What is Litecoin
What will be the effect of the recent changes in the crypto currency exchange, the fall and rise of crypto on the Litecoin price?
Litecoin is one of the most popular cryptocurrencies in the market after Bitcoin and Ethereum. Litecoin’s price started about $3 per coin and saw a lot of up and down. Experts believe that Litecoin’s potential is extremely high. Litecoin price was trading at $126 at the end of 2020. It is a digital peer to peer currency. Technically the Lite coin project’s system is very similar to Bitcoin’s. This Litecoin production is based on an open-source protocol.
There is no central control therefore all transactions and expenses are managed by that peer-to-peer network. This coin is currently ranked 12th cryptocurrency with its $21 Billion market cap. Litecoin price has changed from $40.66 to $412.9 and today it is trading at $318.
Litecoin has an impressive number of merchants in its network. Although their transactions have dipped a bit since their halving in August 2019, they are still in line. As I mentioned earlier, the Litecoin blockchain is fairly healthy and the Litecoin price can increase in the next few days. However, it is volatile, and it can decrease suddenly.
You have to be sure that you did your own research. It is still a popular coin amongst traders and investors. When it comes to the adoption, this project is doing good so there are thousands of retailers that accept Litecoin as a form of payment. If Litecoin price is able to further increase, it will be more popular than today.
Despite being one if the oldest blockchains around Litecoin is still fresh and working on so many improvement protocols.
Litecoin Price vs Bitcoin Price
People know Bitcoin as a digital gold, then it means Litecoin (LTC) is a digital silver. There are some differences between these two. Bitcoin has a maximum supply of coins of 21 Million. However, Litecoin has a maximum supply of 84 Million. It means its transactions are four times faster than Bitcoin. Litecoin is easier to use.
It is one of the oldest coins out there in the market. It is a proof of work coin just like Bitcoin, but it differs at some points. Litecoin offers faster results with shorter time and it provides lower transaction fees. It is a cheap and super safe highway for making payments. It has a bright future, and it is a reliable altcoin with more than 6 years of experience.
Developers can easily add software updates to Litecoin. One of the biggest differences between these two cryptocurrencies is transaction fees. For Litecoin the average fee is about $0.04 however for Bitcoin it is $26.89. The difference between the two is huge. Another difference is the algorithms that they use. Litecoin uses hashing algorithms. Litecoin has been in the charts for 409 weeks.
When Was It Founded?
The Litecoin is a non-profit registered in Singapore that has many aims. It was created by a former Google employee Charlie Lee in 2011 and it was created based on a Bitcoin protocol. It is funded primarily through donations along with three sponsor programs. It also works with a wide variety of payment gateways. Litecoin can quickly expand its user base.
The Litecoin halving occurred in August 2019. Litecoin can be exchanged for Bitcoin and fiat money. Litecoin is a superior alternative to fiat money. When you compare it to Ethereum, Ethereum’s concept is more difficult to understand than Litecoin. Litecoin is digital money with built in scarcity. You can simply install a wallet app on your mobile phone. You will have your own Litecoin bank account that you can conduct transactions.
This article is not for financial advice. Do your own research. This article has been prepared for informational purposes only about Litecoin price.