Litecoin or LTC is one of the most popular Cryptocurrencies in the market. If you’re getting into Cryptocurrencies and want to learn everything about Litecoin, this article is for you.
What is Litecoin?
Litecoin or LTC is a cryptocurrency that took birth as a spin-off of the original Cryptocurrency Bitcoin. The coin is similar to Bitcoin in technicality. Identical to Bitcoin it is also peer-to-peer crypto and is also open source.
Started as one of the earliest Altcoins. It took off in the October of 2011 and quickly gained prominence. In the following years, It grew gradually. In the November of 2013, the coin noticed massive growth. It famously doubled its value in a day.
It was one of the first five cryptos to adopt SegWit in the May of 2017.
Furthermore, in 2020 PayPal started accepting LTC for transactions.
How different is it from BTC?
Bitcoin being the parent Cryptocurrency took birth in 2009 and Litecoin took off a couple of years later in 2011
Litecoin offers much faster transactions. The Litecoin Network executes a block every two and a half mins, whereas, Bitcoin takes 10 mins for it.
Although similar, BTC and LTC use separate cryptographic algorithms. Litecoin uses a newer algorithm known as Scrypt, whereas BTC uses the old standard referred to as SHA-256.
Bitcoin is the market dominator these days with a market cap of over $1 trillion, whereas, Litecoin is just over $13 billion.
Due to its code, LTC can make a greater number of coins in contrast to Bitcoins. However, it doesn’t make a difference in the value or utility of the coin.
LTC was just under $190 when this article was written and has seen a 4.3 per cent drop in 24 hours.
The current price prediction of LTC seems to be slightly bearish. LTC has seen a slight increase in value of 0.11 per cent in the past month but is expected to take a dip. Experts have predicted LTC to drop to below $180 in December. Hence, this time might be considered as a bad time to buy LTC.
LTC has proven its worth and is one of the most valued Altcoins. Hopefully, this article was informative to you and helped you learn more about LTC. If you want to learn more about Cryptocurrencies do visit our website. Also, to learn about the safe storage of your Cryptocurrency, do read our article about Cold Wallets and why they’re so important.