Millions of people have made the jump into the cryptocurrency world and it is only growing each and every day.
Bitcoin was the first major cryptocurrency, invented by an anonymous known as Satoshi Nakamoto, in 2008. In a paper about the technology, Nakamoto envisioned a “peer-to-peer electronic cash system” that would let people conduct business directly, without the need of any outside institution.
The idea can be an exciting one: No more bank fees, for one, and you wouldn’t need credit cards or debit cards, either. You also wouldn’t need central banks or treasuries, since the price of currency would be set on the global stage by computers.
The main advantage of the world’s cryptocurrencies, in particular, is the decentralization. That is, there is no center of control over the cryptocurrency release. Therefore, any country or government cannot create the conditions that will lead to the collapse of the cryptocurrency. The cryptocurrency is not influenced by the fluctuations on the financial markets. At the same time, the fluctuations of the cryptocurrency rate that depends on supply and demand allows to trade on the currency and stock markets.
This is a super simple network for those who need to move smaller amounts of money fast. It’s not late to enter the market. Cryptocurrencies are one of the hottest investment opportunities in global money markets right now.
What defines the price of a cryptocurrency?
One major reason for the generally increasing value of cryptocurrencies is more widespread interest. While cryptocurrencies may not be prevalent, they do have a following on the Internet, and many people will ask for cryptocurrencies donations or payments. If the demand for such currencies increases faster than units are added the price will rise.
With good volume, the currencies do well, people trade them at high amounts and use them to buy/sell online. If people don’t use it to buy/sell with, then it’s obsolete. The more usage increases the higher the price goes because demand goes up! Supply and demand are what these currencies are based on.
A key factor in the price of any cryptocurrency is its utility. If you cannot use it for something, be it an investment or for payments, then it would have no or little perceived value.
Investing in Litecoin
If you’re considering investing in Litecoin, realize that there are a lot of risks – but also huge potential rewards. It’s important to remember that Litecoin is a currency. This means it doesn’t act like a stock or bond. Instead of buying shares of Litecoin, you are swapping your currency for Litecoin currency.
People seriously think that Litecoin is the next big thing. The reason to think, that the value of Litecoin will grow, is just thanks to the community, which stands behind it. You never know, Litecoin could skyrocket as high as Bitcoin is today, and you might be thanking yourself in several years.
Despite a rocky start, Bitcoin has arguably entered the mainstream. After Bitcoin, Litecoin is the most important and valuable cryptocurrency.
Litecoin ready to go mainstream?
Litecoin is accepted as a payment solution in various places, although it is nowhere near Bitcoin’s level of acceptance. The infrastructure of Litecoin is not as established as that of Bitcoin. If your business doesn’t use any of these cryptocurrencies already, you may want to start incorporating them soon.
Make it Viral
In the past, Bitcoin/Litecoin users usually only send money between each other because their friends, family, colleagues, and other associates don’t know how to use Bitcoin/Litecoin.
If you empower people to use Litecoin, the theoretical arguments for Litecoin will be irrelevant. Your users will not care what technology you use, but they will care that they have increased economic freedom thanks to your product. In other words, get your users paid, and don’t pitch them on theory.
The unbanked can’t use Amazon directly because they don’t have a credit card. With Bitcoin/Litecoin, literally billions of people can get access to Amazon on their own terms without having to buy a gift card or some other tortuous inconvenience. Bitcoin/Litecoin’s current users are all from a single economic demographic. In that future group of unbanked users, Bitcoin/Litecoin is not just an option, it means life and being able to pay for food.
Many people are still unaware of Bitcoin/Litecoin. The future of Bitcoin/Litecoin depends heavily on how much more people and businesses adopt using it.
The more transactions that have to go through this system, the higher the value of each Bitcoin/Litecoin because each Bitcoin/Litecoin has to support the volume of transactions running through the system. If you had a tenfold increase in transaction volume, in principle, you should have a tenfold increase in the value of the currency.
What is … Viral Marketing?
Internet advertising or marketing that spreads exponentially whenever a new user is added. Viral marketing assumes that as each new user starts using the service or product, the advertising will go to everyone with whom that user interacts.
What is … Viral Site?
A website that has become so popular that word of mouth and links generate an abnormally large amount of traffic to the site. Viral sites typically become popular through being forwarded to friends and family, who then forward it to their own network, causing the traffic to the site to grow exponentially.
What is … Network Effect?
The network effect is a phenomenon whereby a good or service becomes more valuable when more people use it. The internet is a good example. Initially, there were few users of the internet, and it was of relatively little value to anyone outside of the military and a few research scientists. As more users gained access to the internet, however, there were more and more websites to visit and more people to communicate with. The internet became extremely valuable to its users.
The chief hurdle for any good or service which uses the network effect is to get enough users initially so that the network effects take hold. The amount of users required for significant network effects is often referred to as critical mass. After the critical mass is attained, the good or service should be able to obtain many new users since its network offers utility.
Skip the wait
Skip the wait, start a viral website today! Creating a great website is key to running a successful business, but for those who lack the necessary tech-savvy, it could turn into a complicated process. But … creating a website for your small business can be easier than you think. Stop what you’re doing and start a Litecoin website. Make a viral Litecoin product that everyone uses. In order to make Litecoin mainstream, we’ve made the hardest part of the work instead of you. Complete websites, NOT templates!
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