Litecoin (LTC): Why Invest in Litecoin (LTC)

Litecoin (LTC)

Have you ever asked yourself, what Litecoin is and why you should invest in Litecoin? Do not worry, we will give you all the information about Litecoin so that you can make an informed decision on whether Litecoin (LTC) is the right cryptocurrency for you to invest in. In this article, we will explain to you Litecoin’s background, Litecoin’s features, and the potential of Litecoin (LTC).

History of Litecoin (LTC)

Litecoin was created by Charlie Lee on October 7, 2011. Litecoin is a fork of the Bitcoin core client. Litecoin was designed to have faster transaction times and improved storage efficiency than Bitcoin (BTC).

In 2012, Litecoin (LTC) became the first cryptocurrency to use scrypt as a proof of work algorithm. The use of scrypt meant that Litecoin (LTC) could not be mined with the specialized equipment that had been designed to mine Bitcoin (BTC).

2013 was Litecoin (LTC)’s breakout year. In May of 2013, the first Litecoin (LTC) exchange opened. This allowed Litecoin (LTC) to be traded for other cryptocurrencies. In November of 2013, Litecoin (LTC) reached a market capitalization of $1 billion.

The following years were not as kind to Litecoin (LTC) as 2013 was. In 2014 and 2015, Litecoin (LTC)’s price fell along with the rest of the cryptocurrency market. In 2016, Litecoin (LTC) began to recover and has continued to grow since then.

Came 2017, Litecoin (LTC) underwent its first halving. A Litecoin (LTC) halving occurs every 4 years and reduces the block reward by 50%. The Litecoin (LTC) block reward was reduced from 25 LTC to 12.5 LTC. Despite the Litecoin (LTC) halving, Litecoin (LTC)’s price continued to rise and Litecoin (LTC) reached an all-time high price in December of 2017.

What is Litecoin (LTC)?

Litecoin (LTC) is a cryptocurrency that uses a proof of work algorithm. Litecoin (LTC) can be mined with consumer grade hardware. Litecoin (LTC) has faster transaction times and improved storage efficiency than Bitcoin (BTC). Litecoin (LTC) also has a higher maximum supply than Bitcoin (BTC).

Digital assets are stored in a Litecoin wallet. A Litecoin wallet is similar to a bank account. Litecoin wallets can be used to send and receive Litecoin. Litecoin wallets can also be used to store other cryptocurrencies.

 Litecoin (LTC)’s Features

There are a lot of Litecoin (LTC)’s features that make Litecoin (LTC) unique. We will go over some of Litecoin (LTC)’s most notable features.

The benefit of using Litecoin are: 

  • Fast transaction times: Litecoin (LTC) transactions take 2.5 minutes on average to confirm. Bitcoin (BTC) transactions take 10 minutes on average to confirm.
  • Improved storage efficiency: Litecoin (LTC)’s blockchain is 4 times smaller than Bitcoin (BTC)’s blockchain.
  • Scrypt algorithm: Litecoin (LTC) uses the scrypt algorithm which cannot be mined with specialized equipment.
  • High maximum supply: Litecoin (LTC) has a maximum supply of 84 million LTC. Bitcoin (BTC) has a maximum supply of 21 million BTC.

Litecoin (LTC) is a cryptocurrency that has a lot to offer. Litecoin (LTC)’s fast transaction times, improved storage efficiency, and high maximum supply make Litecoin (LTC) a strong contender in the cryptocurrency space.

Risks of Litecoin (LTC)

Of course, no investment is without risk. Litecoin (LTC) is not immune to risks. We will go over some of the risks of Litecoin (LTC).

  • Volatility: The price of Litecoin (LTC) can be very volatile. The price of Litecoin (LTC) can rise and fall a great deal in a short period of time.
  • Forks: Litecoin (LTC) has undergone several forks. A fork occurs when the Litecoin (LTC) blockchain splits into two different blockchains. Forks can be caused by software updates or disagreements among Litecoin (LTC) developers.
  • Security: Litecoin (LTC) wallets and exchanges have been hacked in the past. Litecoin (LTC) users should take care to secure their Litecoin (LTC) wallets and not use exchanges that are not reputable.

Despite the risks, Litecoin (LTC) remains a popular cryptocurrency. Litecoin (LTC)’s fast transaction times, improved storage

How Does Litecoin (LTC) work?

Litecoin transactions are verified by Litecoin miners.

