Litecoin, also referred to as LTC or Ł, is one of the leading cryptocurrencies in the market. Litecoin is mined and transferred as open source cryptographic protocol and is not regulated by any central authority. Litecoin can be used by anyone, and in any country.
Litecoin was established with the goal of allowing transfer confirmations speed up from 10 minutes to 2.5 minutes, to streamline the process. Currently, a Litecoin block is mined every 2.5 minutes, with 25 coins generated. Litecoin enables a much higher volume of transactions than previous cryptocurrencies.
The popularity of Litecoin is driven by the search for alternative currency systems that are not controlled by banks and governments. Both beginners and experienced traders have flocked to Litecoin and other cryptocurrencies .
Litecoin trading is very easy, as its interface is extremely simple, designed for quick, low-cost payments. Using Litecoin, a trader in Africa can transfer payment to a trader in the United States in moments. Both traders will receive documentation of the transaction, which is stored on the blockchain.
Litecoin shares many of the Bitcoin's characteristics, which has contributed to the Litecoin's speedy integration into the marketplace, and it is well supported across the industry, ranging from online and offline players to the crypto community itself.
Litecoin is more cost-effective and swifter than Bitcoin. The cost of Litecoin transactions is almost 1/50 the cost of Bitcoin. Therefore, it may be the cryptocurrency of the future, allowing traders to buy and sell it much more than other currencies.
The cryptocurrency market is experiencing huge growth, with its scope expanding from $17 billion to $650 in the period of a year. More and more vendors are beginning to accept cryptocurrencies, which will be spreading to more and more of our purchases, including groceries, electronics and more.
Litecoin is mined, a procedure which requires high power levels, and miners are compensated with Litecoin for their computing power. A standard computer can perform the mining actions very slowly. The Litecoin mining process consumes substantially less power than that of Bitcoin, leading to lower mining costs, and providing a more profitable model for miners. This could increase supply and, in turn, boost demand.
The top limit for the number of Litecoins is 84 million, and currently, 55 million have already been mined. This top limit was calculated to be 4 times the 21 million limit of the bitcoin.
Litecoin distribution is performed by wallet encryption technology which secures the safety of the coins, and also allows traders to view their transactions. The blockchain records all transactions made, which are processed by crypto miners, who generate new blocks that are integrated into the chain.
The Litecoin blockchain can perform a high amount of transactions relative to that of Bitcoin. Due to the high volume of block generation performed by the Lightning, and Segregated Witness technology used, the Litecoin network enables high volume transactions, faster confirmation times and lower fees, without the requirement of performing modifications to the software in the future. Therefore, Litecoin is highly effective for traders.
Litecoin was established by Charlie Lee, a former employee of Google, and was released on October 13th, 2013. Litecoin is extremely popular with investors. This means a trader will not experience any difficulties in selling Litecoin.
The Crypto market tends to be quite volatile, with frequent fluctuations ongoing. In this market, the Litecoin price is closely related to the value of Bitcoin. Market adoption is a vital factor in the value of Litecoin. The more vendors accept it, the higher its value will be.
In 2013, Litecoin trading showed high growth, reaching $1 billion. In 2017 it adopted SegWit and used the lightning network – the first cryptocurrency to do so. Since its release into the market, Litecoin was traded around 3-4 USD and did not range beyond $200M. It showed a boost in 2013 but soon dropped again. It stayed mostly stable, until an all-time peak in 2017, when it was traded over $80, reaching a market cap of $4.2B.
Litecoin's favorable market position allowed it to benefit from a global rise in crypto trading when this area ripened in the far east. Its surge is also related to the adoption of features such as the Lightning Network and Segregated Witness (SegWit). This technology which has enabled the Litecoin network to perform more transactions, and even to is used on the Internet for transactions of various goods and services. In the industry, many players, analysts and traders eagerly anticipate further developments in cryptocurrency and Litecoin in particular.
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