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Litecoin
Learn More About Litecoin
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What is Litecoin?
Litecoin (LTC) is one of the most well-known Bitcoin source code forks. In terms of technicalities, Litecoin is almost identical to Bitcoin: they both run on a proof-of-work protocol. Litecoin’s supply limit is 84,000,000 LTC, and there are currently 52,679,982 LTCs in circulation. Litecoin, unlike most other altcoins, had the exact same goals as Bitcoin: to serve as a global coin, a worldwide digital currency. What it wanted to do was to do away with the issues and problems of Bitcoin. Even though bitcoin price remains strong Litecoin offers more options and has joined the top coins list.
History
The Litecoin network was launched in 2011 by then-Google employee Charlie Lee, who aimed to give the world “a better Bitcoin.” At the time, BTC awarded bonuses to miners who solved the most complex calculations. It didn’t take long before people started building expensive, powerful computers specially designed for the high processing requirements of the SHA-256 algorithm. Litecoin evened out the playing field by introducing Scrypt, an algorithm that requires high-speed random processing memory instead — starkly different from what Bitcoin miners had. The Litecoin Foundation is a Singapore-based nonprofit focused on utilizing Litecoin “for the good of society by developing and promoting state-of-the-art blockchain technologies”.
The Market Cap
Market capitalization or market cap, is the total circulating supply of a crypto, multiplied by its current price. Litecoin started out with a meager price of $3.08 in 2013 ($57M market cap), two years after its release. In December 19, 2017, Litecoin’s price hit $350, sending its market cap to an all time high of $17.5 B. Litecoin has seen steady growth along the years and has been a mainstay in top 10 lists in terms of largest market capitalization.
LTC Token Security
Like its predecessor Bitcoin, Litecoin employs a Proof of Work consensus algorithm to ensure the validity and accuracy of transactions within its network. Litecoin also employs Segregated Witness (SegWit), a mechanism that sought to make cryptocurrency protocols more secure by disabling users’ capability to tamper with transaction IDs.
Litecoin FAQs
How Does LTC Work?
As we have discussed earlier, Litecoin evened out the playing field between those who can afford Bitcoin’s expensive mining rigs and everyone else by requiring memory-intensive resources instead of Bitcoin’s processing-hungry rigs. The biggest advantage of Litecoin over Bitcoin is its transaction speed. As of writing, Litecoin’s average transaction time is 2.5 minutes, while Bitcoin clocks a labored 10 minutes. The faster transaction time has another advantage: it makes the system less open to attacks. However, the transaction speed comes at a price: errors such as “orphaned blocks” occur, which are instances where two miners solve for a block simultaneously.
Which Is the Highest volume For LTC?
Litecoin’s supply limit is 84,000,000 LTC.
LTC Vs Ethereum: Which is the difference?
Ethereum is a decentralized platform that runs smart contracts. Smart contracts run based on exact predefined parameters. Needless to say, these two coins are starkly different; they are created for two very different purposes. Ethereum that has a promising price prediction was created as a platform for smart contract applications to be built on, while Litecoin, like Bitcoin was designed to be a digital currency. Transaction speeds are another point of difference. It typically takes around 15 seconds to process a transaction in Ethereum, while it takes around 2 minutes in Litecoin. Both currencies are way faster than Bitcoin transactions, which takes around 10 minutes!
Where To Buy Litecoin Currency in AU?
“How do I buy Litecoin in Australia” is a common question that we get from our readers. The answer is pretty straightforward: Australians can buy and sell Litecoins in online exchanges. Exchanges allow users to fund their accounts through bank transfers (some even funding via Paypal). If you’re thinking of buying and trading Litecoins, always remember to do your due diligence first. You can refer to our easy-to-use crypto tracker before making any definitive decisions!
What Are The Benefits Of Litecoin?
As of writing, Litecoin’s average transaction speed is 2.5 minutes, while Bitcoin clocked a labored 10 minutes. Litecoin’s proof of work mechanism also makes it so that attacking the network will be so expensive, it’s borderline impossible. Transaction fees are another major benefit: Bitcoin’s average transaction fee is $17.72 USD, Ethereum’s is $14.23, while Litecoin’s is around $0.031 USD. What a difference!
