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A complete guide to Litecoin

Cryptocurrency has become a global phenomenon in recent years and seems to have a potential future. As you sail through the crypto space, it is hard to leave this oldest and reputable coin unnoticed and soon you will encounter the quick and transaction safe cryptocurrency, the Litecoin. Widely considered to be the first successful “alternative cryptocurrency”, Litecoin was released in 2011. It is a digital currency that followed in the footsteps of Bitcoin. 

Overview

Litecoin (LTC) is a peer-to-peer internet crypto digital currency protocol held electronically that enables instant payments to anyone, anywhere in the world. Currently, cryptocurrencies like Ethereum (ETH), Bitcoin Cash, and Litecoin are seeing impressive gains. When it comes to buying cryptocurrencies Ethereum stands out among its peers for the value it created over the years. The indicative ETH to INR rate is ₹306,000 as on November 2021. However, buying Ethereum at this price can lead to a greater risk than potential appreciation. Hence, it is the ideal time to look at cryptocurrencies that are gaining popularity such as Litecoin. Litecoin is showing a high correlation with the major cryptos. 

Litecoin was founded by Charlie Lee, the former director of engineering at Coinbase, in 2011. Touted as the “silver to bitcoin’s gold”, it was created from a modified version of Bitcoin’s source code. The software changes introduced in Litecoin have proved to be beneficial in many ways. The significant difference that Litecoin has over Bitcoin is that it uses a fundamentally different algorithm called “Scrypt”. It provides a higher level of security and is one of the safest hash functions.

Litecoin’s value race

In the early stages of release, Litecoin had to undergo issues of not getting recognised in the cryptocurrency industry but slowly and steadily, it proved itself and created an irrevocable image. Finally, the trade-able cryptocurrency has been said to have achieved comparatively stable growth. The current indicative LTC to INR rate is approx ₹15,000 and it has a max supply of 84 Million LTC coins.

Transactions 

Each block of transactions is confirmed by miners, who use high-powered computer hardware to confirm each block. And these successful miners obtain new cryptocurrency as a reward. Litecoin’s algorithm is designed to produce about four times as many coins as Bitcoin does and this has led to Litecoin being declared as a clear winner in terms of transaction speed. Litecoin also uses an extremely secure consensus algorithm for the validation of blocks.

Litecoin comes with the advantage of high speed as well as cheaper transaction fee options which makes low value, everyday payments, easily possible. Litecoin comes with the updated and brand new ‘hashing protocol’ which basically is a larger use of the fingerprint security system making one’s transactions and purchase history safe and secure. Interestingly, Litecoins are distributed with the help of wallet encryption through which you can secure your wallet so that you can view transactions and your account balance.

Value of Litecoin

Litecoin tends to hold value quite well and experience lower volatility as a mature cryptocurrency, especially when compared to meme coins. There are a fair number of exchanges that offer Litecoin and one of the larger exchanges that have Litecoin is Coinbase. As of January 2021, the firm’s merchant base has increased to more than 2,000 with many stores welcoming the coins and LTC has gained great popularity around the world.

Why Litecoin? 

Litecoin features a capacity to handle a higher volume of transactions instantly with extremely low payment transaction cost. The investors in Litecoin can consider themselves as fortunate as it has high liquidity value. The coin is designed for everyday use, pumping out more coins in comparison to Bitcoin, in an effort to keep the digital currency from becoming scarce and too expensive. 

One surprising fact about Litecoin is the fixed supply of Litecoins. You can learn to mine Litecoin in many ways as currently, it is one of the most profitable cryptocurrencies to mine. Litecoin has won the trust of many global crypto users by offering a safe, quick, and reliable experience.

Market status

As of March 2021, Litecoin has a market capitalization of $13.7 billion. Litecoin has grown quickly by taking a staunch market position and when it comes to popularity, Litecoin has gone on to take the fourth position. It has a market cap of nearly $9 billion, making it a top cryptocurrency option for mainstream use. 

Future of Litecoin

Litecoin is known as a stable altcoin and being in the top ten positions of the world’s cryptocurrencies, it has earned a strong position with its high visibility and high liquidity. Experts foresee Litecoin’s future going in an upward trend with its many strategies and partnerships paving the way for this. They expect the price to increase as the digital token is being accepted by PayPal. Litecoin will prove to be a tough competitor for all the currencies in the crypto market.

On the whole, Litecoin is beginning to keep a strong foothold in the hypercompetitive cryptocurrency ecosystem, and investors have started putting their hope on Litecoin and consider it as worthy of long-term investment. If you are looking for virtual currencies with good returns, LTC can be a profitable investment option.

Pranesh Balaji
Pranesh Balaji Is a Blogger and an SEO professional. Co-founder of Bigmixseo, I have 2 years of experience in SEO & 1 year of Successful blogging @ pantheonuk.org. I have a passion for SEO & Blogging, Affiliate marketing, & to invest in high trading stocks. " Sucess is the ability to go from one failure to another with no loss of Enthusiasm "