For those who do not know about Litecoin, it is yet another electronic currency – quite similar to what Bitcoin-based its origin on. Litecoin is a cryptocurrency currency launched in 2011 by Charles Lee, an MIT graduate and former software developer at Google. Litecoin is based upon the fundamentals of how the peer-to-peer system works on Bitcoin, but with improvements on the technical front.
Litecoin has substantially reduced the time of transfer to 2.5 minutes from a rather long 10 minutes with BTC. Despite the improvements in technicalities, it is safe to say that the circulation of Litecoin hasn’t yet matched up to Bitcoin. Thus, Litecoin still remains mostly a beta peer-to-peer payment system that is the likeliest successor to Bitcoin, if it sees its end.
As of 2016, 1 Litecoin is worth just around $3 on the open market but has high growth prospects in the upcoming few months. The total number of Litecoins in circulation exceeds 44 million. In dollar terms, the Litecoin market capitalization is near $136.5 million.