Launched in , the litecoin cryptocurrency is the result of a bitcoin fork. Given its heritage, litecoin shares a lot of functionality with bitcoin, such as a fixed amount of tokens in circulation. Currently 30 March , there are about One important similarity between the Bitcoin and Litecoin blockchains is that they are both powered by the proof-of-work PoW consensus.
Despite their shared heritage, Bitcoin and Litecoin use totally different cryptographic algorithms: Bitcoin uses the famed SHA while Litecoin is built on an algorithm called Scrypt. In line with broader cryptocurrency markets, litecoin had struggled through a volatile ride with several factors driving performance.
While the cryptocurrency has yet to come into widespread use for day-to-day transactions, two high-profile payment networks started to facilitate its use this year. At launch, each unit of the ETP was backed with 0. The following crash in the broader cryptocurrency market dragged LTC lower, however. Litecoin's price did receive a short-lived spike inits chart line in September when a hoax press release saying that major US retailer Walmart was about to accept Litecoin payments was circulated.
It just as quickly returned to normal levels. That was according to crypto research group Santiment which also noted that this was the longest accumulation pattern seen since The price of LTC started to rise as the news broke perhaps on speculation that the whales were planning something big.
The foundation said it will be included as part of the Litecoin Core 0. High liquidity means better trading conditions, such as narrower bid-ask spreads and therefore a more valuable outlook for the coin. Litecoin is faster and cheaper than bitcoin. Bitcoin transactions on average take just under nine minutes to verify. In comparison, Litecoin cryptocurrency transactions take only about 2. Litecoin is also cheaper to use than its older brother. While litecoin is one of the 25 most valuable cryptocurrencies by market capitalisation, some investors only see ether ETH as a true alternative to bitcoin.
This means that litecoin often gets lumped in with the other altcoins, such as XRP. LTC may be liquid but the number of people investing in litecoins is shrinking relative to the rest of the market. LTC is losing market share as the digital currency universe expands. During the bullrun litecoin ended the year as the fifth largest crypto by market capitalisation.
Will litecoin rise if its market share keeps falling? The answer is not clear. On 20 December , LTC founder Charlie Lee announced in a Reddit post that he was selling and donating his entire holding of litecoin, explaining that the decision was due to a potential conflict of interest because by owning the crypto and tweeting about it, he could accidentally manipulate the market. In the world of traditional finance, a founder selling all their interest in an asset would be a clear danger signal for investors.
The latest as of 30 March data from CoinCodex showed 19 technical indicators giving bullish signals and 14 pointing to the bearish side. The litecoin halving event is due to take place in August Typically these types of events herald rises in crypto values, but the mid-term outlook for the litecoin prediction seems to be downbeat. Always use your own judgment and research before making any trading or investing decisions.
And never invest more than you can afford to lose. Litecoin has numerous advantages, such as its high liquidity, short transaction time and relatively cheap transaction cost. Its brand awareness is still lagging, however, and its market share is declining.
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Litecoin's current share of the entire cryptocurrency market is 0. You can find more details about Litecoin on its official website and on the block explorer. Litecoin is a peer-to-peer Internet currency.
Its network enables instant, nearly free-of-cost payments across the globe. Litecoin is open-source, which means it is a fully decentralized global payment network without any central authorities. Mathematical algorithms secure the network and assist participants with the control of their own finances. Faster transactions and improved storage efficiency is the main strength of Litecoin. It was founded in by Charlie Lee, the former Google engineer. Litecoin has always been considered an extension of Bitcoin.
In fact, Lee announced Litecoin as a lite version of Bitcoin. For this reason, many features of Bitcoin and Litecoin are the same, though some other aspects that the development team felt could be improved have been adapted and changed. The supply is fixed and will never be more than 84 million. Approximately every 2. There are incentives for mining Litecoin: the first miner to successfully verify a block is rewarded with The number of Litecoins awarded for such a task is reducing with time.
In August , it was halved, and the halving will continue at regular intervals until the 84,, Litecoin is mined. The most important distinction between Litecoin and Bitcoin is the different cryptographic algorithms that they employ. Bitcoin uses the SHA algorithm, whereas Litecoin implements a newer algorithm, called script. Litecoin was founded with the main goal to speed up transactions, and this is a major reason for its popularity.
The network can handle more transactions because of its shorter block generation time. Litecoin is one of the oldest and most popular pure cryptocurrencies. This success belongs to its clear utility and simplicity. According to statistics, Litecoin is one of the most widely accepted cryptocurrencies, there are more than 2, stores and merchants accepting LTC across the world.
Cost-effectiveness and speed of transactions are two main benefits of Litecoin. Transactions are confirmed in just a few minutes, and transaction fees are so small that they appear to be free. This makes it an attractive alternative to Bitcoin, as transaction fees are often the deciding factor when choosing amongst cryptocurrencies. There are several ways to mine Litecoin: Solo mining, Pool mining, Cloud mining. Get update and news on bitcoin.
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