What is Litecoin (LTC)
Litecoin (LTC) is a cryptocurrency created by Charles Lee in 2011 and based on Bitcoin’s platform software code. It is an open source, global payment network that is fully decentralized without any central authorities. Litecoin uses Scrypt consensus algorithm, so most efficient Litecoin (LTC) mining hardware is ASIC.
Litecoin (LTC) was released back in October 2011 by a former Google employee, Charlie Lee. He initially got involved in crypto development by attempting to revive a coin called Fairbrix but after the failure he pressed on by looking at the source code for Bitcoin and made a few important adjustments he thought were necessary.
Because the code of these two cryptocurrencies is almost the same, Litecoin often served as a useful testnet for upgrades that could later be implemented on the bitcoin network. Charlie’s main goal was not to replace Bitcoin, but to make transactions faster. So in the year 2017 the Litecoin project adopted “Segregated Witness” protocol, a technology that helps cryptocurrencies add more transactions into each block (it is possible due to “Lightning network” which enables all its participants to exchange currency at virtually no cost). Later that year, the first Lightning transaction was completed in less than 1 second.
Nowadays Litecoin is in the Top 10 cryptocurrencies by crypto market capitalization.
Where to keep and use?
Litecoin has been integrated into many merchant processors and debit card providers in order to help grow the adoption of the Litecoin network globally. Also, there are a lot of Litecoin ATMs worldwide. By April 2020 there are more than 5000 Litecoin ATMs globally.
You can pay with Litecoin at many thousands of places worldwide ranging from clothing stores, to education, to travel and property.
Litecoin can be stored like most cryptocurrencies either on an exchange or in a cold or hot storage wallet.
The apogee of glory
The incredible success of Litecoin cryptocurrency was always reflected in its promptness as well as in its price. The merchants had always appreciated the speed transactions were performed with. Back in the time, customers sometimes had to wait for 6 confirmations (about an hour) before it was possible to consider crypto payments final.
At the beginning of its path, Litecoin was worthy of only 4 dollars. However, LTC coin faced all the ups and downs during its history:
In November 2013 LTC started to experience a massive growth, but then in the mid-2010s, as the merchants’ interest in cryptocurrency faded a little bit, Litecoin adopted a more aggressive approach to development, integrating new cutting-edge technologies like Lightning Network and Segregated Witness. Therefore, when in April 2017, the SegWit was activated; the price instantly flew up 10 times and reached $50 for one coin.
In December 2017, Litecoin (LTC) experienced the moment of glory. On December 12, the price cracked a record and tested $400 mark. It was an absolute historical maximum. The lowest point of the price was January 14, 2015, LTC was worth only $1.11.
Today Litecoin price is 82.2362 USD.
Pros and Cons
The popularity along with the price of Litecoin has grown substantially in a really short time, surpassing the highest expectations. Besides giving generous returns, Litecoin holds the following advantages:
- An open source project. It means that it is possible to implement various technological improvements into the system.
- Fast. As it takes only 2.5 minutes to process a transaction in the Litecoin network, it can be used as a form of payment. Once during the tests LTC performed best by transferring 23 coins in under 10 seconds. This has led to the businesses paying attention to Litecoin and adopting it in their ecosystem as well. For example, the popular e-commerce giant Overstock.com has accepted Litecoin as a form of payment.
- Mines on ordinary computers. The Scrypt algorithm which LTC is built upon made it possible.
- Low transaction fee.
However, there is a couple of things that can make you think twice before using LTC:
- High volatility. Litecoin prices are exceptionally volatile and unstable, often experiencing great and rapid price swings such as 40% in a day, or 1,000% in a month.
- Doesn’t guarantee your complete anonymity. As many other altcoins, LTC is lacking sufficient anonymity. That is why many users prefer using Litecoin Mixer to ensure their privacy. Litecoin Mixer is a service that adds an extra layer of privacy to secure your identity while transacting LTC coins. Compared to regular transactions, it’s much more secure and private.
Halving is an event that occurs roughly every four years, or after 210,000 transactions, which reduces the amount of a cryptocurrency mined in each verification by 50 percent. Halving plays a significant part in Proof-of-Work mining algorithm systems because this fact is reflected in the coin price. The process of halving is simple: halving instantly reduces the reward for the mined block by half.
The very first Litecoin halving took place on August 26, 2015, at block 840,000, and as a result, the reward decreased from 50 LTC to 25 LTC. On August 5, 2019, at block 1 680 000, the volume of regular emissions was halved to 12.5 LTC.
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.
In 2020 current block reward in the Litecoin ecosystem is 25 LTC. 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.
The Litecoin name is referred to as ‘easy coin’ because it was actually created as a light version of Bitcoin: based on the same paradigm but technologically changed.
Litecoin mining will stop when the total number of mined coins reaches 84 million. It will happen approximately by the year 2142.
Litecoin is often referred to as the “silver” to Bitcoin’s “gold”.
In 2017 Charlie Lee sold out all the physical LTC coins he had time to avoid the conflict of interest that came upon him with his influence and position as LTC founder.
How to get LTC?
Nowadays Litecoin is in the Top 10 cryptocurrencies by crypto market capitalization. You can buy Litecoin at StealthEX exchange with a low fee.
Just go to StealthEX and follow these easy steps:
✔ Choose the pair and the amount for your exchange. For example ETH to LTC.
✔ Press the “Start exchange” button.
✔ Provide the recipient address to which the coins will be transferred.
✔ Move your cryptocurrency for the exchange.
✔ Receive your coins!