Crypto
Following yesterday's news that Bitcoin had passed the $1000 mark, the halo effect continues this morning with the crypto-currency market capitalization site coinmarketcap.com reporting that Litecoin has joined the billion dollar virtual currency club. Litecoin is currently trading at $ 48.99 with a market cap of $1.14 billion dollars (as of writing).
Litecoin is among a group of alternative virtual currencies riding high on the recent popularity of the Bitcoin virtual currency. Litecoin as well as many other virtual currencies are typically derived from Bitcoin, also referred to ask a crypto-currency. Essentially these virtual currencies are based on the principals of a peer-to-peer, decentralized, digital currency whose implementation relies on the principles of cryptography to validate the transactions and generation of the currency itself.
At present, all crypto-currencies are alternative currencies, as no nation has adopted a crypto-currency alternative to fiat money, although recent interest from U.S. regulators have helped the various Crypto-currencies soar. Last week, regulators and lawmakers indicated that the currency provided as much opportunity for good as for harm.
In a post on thehill.com, Jerry Brito, a senior research fellow at George Mason University 's Mercatus Center explains the current situation, 'they understand that bitcoin is not inherently something that is illicit,' said Brito. 'There can be illicit uses, but that in fact there are probably many more beneficial, innovative potential than there is illicit use.'
Two Senate committees held largely positive hearings on the currency, and senators noted that bitcoins offer new potential. 'With every new Internet-based technology, I believe that members of Congress should recognize that we often don't know what these new advancements will develop into,' Sen. Dean Heller (R-Nev.) told a joint panel of two Senate Banking subcommittee. 'While we must ensure proper safeguards, it is my hope that... we can help maintain an environment that continues to promote new financial technologies and innovative growth.'
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