Everyone knows about bitcoins. They know one bitcoin is worth a lot of real money. The fact that bitcoins are worth anything is a mystery to most people around the world. And the fact that another cryptocurrency is out there in cyberspace is even more of a mystery. But this is the age of decentralized currency. This is the age where cash is taking a back seat to electronic transfers. Bankers are trying to keep up with the Internet and mobile banking craze. And people are trying to make sense of their real financial wealth. Today’s wealth depends on the ever-changing market, and government decisions and those issues are under the supervision of the big money dogs that have most of their bones hidden in the right places.
App developer and former Google employee, Charlie Lee wanted to give the bitcoin phenomena a run for the money, so he created Litecoin in 2011. A litecoin is a cheaper version of a bitcoin. The market cap on litecoins is $8 billion, and that makes the currency the sixth largest cryptocurrency in the market, according to a recent CoinMarketCap.com article. Charlie Lee was sitting on a mountain of Litecoin currency, and he decided to sell that mountain in December 2017. Lee sold his investment in litecoins because he is the current chairman of the Litecoin Foundation. The Litecoin Foundation promotes the adoption and use of this little-known cryptocurrency.
The Litecoin price is about $150 a coin these days. When Lee sold his litecoin collection, the price was $322 a coin. The drop in value represents the drop in bitcoin value which is about half as much as it was in December 2017. But Lee and other cryptocurrency enthusiasts are not giving up. Lee has regrets about selling his baby currency, but he believes the market for litecoins will make a comeback over the next five years.
Mr. Lee believes litecoins have a chance of becoming a viable cryptocurrency now that he isn’t considered the leader of the litecoin industry. Lee believes the litecoin market doesn’t need a leader. The market has to be decentralized in order to be a real cryptocurrency. And that’s why he is stepping away from his creation. But in the world of cryptocurrencies things can change quickly. Lee knows he has to make the right currency moves now to keep his litecoin dream alive.