In the cryptocurrency market, many people often say: If Bitcoin is gold, Litecoin would be silver.
In this article, I will go with you to learn more about this Litecoin (LTC). To see if it is worthy of being compared to silver in the cryptocurrency market!
OK, got it Are you ready?
If we're ready, let's get started. Let's GOOOO!
- 1 What is litecoin (LTC)?
- 2 History of Litecoin
- 3 Litecoin Vs. Bitcoin
- 4 Basic information about Litecoin (LTC)
- 5 Litecoin (LTC) exchange rate today
- 6 Purpose of using Litecoin (LTC)
- 7 How to dig Litecoin (LTC)?
- 8 Secure storage wallet Litecoin (LTC)
- 9 Litecoin exchange (LTC)
- 10 The future of Litecoin (LTC)
- 11 Should Litecoin (LTC) be invested?
- 12 Conclusion
What is litecoin (LTC)?
Litecoin (LTC) is a peer-to-peer cryptocurrency, with fast payment speeds with low costs, almost zero.
In 2011, Litecoin (LTC) was founded by Charlie Lee (aka SatoshiLite).
History of Litecoin
After knowing Bitcoin in April 04 via an article on the Silk Road website. Charlie Lee - a Google employee at that time began igniting the idea of creating a cryptocurrency for his own.
In September 09, Charlie Lee assisted with the release of the Fairbix project, a cryptocurrency that copied the source code of Tenebrix.
During the release process, Fairbix appeared many errors and the cause was determined by the source code copied from Tenebrix has problems.
Besides, Fairbix coin was mined too much in one block, making Charlie sure that Fairbix was 51% attacked and decided to leave this project.
After learning from the failure of Fairbix, Charlie decided to launch the Litecoin project in October 10.
But this time, Charlie decided to fork the code from Bitcoin's block chain and modify some parameters such as block time, total supply, algorithm ... In order to create a faster version of Bitcoin (or silver version) of Bitcoin).
Finally, on October 13, 10, Litecoin officially appeared on the cryptocurrency market.
Litecoin Vs. Bitcoin
Born 2 years after Bitcoin, Litecoin uses the source code of Bitcoin. So, you can see Bitcoin and Litecoin almost exactly the same.
Litecoin can correct parameters such as:
- Litecoin's Max Supply is 84 million LTC and Bitcoin is 21 million.
- Litecoin's block time is 4 times lower than Bitcoin. This makes Litecoin a fast transaction speed.
- The most important part is the consensus algorithm, while Bitcoin uses SHA-256, Litecoin uses Scrypt.
Maybe you are interested in: What is Bitcoin (BTC)? A comprehensive guide on Bitcoin investment for beginners
Mechanical information bLitecoin (LTC)
- Ticker: LTC
- Blockchain: Litecoin
- Consensus: Proof of Work (PoW)
- