As a result, a plethora of cryptocurrencies have been created to try to fill this gap. These two main differences from bitcoin make Litecoin very much its own cryptocurrency and more than just a pretender to the throne. Over the years it has garnered a base of thousands of owners all over the world, who between them trade millions of dollars worth of Litecoin every day. Bitcoin also has the benefit of being a near household name by now, whereas Litecoin is much more obscure (especially as new tokens get added to the space regularly). The vast majority of people who jump into the cryptocurrency world will buy Bitcoin first.
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You can wait up to an hour, on average, for the six confirmations required for a Bitcoin transaction. Imagine buying something online using a credit card and being on that “your transaction is processing” screen for an entire hour. It uses an altered proof-of-work mechanic to validate transactions and open new blocks. Litecoin is designed as a payment method but has become an instrument for speculation and investing.
Educational Webinars and Events
It is difficult to determine how investors, traders, cryptocurrency fans, governments, and the general public will treat Litecoin in the future. Cryptocurrency is being scrutinized by governments; more cryptocurrencies What is Litecoin are being created every day, and the markets are volatile. Whether the cryptocurrency has a future depends on whether it is maintained, remains relevant, and meets the needs of users and investors.
Covering Crypto Livestream
At the time, the Litecoin developers aimed to further focus on improving anonymity between senders and receivers. Litecoin is one of the few cryptocurrencies with a wide variety of fiat trading pairs, and can be exchanged for U.S. dollars (USD), Korean won (KRW), euros (EUR) and more. Litecoin is one of the few cryptocurrencies with a wide variety of fiat trading pairs, and can be exchanged for U.S. dollars (USD), Korean won (KRW), euros (EUR) and more when you buy Litecoin. Some of the most prominent names include Huobi Global, Binance, Coinbase Pro, OKEx and Kraken. When Litecoin listed on several markets in 2011, the Litecoin price hit $0.30.
Where Can You Spend Litecoin?
- “It was engineered to be used for fast, secure and low-cost payments.” Think of it as a Bitcoin spinoff.
- Bitcoin is more popular and commands a higher price because of market sentiment and the fact that there is a smaller supply.
- That currency can be transferred between users all over the world with low fees and far faster than most traditional currencies.
- The goal is to slow the rate at which new litecoins are released into circulation in hopes of preventing inflation.
- Short-term traders may adopt a more speculative approach, aiming to capitalize on price movements leading up to and following the halving.
LTC is the native cryptocurrency of Litecoin, an open-source blockchain project whose code is copied from Bitcoin’s. Touted as the “silver to bitcoin’s gold,” Litecoin was developed to have much faster transaction speeds than Bitcoin, as well as to be more scalable. Litecoin, created by Charlie Lee in 2011, was among the earliest altcoins to be developed following the launch of Bitcoin. Its halving events are eagerly anticipated by the cryptocurrency community, as they often have a significant impact on the market dynamics.
The Best Litecoin Wallets Out There
However, Ethereum functions as a decentralized “global computer,” with smart contracts functionality and the ability to run decentralized applications (DApps). In terms of tokenomics, Litecoin has a capped supply of 84 https://www.tokenexus.com/ million, while Ethereum does not have a fixed cap. The Litecoin network has undergone two halvings so far, first in 2015 and then in 2019. Block rewards began with 50 LTC at launch and currently stand at 12.5 LTC.
What to consider before buying litecoin
- Up-to-date network statistics can be found at Litecoin Block Explorer Charts.
- One of Litecoin’s goals is to distribute hash power more evenly than Bitcoin’s network.
- You can sell your Litecoin on the same exchanges where you can purchase it.
- Whether you choose to invest in it depends on your financial circumstances and outlook on Litecoin’s future.
- However, the cryptocurrency market is fickle, so LTC could disappear tomorrow or become much more active.
- Litecoin has a much smaller market capacity because Bitcoin has a smaller supply and greater demand, and the market expects more from it.
