By Cameron Fuller | IBTimes.com
Perhaps to Nobel Prize winning economist Paul Krugman’s dismay, 2013 was by far the year of the bitcoin. News outlets covered the phenomenal rise of the cryptocurrency and investors had a rollercoaster of a year. Starting out at a measly $13, the decentralized digital buck rose to a staggering $1,250, making some people very rich. Shortly thereafter, it fell again to where it remains today, around $800. With prices already high, will investors want to get into the bitcoin game now, or will they search for other currencies to press their luck? Is 2014 going to be the year of the litecoin?
Litecoin is an alternative currency (commonly called alt coins) very similar to bitcoin; some call it the silver to bitcoin’s gold. They both have an amount cap so as the market doesn’t get over saturated. They both are mined using application-specific integrated circuits (ASIC rigs) and high-powered graphics processing units (GPUs), and they both are used as a payment method and traded on open markets as a way to make money. Bitcoins are accepted much more widely than any other alt coin, but are still nowhere near the universality needed to be a generally accepted currency.
Read more.
Perhaps to Nobel Prize winning economist Paul Krugman’s dismay, 2013 was by far the year of the bitcoin. News outlets covered the phenomenal rise of the cryptocurrency and investors had a rollercoaster of a year. Starting out at a measly $13, the decentralized digital buck rose to a staggering $1,250, making some people very rich. Shortly thereafter, it fell again to where it remains today, around $800. With prices already high, will investors want to get into the bitcoin game now, or will they search for other currencies to press their luck? Is 2014 going to be the year of the litecoin?
Litecoin is an alternative currency (commonly called alt coins) very similar to bitcoin; some call it the silver to bitcoin’s gold. They both have an amount cap so as the market doesn’t get over saturated. They both are mined using application-specific integrated circuits (ASIC rigs) and high-powered graphics processing units (GPUs), and they both are used as a payment method and traded on open markets as a way to make money. Bitcoins are accepted much more widely than any other alt coin, but are still nowhere near the universality needed to be a generally accepted currency.
Read more.
