Details, News, price, value, Purchase process
As Litecoin officiallydefines it, Litecoin is a cryptocurrency that enables instant payments toanyone in the world and that can be efficiently mined with consumer gradehardware. And indeed, it is. Litecoin was introduced in October 07, 2011 byCharlie Lee,a Google employee andformer Engineering Director at Coinbase.
While Bitcoin was seenas “gold” and a store of value for long-term purposes, Litecoin was seen as the“silver” and a means of a transaction for cheaper and everyday purposes. So, onOctober 7 2011, Litecoin was released via an open-source client on GitHub. TheLitecoin Network went live on October 13 2011. It is basically a fork of theBitcoin Core client.
As more and more peopleare accepting the world of cryptocurrency,people are looking for investment opportunities other than BitcoinEthereum.Litecoin is undeniably a popular choice.It is acryptocurrency which uses a faster payment confirmation schedule and adifferent cryptographic algorithm than Bitcoin.
Litecoinis a peer-to-peer Internet currency that enables instant, near-zero costpayments. It is simply an open source, global payment network which is fullydecentralized without any central authorities. It also features fastertransaction confirmation times and improved storage efficiency than the leadingmath-based currency. With the substantial industry support, trade volume andliquidity, Litecoin has a proven itself the medium of commerce complementary toBitcoin.
Unlink Bitcoin and Ethereum,Litecoin uses a software algorthym (Scrypt) to mine units. This somewhat has preventedindividuals from making powerful custom computers (or rigs) specifically tomine the currency. It has one of the fastest transaction times of the digitalcurrencies, clocking in at 2.5 minutes (versus the 10 minutes for Bitcoin).Themost important attribute for popularity of the litecoin is it is cheapest ofthe three major cryptocurrencies. ?As per data of June 2017, Bitcoin wastrading at over $2,500, Ethereum was trading at over $300, while Litecoin wastrading at around $40.
Similar to allother cryptocurrencies, litecoin is not issued by the government, thathistorically has been the only entity that society trusts to issue money.Instead, it is being regulated by a Federal Reserve and coming off a press atthe Bureau of Engraving and Printing.
They are made bythe procedure termed as mining,which consists of processing a list of litecoin transactions. In contrast totraditional currencies, litecoins’s supply is fixed. There will be ultimatelyonly 84 million litecoins in circulation and not one more according to therecent article published by Gregmcfarlane. As per the article, every 2.5 minutes (as opposed to 10minutes for bitcoin), the litecoin network generates a what is calleda block –a ledger entry of recent litecoin transactions throughout the world. And thus, hereis where litecoin’s inherent value derives.
The verification ofthe block is done by by mining software and is made visible to any “miner” whowants to see it. Once a miner verifies it, the next block enters the chain,which is termed as record of every litecoin transaction ever made.
As per the CCN Markets, Litecoin’s price action has beenless than stellar as of late. After posting a 2019 high of $146 on June 21, thecryptocurrency succumbed to heavy selling pressure. Litecoin has droppedto as low as $70 for a plunge of over 50 percent in two months as on 22ndAugust 2019.
Any currency in the market eventhe U.S. dollar or gold bullion is only as valuable as society thinks it is. Ifthe FederalReserve started circulating too many banknotes in the market,the dollar’s value would decline in short period of time. Any good or servicebecomes will have less value the more readily and cheaply available it is.
The creators of litecoinunderstood from the start that it would be difficult for a new currency todevelop a reputation in the marketplace in the future. But by restricting thenumber of litecoins in circulation, the founders could at least minimizepeople’s fears of overproduction.
Litecoin isn’t foundeverywhere as even its own founders admit that it has fewer than 100,000 users(even bitcoin probably has less than half a million total users). But ascryptocurrencies become more readily accepted and their values stabilize, oneor two of them, possibly including litecoin, will be emerging as the standardcurrencies of the digital realm.
You can usedifferent trading platform for investing on litecoins. One of the more trustedone stop digital trading platform known in the cryptomarket is CoVEX. You canknow about the fees and limit regarding Litecoin through https://info.covex.io/fee-and-limit.Youjust need to put your trading skills to transact or invest in thecryptocurrencies.
Litecoin is thefifth-largest coin in the market. The coin is currently dealing at $73.06 onthe date 22nd August 2019.Litecoin islikely to grow exponentially soon. The next target for the coin should be 81.18USD and after that may find it smoother to get hikes.
Themedium-term of the coin seems bullish. Litecoin gaining huge popularity to thisday, has been ranked sixth place on Coin Market Cap with a more than eightbillion dollars market cap.
If you are planning to invest in litecoinand buy litecoinat best price, then 2019 seems to be the best time to invest as theLitecoin value is increasing since start of 2019 as per the current markettrend and it is expected that litecoin value will continue rising.
Oneof the main reason behind why 2019 is the best time to invest in Litecoin isthe strong performance of litecoin in the market. According to the coinmarketcap, litecoin value is hitting high and litecoin has been the leaderof cryptocurrencies.
Accordingto market research, 80% of litecoin is already mined but stillLitecoin is performing high. It is predicted that with the increase in Litecoinvalue, there is the greatest possibility of rising in the coin market cap of litecoin. Thus, the litecoin value haspotential to grow in the cryptomarket.
Ithas proven itself the powerful, political and economic tool which anyone, anywherecan use without permission to transact with anyone else in the world and engagein a genuinely global economy.