Can I Stake Litecoin?
Litecoin utilises a Proof of Work consensus mechanism. While it’s possible to mine Litecoin with a specialized rig, it is not possible to stake it like one could stake other currencies such as Eth 2.0, Tezos (XTZ), and Cosmos (ATOM).
Is Litecoin a Good Investment for You
Litecoin is a mainstay in top cryptocurrency lists, and for a good reason: it is an excellent addition to anyone’s cryptocurrency portfolio, especially for those who are already investing in crypto or want to buy Bitcoin. More and more establishments are accepting Litecoin, and the transaction fees are pretty minimal, so it’s a pretty handy currency to have if usability is one of your major concerns. Remember to do your due diligence prior to investing in any cryptocurrency.
Can I Buy Litecoin with Paypal?
Yes. As of writing, you can buy, hold, and sell Litecoin using Paypal. It’s as simple as clicking “Crypto” from Paypal’s user-friendly dashboard and clicking Buy. The feature is only available to users in the US.
Can You Mine Litecoin
Yes. With the right equipment (hardware and software) and enough budget for resources (depending on where you are, electricity and internet costs can be a doozy) you can set up your very own Litecoin mining rig.
How Can I Mine Litecoin
You can use an ASIC (Application-specific Integrated Circuit) a device especially designed to mine Litecoins, or a Graphics Processing Unity (GPU), a fast and effective machine that will allow you to mine other cryptos as well. The number one downside is the price of the equipment. An ASIC could cost around $300 to more than a thousand dollars. GPUs, on the other hand, start at around $1000. Then, there’s electricity costs (some Litecoin miners report a $0.20 - $0.50 daily profit, factoring in electricity and other costs). Earning from LTC mining can be difficult (because of the earnings partly depending on luck), so some join LTC mining pools in order to speed up the earning process. Mining pools combine a group’s hashing power and divides the earnings among all the members. It’s up to you to decide whether the day-to-day shifts of LTC value is worth the equipment and maintenance costs of mining. For many people, going on an exchange and trading is a significantly easier way to buy and hold Litecoins.
Litecoin Price Prediction
Whenever we invest in something, we aren't looking at what it is now. We're looking at what it could become in the future.
Cryptocurrency has become an investment favorite due to its ease of buying and storing. This is along with incredible stories of people who invested in Bitcoin when it was worth 8c and sold at its peak in 2017.
Everyone is looking for that next big spike that will net them a fantastic profit, but which cryptocurrency is set to become the next Bitcoin success story?
While it may not reach $20,000 USD as Bitcoin did, Litecoin is set for an incredible year in 2021 according to industry professionals. Litecoin is currently worth $66 AUD, which is a very reasonable entry price, and it is predicted to reach $600 by the end of 2021, so it will be an excellent long-term investment.
Why is Litecoin expected to reach such a high amount in just one year?
This is because of several factors including:
- Interest - Litecoin has generated a lot of interest recently from the crypto community since these predictions came out. People are looking at this as a long-term investment that will pay off within a year.
- Buying potential - Because of its current price, it is perfect for buying products online. Some online retailers and online casinos include Litecoin as a payment option. It's a list of real-world use that just keeps growing.
- Reliability - Since its inception in 2011, it has been a constant in the crypto market. While it has not always been worth a lot of money, it has stayed consistent with its blockchain mining and commitment to be a lite version of Bitcoin.
This recent prediction has prompted many people to invest in Litecoin, which only furthers the interest of others have in it. This is incredibly exciting because if the current wave of interest continues to grow than the current price predictions could become a reality.
Charlie Lee, the creator of Litecoin, is highly active in the community. He gives regular updates about how his coin is doing.
This wave of momentum that Litecoin currently has, could very well push it to the forefront of the cryptocurrency market. This could give some of the heavy hitters like Ethereum and Bitcoin a run for their money.
Bitcoins Price is $16,145, and Ethereum price is $528 at the time of writing.
Ethereum's price is much less than Bitcoin and appears to be an achievable entry point. Still, the Litecoin price accompanied by its prediction is very attractive to potential investors. It may never be on the same level as Bitcoin, but it is set to become a favorite among crypto investors.
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