Litecoin is an alternative cryptocurrency to bitcoin, created in 2011 by Charlie Lee. Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, a global payment network which is fully decentralised without any central authorities. Mathematics secures the network and empowers individuals to control their finances.
Litecoin (LTC) Price Prediction 2018
The Litecoin is often referred to the brother of Bitcoin. The Bitcoin is seen as the “gold” while the Litecoin is mentioned as “silver”. The Bitcoin creator was a mystery while the Litecoin creator is very active in social media and gives the speech on Litecoin which makes the Litecoin more popular cryptocurrency. A cryptocurrency is an alternative form of payment to cash, credit cards, and checks. The technology behind it allows you to send it directly to others without going to a third party like a bank.
A form of digital money that utilises a blockchain to maintain a public ledger of all transactions easily, Litecoin is used to transfer funds directly between individuals or businesses without the need for an intermediary such as a bank or payment processing service. Litecoin is the third oldest cryptocurrency which still exists, and it is the No.5 cryptocurrency in Market Cap. Litecoin is another option searched by the people other than Bitcoin and Ether.
Litecoin is from bitcoin’s source code, and like bitcoin, it operates on a blockchain. Charlie Lee has said in the past he intended Litecoin to be the silver to bitcoin’s gold. But there are some fundamental technical differences that have made Litecoin appealing recently. There are some peculiar features for the Litecoin which makes it more special and widespread than the bitcoin. The Litecoin is made mainly focusing the common people for their daily use. Litecoin price today is marked as $287.78. It has a current circulating supply of 54,491,108 LTC Million coins, and a total volume exchanged of $779,974,000.
Feature of Litecoin
The Litecoin has three main advantages over the Bitcoin.
- Speed– Litecoin is confirmed faster than Bitcoin because it generates a block every 2.5 minutes as opposed to Bitcoin’s 10 minutes. This means you get your money quicker.
- Liquidity– Litecoin will produce a total of 84 million coins as opposed to Bitcoin’s 21 million. This means that it will be more readily available for daily purchases instead of being hoarded like Bitcoin.
- Technology– Litecoin is capable of testing and implementing technology faster than Bitcoin. For example, Litecoin pioneered the way for the technique called Segregated Witness by performing it three months before Bitcoin. This technology is significant because it allows both Bitcoin and Litecoin to scale by making them faster and creates lower transaction fees. Litecoin also uses a different proof-of-work algorithm, called Scrypt, than bitcoin, which uses SHA-256.
Like many other cryptocurrencies, Litecoin also is kept in a wallet. A Litecoin wallet is a software program or an application that allows you to send, receive store your Litecoins (LTC) safely. There are a lot of software wallets and hardware wallets which can be used in the system as well as in mobile phones. Each wallet has private keys required to receive and send coins to and from your Litecoin address. Electrum-LTC is a simple, but powerful Litecoin wallet. A twelve-word security passphrase leaves intruders stranded and your peace of mind intact. Some wallets are free, while other wallets charge fees for various transactions. Ledger Nano S is one of the most popular and secure wallets currently available in the market. Exodus is a multi-currency desktop wallet that supports Litecoin also. Litecoin Core is the official Litecoin Wallet and being an official wallet, it is extremely safe to store your Litecoins.
How to buy Litecoin?
It is not easy to buy Litecoins like bitcoins. One of the easiest ways of buying Litecoins is to just purchase them with bitcoins. This will be helpful more most of the users to be the fastest, and for most users, it will be the cheapest option. Some of these exchanges, as well as other services like Coinbase, also allow you to purchase it with actual fiat currency including US dollars.
Litecoin is gaining popularity in recent times. Next, to the very similar cryptocurrency Bitcoin, Litecoin has one of the highest largest market capitalisations of any coin, and it has longevity.These above facts make Litecoin one of the better cryptocurrencies which to invest.