To know well how Litecoin work, follow this guide: 

  • Create an account: In order to start using Litecoin, the first thing you need to do is create a Litecoin account. You can do this by downloading the Litecoin software and installing it on your computer.
  • Get a Litecoin wallet: Getting a Litecoin wallet is the next step. Your Litecoin can be kept in a wallet that functions like a bank account. Downloading the Litecoin software will give you access to a wallet.
  • Receive Litecoin: The next step is to receive Litecoin. You can do this by accepting Litecoin payments from others or by buying Litecoin on an exchange.
  • Make Litecoin payments: The final step is to make Litecoin payments. Litecoin can be used to pay for goods and services or to send Litecoin to other Litecoin addresses. Litecoin payments are made from your Litecoin wallet.

Easy as that!

Litecoin Special Software

Litecoin developers created a Litecoin software fork of the Bitcoin Core software. The Litecoin software includes some changes that make Litecoin different from Bitcoin.

The special software is called Litecoin Core. Litecoin core was helpful in Litecoin’s development, but it is no longer needed. Litecoin Core has been replaced by Litecoin Wallet and Litecoin Daemon.

How to Mine Litecoin

Mining Litecoin is a lot like mining Bitcoin. Litecoin miners use special software to solve math problems and are rewarded with Litecoin for their work. This process is called mining.

To start mining Litecoin, you will need:

  • A computer with an internet connection: Litecoin mining software will run on your computer.
  • A Litecoin wallet: Litecoin miners need a Litecoin wallet to store their Litecoin earnings.
  • A Litecoin mining pool: Litecoin miners can join a Litecoin mining pool to pool their resources and earn more Litecoin.
  • Litecoin mining software: Litecoin miners will need to download Litecoin mining software to start mining Litecoin.

Litecoin mining pools are groups of Litecoin miners who share their resources in order to earn more Litecoin.

Some popular Litecoin mining pools include:

  • Litecoin Pool
  • WeMineLTC
  • Give Me COINS
How to Buy Litecoin

The easiest way to buy Litecoin is to buy Litecoin on an exchange. There are many exchanges that sell Litecoin. Some of the most popular exchanges are Coinbase, Kraken, and Bitstamp.

Another way to buy Litecoin is to buy Bitcoin on an exchange and then trade the Bitcoin for Litecoin on another exchange.

Litecoin Math Problems

The Litecoin math problems are designed to be difficult to solve. Litecoin miners use special-purpose hardware to solve the Litecoin math problems. The Litecoin math problems are difficult to solve, but Litecoin miners are rewarded with Litecoin for their work.

Litecoin Price 

LTC price statistics show that Litecoin cryptocurrency is trading at around $50.41 per LTC. Litecoin’s all-time high price was 371 dollars on 19 December 2017. Litecoin has a market cap of $3,524,915,525.67 and a circulating supply of 70.64M LTC.

Cryptocurrency exchanges are used to buy and sell Litecoin. But before you do so, always check Litecoin’s price on an exchange like Coinbase. The market capitalization can either go up or down, and Litecoin’s price is no exception.

The bitcoin blockchain has an effect on Litecoin’s price. When the bitcoin blockchain forks, Litecoin’s price also rises. Litecoin is a fork of Bitcoin, and its code is very similar to Bitcoin’s code.

Litecoin’s price is also affected by Litecoin Foundation. Litecoin Foundation is a non-profit organization that promotes Litecoin and its adoption. The intended litecoin block reward is 50 LTC per block, but Litecoin Foundation has been giving out LTC for free to encourage adoption.

Litecoin’s price is also influenced by Litecoin’s developers. Litecoin’s developers are some of the most active in the cryptocurrency community. They are constantly working on improving Litecoin and adding new features.

Litecoin Roadmap

Litecoin network successfully activated SegWit on Litecoin’s blockchain on 10 May 2017. Litecoin Foundation has released Litecoin Core 0.13.2, which includes full support for SegWit on Litecoin’s mainnet.

Litecoin Foundation is also working on Lightning Network implementation. Lightning Network is a second layer solution that enables fast and cheap Litecoin payments. Litecoin Foundation is also working on LitePay, a Litecoin payment processor. LitePay will enable businesses to accept Litecoin payments.

Litecoin is an open source project. Anyone can contribute to Litecoin’s development. Litecoin’s developers are constantly working on improving Litecoin and adding new features.

Final Say

Litecoin users have a lot to look forward to in the future. Litecoin’s price is influenced by many factors, but Litecoin’s developers are constantly working on improving Litecoin. Litecoin has a bright future, and its price will continue to rise as Litecoin adoption increases.

Before investing, make sure to do your own research and seek investment advice.