Litecoin (LTC) was invented by Charlie Lee, a well-known personality in the crypto-currency community. Litecoin is a fork of bitcoin and has some differences from it. The project was launched on October 13, 2011.
Litecoin vs bitcoin
- Speed. Each transaction in the Litecoin system lasts an average of 2.5 minutes. One bitcoin operation is validated from 10 to 2,548 minutes. Even if bitcoin works at full power, litecoin blocks will be confirmed four times faster.
- Cost. A fee of 0.09 dollars is charged for sending one lightcoin. A deal of the same volume in the Bitcoin system will cost $ 5. If people start using crypto currency in their daily translations, then thanks to this advantage, litecoin will be the winner.
- Mining. The supply of bitcoins is limited to 21 million. The number of litecoins is four times that. LTC has a more advanced hashing algorithm, which makes it possible to use less computing power. All that results in lower transaction fees.
Regarding these advantages of litecoin, we can say that it has good prospects in the crypto currency world.
Features of Litecoin
The offer limit of litecoins (84 million) is exactly four times the supply of bitcoins. As soon as the maximum number of coins in circulation is reached, their mining will stop.
In the world there are many kinds of crypto currency. Naturally, litecoin has also worthy competitors. To understand whether it is worth investing in litecoin, consider its positive and negative sides.
We attribute the advantages to:
- high speed of transactions;
- low price;
- It can be assumed that litecoin will cost ¼ of bitcoin, because of the volume of its maximum release;
- a large number of coins will help to avoid their shortage in the future
Possible disadvantages of LTC:
- does not have an established marketing policy;
- will always be considered as silver in front of gold in comparison with bitcoin.
The future of litecoin
A few years ago, litecoin was the crypto currency number two by its market capitalization. Then it rolled back and now takes the fifth-sixth place. Now its developers are creating new technical capabilities for the system. These include the MAST solution, designed for greater privacy, Lightning Network for instant transactions and minimum commissions.
Its new version includes improvements in the security and performance of the client program and the network as a whole, as well as support for SegWit. By the way, in April 2017, after activation of SegWit support, the Litecoin exchange rate increased more than 10 times and reached $ 50. At the time of the writing of this article (February 2018), litecoin again grew up almost five times and reached the mark of 248 dollars.
Let’s wish litecoin to reach new heights, and as for us – to have more of these coins in our cryptowallets!