​Miss Out On Bitcoin? Fear Not, Litecoin Is Here To Make Us All Rich!

So, you've missed your chance to get rich fast with Bitcoin - as one is now worth over £12,500 - what next if you still want a piece of the cryptocurrency pie?

Well, believe it or not, Bitcoin is not the only one out there, and some people believe the next big thing might be already happening. The future, apparently, is Litecoin.

Much like Casey Affleck, Litecoin has been waiting patiently in the shadows behind a more famous relative, quietly biding its time.

And - also like Casey Affleck - it might just be a better bet when it comes to awards season, so to speak. Despite the press that Bitcoin is receiving, this year, to date, Litecoin has grown twice as much, rising over 4000%.

Credit: PA Images

Litecoin was created in 2011 by Charlie Lee, a former google employee who now works for Coinbase, which is coincidentally one of the biggest exchanges for cryptocurrency - and the first to list Litecoin.

There are a couple of significant advantages to Litecoin over Bitcoin. Firstly, it aims to produce 'a block' every 2.5 minutes, whereas Bitcoin take 10. The 'blocks' are also bigger and there are more coins out there.

This means - according to the developers - that transactions that involve Litecoin are generally quicker than those involving Bitcoin.

It is also the first of the big currencies to use to Segregated Witness, a change to the transaction protocol by which bitcoin is mined (no idea) which will allow it to use Lightning Network transactions (also no idea) - another way in which it can be quicker and less costly than Bitcoin.

Credit: PA Images

If, like me, that all makes no sense to you, just remember that you don't necessarily need to know all of this to invest in cryptocurrency. After all, everyone wants to eat sausages but nobody wants to see how they're made, right?

However, if you are thinking of getting in, it's worth remembering that the markets are largely unregulated and therefore you could lose everything you have invested in a flash.

On the other hand, you could make millions just by sitting on your arse.

Brb, off to buy some Litecoin.

Topics: Bitcoin, Cryptocurrency

Chris Ogden

Chris Ogden is a journalist at LADbible. He graduated from the University of East Anglia with degrees in English Literature and Creative Writing before completing his NCTJ Diploma in Multimedia Journalism. Chris has previously written for the independent culture magazine The Skinny, among other publications.

@TheThumbCompass