011 and has since been styled as the silver to bitcoin’s gold.
In concept, it’s similar to bitcoin. However, there are a few key differences that differentiate the two cryptocurrencies from one another. For starters, the coin limit is much larger – Litecoin has a maximum supply of 84 million coins while bitcoin is restricted to 21 million. Meeting block time is also much shorter, coming in at 2.5 minutes for Litecoin versus the 10 minutes associated with bitcoin.
There is also another difference.
Nobody knows who created bitcoin. Satoshi Nakamoto is the name on the white paper, but outside of that, there is practically no information available as to who Nakamoto is, or was.
In contrast, we know exactly who created Litecoin – it was Chinese programmer and ex-director of engineering at online wallet and exchange service Coinbase, Charlie Lee.
Litecoin’s popularity seemed to wane throughout 2015 and 2016 but, in recent months, Lee has turned his attention to promoting his creation once more and interest is picking up.
Anyway, now that he’s introduced, let’s get to why we’re discussing this right now.
Take a look at the following Tweet
1/ I have a trusted source that says that there’s no truth to China banning mining or network.
FYI, I haven’t made any trades on this info.
— Charlie Lee (@SatoshiLite) September 22, 2017
The exchange ban in China kicked off a downward spiral in that bitcoin price and, subsequent to this news and decline, a number of suggestions reportedly relating to a follow-up ban for mining and network operations in China being just around the corner have hit press. This has compounded the downside action over the last week or so.
If what Leee is saying proves valid, we could be in line for a near-term recovery as sentiment shifts to positive in light of misinformation.
Image courtesy of Steemit