As Litecoin officially defines it, Litecoin is a cryptocurrency that enables instant payments to anyone in the world and that can be efficiently mined with consumer-grade hardware. And indeed, it is. Litecoin was introduced on October 07, 2011, by Charlsie Lee, a Google employee and former Engineering Director at Coinbase.
While Bitcoin was seen as “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, on October 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 the Bitcoin Core client.
As more and more people are accepting the world of cryptocurrency, people are looking for investment opportunities other than BitcoinEthereum.Litecoin is undeniably a popular choice. It is a cryptocurrency that uses a faster payment confirmation schedule and different cryptographic algorithms than Bitcoin.
Litecoinis a peer-to-peer Internet currency that enables instant, near-zero cost payments. It is simply an open-source, global payment network that is fully decentralized without any central authorities. It also features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With the substantial industry support, trade volume, and liquidity, Litecoin has proven itself the medium of commerce complementary toBitcoin.
Unlink Bitcoin and Ethereum, Litecoin uses a software algorithm (Scrypt) to mine units. This somewhat has prevented individuals from making powerful custom computers (or rigs) specifically to mine the currency. It has one of the fastest transaction times of the digital currencies, clocking in at 2.5 minutes (versus the 10 minutes for Bitcoin). The most important attribute for the popularity of the litecoin is it is the cheapest of the three major cryptocurrencies. ?As per data of June 2017, Bitcoin was trading at over $2,500, Ethereum was trading at over $300, while Litecoin was trading at around $40.
Similar to all other cryptocurrencies, litecoin is not issued by the government, which historically 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 at the Bureau of Engraving and Printing.
They are made by the procedure termed as mining, which consists of processing a list of litecoin transactions. In contrast to traditional currencies, litecoins’s supply is fixed. There will be ultimately only 84 million litecoins in circulation and not one more according to the recent article published by Gregmcfarlane. As per the article, every 2.5 minutes (as opposed to 10minutes for bitcoin), the litecoin network generates what is called a block –a ledger entry of recent litecoin transactions throughout the world. And thus, here is where litecoin’s inherent value derives.
The verification of the block is done by mining software and is made visible to any “miner” who wants to see it. Once a miner verifies it, the next block enters the chain, which is termed as a record of every litecoin transaction ever made.
As per the CCN Markets, Litecoin’s price action has been less than stellar as of late. After posting a 2019 high of $146 on June 21, the cryptocurrency succumbed to heavy selling pressure. Litecoin has dropped to as low as $70 for a plunge of over 50 percent in two months as on 22nd August 2019.
Any currency in the market even the U.S. dollar or gold bullion is only as valuable as society thinks it is. If the FederalReserve started circulating too many banknotes in the market, the dollar’s value would decline in a short period of time. Any good or service becomes will have less value the more readily and cheaply available it is.
The creators of litecoin understood from the start that it would be difficult for a new currency to develop a reputation in the marketplace in the future. But by restricting the number of litecoins in circulation, the founders could at least minimize people's fears of overproduction.
Litecoin isn’t found everywhere 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 as cryptocurrencies become more readily accepted and their values stabilize, one or two of them, possibly including litecoin, will be emerging as the standard currencies of the digital realm.
You can use a different trading platforms for investing in litecoins. One of the more trusted one-stop digital trading platforms known in the crypto market is CoVEX. You can know 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 the cryptocurrencies.
Litecoin is the fifth-largest coin in the market. The coin is currently dealing at $73.06 on the date 22nd August 2019.Litecoin is likely to grow exponentially soon. The next target for the coin should be 81.18USD and after that may find it smoother to get hikes.
The medium-term of the coin seems bullish. Litecoin gaining huge popularity to this day, has been ranked sixth place on Coin Market Cap with a more than eight billion dollars market cap.
If you are planning to invest in litecoin and buy litecoinat the best price, then 2019 seems to be the best time to invest as the litecoin value is increasing since the start of 2019 as per the current market trend and it is expected that litecoin value will continue rising.
One of the main reasons why 2019 is the best time to invest in Litecoin is the strong performance of litecoin in the market. According to the coinmarketcap, litecoin value is hitting high and litecoin has been the leader of cryptocurrencies.
According to 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 has potential to grow in the crypto market.
It has proved itself the powerful, political, and economic tool which anyone, anywhere can use without permission to transact with anyone else in the world and engage in a genuinely global economy.