Litecoin: where does it come from?
Charlie Lee developed the blockchain-based decentralized cryptocurrency similar to Bitcoin in 2011 and is commonly referred to as the fork of Bitcoin. Fork here refers to the state in which a particular blockchain splits into two paths, mainly when the blockchain community is planning to introduce a new method to provide different functionality or move away from the protocol. There are essentially two types of forks that can be implemented on a blockchain hard fork and a soft fork. On a hard branch, the nodes need to be updated to a new protocol that is implemented in order to remain valid. However, in software, an update is a good thing that isn’t mandatory to stay valid. Litecoin can process a blockchain every 2.5 minutes, while Bitcoin can process relatively less than 9 minutes. In addition, Litecoin offers more robust protection against hacks as the algorithm is difficult to solve. It’s also harder to mine, although it’s relatively easy to spend.
Litecoin can be mined up to 84,000,000 LTC. Litecoin uses the Proof of Work algorithm along with a Scrypt hash from Tenebrix. The LTC awards half every four years, and by 2019, 25 LTCs have been given out to the miners. LTC can be stored in its core wallet and third party wallets that support LTC such as Trezor, Jaxx, LoafWallet, and Exodus. LTC is actively accepted in the cryptocurrency markets and in OKEx, DOBI trading, BitForex, Coinbase, Binance, Huobi, HitBTC, Bitfinex and many others. It is mainly paired with BTC, although it can be exchanged for ETH, USDT, and fiat money like USD. Coinswitch allows a user to convert LTC to BTC at the best possible rates.
Litecoin Forecast’s future looks promising with integrations, active community and partnerships and is expected to reach $ 600. As the seventh most important cryptocurrency with low transaction costs and fast confirmation time, it is expected to become a global payments system by 2023. The transaction process fees are much lower than credit cards and other payment methods, and are expected to hit the nine hundred mark.
Litecoin’s block rewards would halve in 2023, reaching 6.25 LTC, and their value would rise and be the most heavily traded coin, reaching the twelve hundred dollar mark by 2025. By 2030 it will reach its fourth halving process and double and hit the fifteen hundred dollar mark. Get the latest Litecoin news Updates here.
- Litecoin is Open Source: Litecoin is an open source system and changes to its protocol can be made quickly. Changes need to be made in response to the cryptocurrency market and its changing requirements.
- Litecoin offers flexibility to add technical innovations such as the Lightning Network Protocol and SegWit to make transactions more convenient and faster.
- Litecoin is decentralized: it works on a P2P peer-peer network and is an excellent alternative to fiat currency.
- The blockchain Nodes are scattered around the world and are hack-free.
- The transactions cost minimal, almost negligible amounts.
- Speed: Litecoin completes a transaction in 2.5 minutes
- Litecoin is scalable: Litecoin can process up to fifty-six transactions at the same time as seven from Bitcoin and eleven from Ethereum.
- Litecoin is gradually expanding its capabilities with the latest additions to SegWit and the Lightning Network protocol to conduct faster transactions.
- Litecoin offers the cap on the number of coins to be minted – 84 million coins.
- The mining process is straightforward and uses Scrypt as a proof-of-work algorithm – a more accessible and energy efficient method.
- The development team is reliable and was created by former Google employees Charlie Lee, who helped build LTC.
- Trade Friendly: Litecoin is easy to trade, and most exchanges support Litecoin. Platforms like eToro offer LTC purchases while 90 pairs of CFD cryptocurrencies are traded. All wallets support LTC and LTC / BTC swaps.
- Branding Issues: Litecoin is represented like Bitcoin while being faster and smarter. Although it transformed Bitcoin, its uniqueness was not recognized. Bitcoin has now adopted the SegWit protocol which has compromised the uniqueness of Litecoin.
- Lost Credibility: Charlie Lee sold his LTC holdings at Litecoin peak in 2017. The Litpay service was discontinued and withdrawn, which had a negative impact on the market.
- Dark web: Litecoin is eagerly used by 30% of underground vendors, which is detrimental to Litecoin image.
Litecoin, a soft fork of Bitcoin, is more advanced in terms of technology, speed, and transaction fees. Litecoin can process a blockchain every 2.5 minutes, which is much faster than 9 minutes of BTC. With Scrypt as proof of work, it is extremely reliable. Litecoin is gradually expanding its functions with SegWit and the Lightning Network protocol for faster transactions. Litecoin p2p peer-to-peer network is a cheap alternative to fiat currency. 90 pairs of CFDs cryptocurrencies can be traded on eToro, and every wallet supports LTC. Litecoin forecast seems hopeful and its value is expected to rise to fifteen hundred dollars by 2030.