Mobile payments company Square is testing bitcoin purchases on its Cash app too. There was even speculation recently that Tesla and SpaceX founder Elon Musk is actually Satoshi Nakamoto. But others argue that bitcoin and rival cryptocurrencies will continue to gain in popularity for both spending purposes and as investments. It is a fully decentralized open source, global payment network. You don t have to mine bitcoin and other cryptocurrencies to buy them though. There are rampant rumors about who Nakamoto might be. Litecoin was developed with the aim to improve on Bitcoin s shortcomings, and has earned industry support along with high trade volume and liquidity over the years. Litecoin is a peer-to-peer internet currency. And the Nasdaq is said to be considering following in the footsteps of the CBOE and CME too and could start to trade bitcoin futures next year. The problem with bitcoin and litecoin is that they are so volatile. Bitcoin, by way of comparison, is up only about 45% in the past week.
It s called litecoin, and it has nearly doubled in just the past 24 hours and has surged more than 250% in the past week according to digital currency brokerage site Coinbase. Lee, amusingly enough, goes by the name of @SatoshiLite on Twitter -- a reference to Satoshi Nakamoto, the nickname used by the still anonymous inventor of bitcoin. The Chicago Mercantile Exchange is set to begin trading bitcoin futures on December 18 as well. The broader differences between the two cryptocurrencies are listed in the table below. They also are not as available to the mainstream as old-fashioned paper money backed by governments. It is also created, or mined, by people solving complex mathematical puzzles on computers. Litecoin is on an even crazier tear over the past month and year, skyrocketing more than 500% in the past 30 days and 10,000% in the past 12 months. Paper currencies like the dollar, euro and yen don t tend to move in such wild fashion. Litecoin, founded by former Google engineer and former director of Coinbase Charlie Lee, is said to be faster and cheaper to mine than bitcoin. The combined value of all the litecoins in circulation is about $18 billion, compared with nearly $300 billion for bitcoin. ) Litecoin is one of several alternative cryptocurrencies that have cropped up to rival bitcoin.
CNNMoney (New York) First published December 12, 2017: 11:31 AM ET BREAKING DOWN Litecoin Litecoins were launched with the aim of being the silver to Bitcoin s gold, and have gained much popularity since the time of inception. (Prices change so fast though that these figures may be woefully out of date by the time you read this. So it may be hard for cryptos to be used as a substitute for cash until the prices start to settle down.aelf.. But no matter who created bitcoin and launched the crypto revolution, it is clear that investors can t get enough of virtual currencies. Coinbase and other brokerage sites let you set up an account to buy and sell virtual currencies. Bitcoin futures begin trading Bitcoin has been on amazing ride for the past few weeks. Ethereum, ripple and dash are some others. But there is actually another cryptocurrency that s enjoyed an even bigger spike lately. Bitcoin futures begin trading Bitcoin has been on amazing ride for the past few weeks. .Waves.