What is LTC Coin?
Litecoin (LTC) is a decentralized, open-source, peer-to-peer cryptocurrency that is often called digital silver to Bitcoin gold. Naturally, the Litecoin project emerged as a fork of Bitcoin and thus is closely tied with the grand cryptocurrency. Litecoin framework is based upon an open-source encryption protocol. Users on the Litecoin network generate blocks through a cryptological hash function, which Litecoin operates on. Litecoin LTC can be traded and exchanged for other digital and fiat money.
A former Google employee Charlie Lee created Litecoin in 2011 and released it via an open-source client on GitHub. Charlie's intention was to make a “lighter” version of Bitcoin, thus making it similar to Bitcoin tech-wise but lighter in weight. That is where the name Litecoin comes from. About the head developer: Charlie Lee who is also known under the nickname Chocobo has been an early Bitcoin investor and an IT computer scientist who had experience at Google. More than that, Lee was the director of engineering at Coinbase. Thus his name was valuable and respected in the crypto community from very early times. Today Charlie Lee continues to be a significant crypto influencer of the industry.
Among the other developers are Xinxi Wang, Alan Austin, and Zing Yang — all of which are accomplished in their own way.
As it has already been mentioned, Litecoin is often called the silver to the Bitcoin’s gold. Since the dawn of its time, Litecoin was positively accepted and got more and more recognition and acceptance. Since recently, the Litecoin logo was advertised in the UFC octagon and it seems it’s here to stay. The coin gets more integrations and partnerships in different countries, so LTC price prediction is very optimistic according to the crypto experts.
As a peer-to-peer network, it is natural for the Litecoin community to be a significant part of the whole system. As for now, it is said that the community plans implementation of the lightning network and MimbleWimble protocols.
How Much Is Litecoin Worth?
Litecoin has gone through a lot of ups and downs. At the beginning of its lifespan, Litecoin’s price remained below $100. Nevertheless, in 2017 the price hit $70 and was rather stable until it leaped to its all-time high of $322 on the 17th of December. After that, the price has been bouncing from $100 to $160 until falling back down in mid-2019.
Since 2019 Litecoin price prediction has been letting users down on a regular basis. It experienced jumps from $30 to $130 for months.
During 2020 the price was resting between $50 - $60 until the end of the year. In November 2020 Litecoin price rocketed to $132 as of the 27th of December and stepped into 2021 just like that.
What Is The Price Of Litecoin Today?
Litecoin was traded today at the price of 186.7793 USD.
It is among the Top-10 cryptocurrencies with a total market cap of $13 million and a circulation coin supply of 66 million LTC. It is one of the most widely accepted cryptocurrencies now and more than 2.000 merchants and stores accept LTC across the globe.
Is Litecoin A Good Investment?
Litecoin cryptocurrency has a Segregated Witness protocol (SegWit) which contributes to the bandwidth of the network along with allowing optional data transmissions and avoiding various protocol restrictions.
Litecoin is a fast, cost-effective cryptocurrency. LTC completes transactions in a matter of a couple of minutes. In addition, there are meager transaction fees, which is a significant advantage for those who live in developing countries, where the fee-factor may be the key factor on which cryptocurrency to use.
LTC coin works faster than Bitcoin although the price and value are from opposite vectors. Just like that, Litecoin proves resistant to ASICs - graphics-oriented hardware cards focusing on cryptocurrency mining. All in all, it makes Litecoin more accessible than Bitcoin.
The max coin supply of Litecoin is 84,000,000 LTC which exceeds the number of BTC by 4 times! On one hand, it reduces the value of LTC and makes it less scarce, on the other hand, a bigger number of coins makes LTC crypto theoretically more approachable and can have an easier way to world-wide adoption.
Anyway, we should not get blindfolded with all the bright sides, and keep in mind that Litecoin is as volatile as cryptocurrencies usually are. It would be useful for traders and investors to know that Litecoin faces rapid price swings such as 40% in a day, or 1,000% in a month.
Mining is an extremely important process within cryptocurrencies as it helps to keep the network secure. Litecoin mining uses Scrypt - Proof-of-Work algorithm. Scrypt allows consumer-grade hardware such as GPU to mine those coins. It means that you can still mine Litecoin on a Mac or Windows either solo or via a pool. To mine Litecoin properly, you need a GPU computer. However, it is possible to use ASIC-miners, which can get you more income.
“I will spend all my time working on Litecoin. When Litecoin succeeds, I will still be rewarded in lots of different ways, just not directly via ownership of coins. I now believe this is the best way for me to continue to oversee Litecoin’s growth” — Charlie Lee.
“Sound money like Litecoin is the best way to pay because you have no debt on the purchase” — Jon Moore.
“Litecoin has a tendency to remain dormant, under the radar for prolonged periods and then re-emerges with a pop!” — CryptoCobby.
One of the Litecoin key events was an adoption as a means of payment in Venezuela's mainstream international payments system. Thanks to this, foreigners can send their Litecoin savings to their friends and family in Venezuela. The opportunity is carried out via the Remesas remittance platform. Recipients can get Bolivars in their local bank account through Remesas. By the way, the fees for transactions are up to 15%.
The Litecoin platform has launched its own first RPG video game called LiteBringer which runs and exits on the Litecoin network. The decision to make a video game tied with the blockchain emerged because playing is a good method of teaching things. The developers saw the game as a perfect way to introduce blockchain technology. LiteBringer allows users to make in-game purchases, which contributes to the transactions on the Litecoin network. The game is expected to make the blockchain more available and attractive to outsiders, bringing in more money and increasing its value.
Should I Buy Litecoin?
Litecoin seems attractive, right? To buy Litecoin you should definitely use a non-custodial and convenient crypto exchange StealthEX. It’s fully instant and you don’t have to register to make an exchange.
If you are looking for where to buy LTCcoin, we will show you how to buy Litecoin cryptocurrency for another crypto using the StealthEX exchange platform. It’s a super-friendly, non-custodial and limitless cryptocurrency exchange platform. So if you already have savings in crypto and wish to invest in LTC coin, just go to StealthEX and follow these easy steps:
- Choose the pair and the amount for your exchange. For example ETH to LTC.
- Provide the recipient address to which the coins will be transferred.
- Move your cryptocurrency for the exchange.
- Receive your LTC coins.