Litecoin's virtual currency is also known as "digital silver". In contrast to its most famous cousin, Bitcoin, which is known as the "digital gold".
In the background in the last few years, Litecoin once again gained prominence and saw its price rise more than a thousand percent. At the end of March this year, the currency was traded for about 14 reais. Now, each unit is traded for 160 reais in MercadoBitcoin.com.br, a Brazilian company that trades the currency.
The rise in Litecoin's value is attributed to two facts: technical advances in digital currency and the return of its creator, Charlie Lee, to the project. The advancement by which it has passed, known technically as SegWit, allows for an increase in the capacity of transactions and their adaptation so that other advances are easier in the future.
After creating Litecoin, Charlie Lee, left the project to become chief technology officer of Coinbase, the largest digital currency company in the United States. Recently, he left the project and returned to dedicate himself only to Litecoin, which brought more credibility to the currency.
"The competition from other digital currencies is causing Bitcoin's technical and management issues to be resolved more quickly. In the next few years, consumers will decide who is left and who dies in this fight, "says Rodrigo Batista, CEO of MercadoBitcoin.com.br.
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