Cryptocurrencies Doge and Litecoin - What Are They? - Lockdown - How to invest wisely and make money

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Cryptocurrencies Doge and Litecoin - What Are They?

There are hundreds of different cryptosystems out there, and each one has its pros and cons. The most popular form of Cryptocurrency right now is Litecoin, which has grown in popularity because of two major reasons. First, it is cheap.


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When dogecoin first started gaining in popularity? 


Well, it certainly wasn't because of some new algorithm that had been discovered by an enterprising group of programmers. Litecoin's rise to fame was actually the opposite of that. It was because of its user-friendly nature and the low costs involved. The dogecoin community had begun trading the cryptocoin when it was much lower in price, and Litecoin became the virtual currency of choice.


So why did Litecoin reach the top three when there are literally hundreds if not thousands of more currencies out there? 


Well, there are a few reasons, and they all come down to supply and demand. Dogecoin was created as an alternative to the completely paperless, cashless society that is emerging with the growth of the internet, and people wanted something to hold their money in that did not require the intermediary step of a bank. Because it is a relatively cheap currency (based on current market caps), Litecoin made sense as an addition to a diversified portfolio.


Because of the low cost of Litecoin, more people were attracted to it and invested in it. It also managed to remain cheap during the time when the rest of the top cryptocurrencies were all increasing in price. One other advantage to the Litecoin community is that it managed to grow its user base, which is one of the most important aspects to building a successful Internet Meme. As more people learned about dogecoin and Litecoin, more users spread the word and more capitalization was achieved.


Currently there are approximately sixteen currencies that are available as a part of the Litecoin community, including dogecoin, eucalyptus, and litebar. The next biggest currency by market cap is bitcoin, which has a little over two hundred million coins in circulation. There are currently two thousand and four hundred different kinds of Litecoin, each having their own unique design. Dogecoin and litecoin were created because of similar characteristics, such as being proof-of-work, having a low price, and the use of the hashimoto algorithm for mining. Both of these currencies have grown considerably in value since their creation, although dogecoin has had a greater consistent increase.


There are two distinct differences between the two that may be important to consider as you decide which currency to follow. While dogecoin is not controlled by an actual government or central bank like bitcoin is, Litecoin is not technically issued by the same network. This makes it slightly more anonymous (some people prefer this) but does limit its ability to maintain an economic influence over the economy like bitcoin does. However, if you are just interested in one particular currency, dogecoin may be for you, especially if you are new to the world of computing and would like to learn about how the system works without having to understand every intricate detail about the cryptographic protocol.

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