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Price (USD)$ 71.90
Circulating SupplyLTC 73.93979M
Volume (24h)$ 281.30131M
Market Cap$ 5.31655B
Low/High 24h$ 71.39 - $ 72.73
Change (24h)-$ 0.19269
Litecoin (LTC) is one of the first cryptocurrencies created using the source code of Bitcoin. The project is developing as a payment system for transferring digital assets between users.
Litecoin price today is $ 71.90.
Litecoin has a limited supply of 84 million coins. Over 69 million coins have already been mined. According to the developers, the last LTC will be mined in 2142.
Litecoin mining requires purchasing high-quality equipment. Besides, the software has to be downloaded, installed, and configured. As a result, searching for blocks will start, for which users get rewarded.
Litecoin miners get 12.5 new LTC for every block. This number is halved every 840,000 blocks. This is up from Bitcoin, where miners get 6.25 new BTC for every block generated.
The mining fee is decreased every 4 years. It was halved in 2019 and the next Litecoin halving is expected in 2023.
When it comes to cold wallets (wallets that are kept offline), the best options are hardware wallets. Remember, the security of a hardware wallet is also dependent on how you use it. Always buy from the manufacturer or a trusted retailer to avoid tampered devices. Store your recovery seed phrase securely and never share it with anyone.
Another safe way to hold LTCs is to use a mobile wallet created by the Litecoin team for Android and iOS. The app ensures protection with biometrics and two-factor authentication. Everyone can transfer their coins in minutes and buy LTCs on the go.
The founder of the project is Charlie Lee, a former Google employee. He realized Bitcoin's potential but noticed that it had low speed and high transaction fees. Lee wanted to correct these mistakes by developing his coin, which appeared in October 2011 as a result of the BTC fork.
The developer designed his platform to produce more blocks compared to BTC and have a larger maximum supply volume. LTC was struggling to become as popular as Bitcoin. It was hard for people to give up on BTC. However, as the cryptocurrency market evolved, users began to become frustrated with the relatively low speed and high transaction fees. BTC was suitable as an asset for investment, but it couldn't become a means of everyday payments.
LTC reached a billion-dollar capitalization two years after its launch. For a long time, it held on to the TOP-3 in market valuation of cryptocurrencies, but with the development of this market, Litecoin got lower in the ratings.
In May 2017, LTC adopted the Segregated Witness protocol. That same spring, the first Lightning Network transaction took place. At that time, an ambitious roadmap was released.
In February 2018, another Litecoin hard fork happened, leading to the development of the Litecoin Cash coin. This event resulted in a major protocol divergence, resulting in a new digital chain.
Litecoin is a peer-to-peer digital currency. Moreover, it's a decentralized, open-source global payment network.
LTC produces four times as many blocks as Bitcoin (1 new block is created every 2,5 minutes versus 10 minutes for Bitcoin).
Furthermore, Litecoin has lower transaction fees, which are only $0.03. This makes it possible to pay with Litecoin for some goods or services while using Bitcoin for small payments is unprofitable.
Since Litecoin uses the Scrypt algorithm, it provides more efficient and easy mining.
Overall, Litecoin has all chances to make a profit for investors. Since it's similar to Bitcoin but surpasses it in speed and convenience, more people are looking for how many Litecoins are there. All this shows LTC potential for the next few years.
MWEB stands for MimbleWimble Extension Block, and it is a protocol upgrade for Litecoin. The MimbleWimble protocol was originally proposed for Bitcoin but is being adopted by Litecoin to improve its privacy and scalability.
The MWEB upgrade brings several key improvements:
Privacy: MimbleWimble uses a form of cryptography called Confidential Transactions that hides the amount of LTC being sent. This enhances privacy by making it significantly harder to track the movement of coins.
Scalability: MimbleWimble employs a different structure of transactions that allows for the "pruning" of certain data from the blockchain. This means that less data needs to be stored by nodes, improving the scalability of the network.
Fungibility: Because of the increased privacy and decreased traceability of coins, Litecoin will become more fungible. This means that each individual Litecoin will be indistinguishable from any other Litecoin, which is a key characteristic of any useful currency.
It's important to note that the MWEB upgrade is optional, meaning that users can choose whether to use it for their transactions. This allows for increased privacy for those who want it, while maintaining compatibility with existing wallets and services that may not support MWEB.
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The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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