What Is Litecoin(LTC)?

“Litecoin is a powerful, political and economical tool. which anyone, anywhere can use without permission to transact with anyone else in the world and partake in a genuinely global economy.”

About The Crypto

Litecoin is a cryptocurrency and open-source software that offers peer-to-peer solutions. The project was released and licensed under the MIT/X11. Litecoin released in 2011 as an early Bitcoin spinoff. Technically, it is much identical to Bitcoin. The crypto has a whopping market cap of US$11.9 billion. As per the market capitalization, it is the 22nd largest cryptocurrency. 

Uses & Advantages

The platform states itself as the ‘Future of Money. The crypto token of Litecoin is LTC.

  • Your Money: LTC is a decentralized form of money. It is free from censorship and open to everyone. You can send secure, low cost private, borderless payments to anyone, anywhere, and anytime.
  • Blockchain Secured: The LTC blockchain is the largest global scrypt based network. Since 2011, it is operating with 100% uptime, tracasting, and securing billions of dollars.
  • Decentralized Finance: You don’t need any approval to join the new age of money. Download your free wallet, and you can invest in the future of finance.
  • Evolving and Immutable: Litecoin is trying to develop technologies to settle payments of instant global funds.

Insights

Charlie Lee, a Google engineer, founded Litecoin 2 years after Bitcoin. Litecoin is currently trading at a price of around $148.38. The purpose of developing Litecoin was to improve the transaction speed. On its initial launch, there were 84 million Litecoin. As of November 2021, only 69 million coins are in circulation. Currently, only 15 million coins are left to be mined.

Should You Invest?

The thumb rule to invest in cryptos is to invest in a crypto that holds some underlying value or asset. Litecoin is known for its lightning-fast transaction speed. With a tps(transaction per second) of 56, while Bitcoin can process only 7 tps.

In an interview, Charlie lee told “they will improve the platform with more privacy features to enhance the features of the network.”

With so much use and potential in the future, it can be a great hold for investors for the long term.

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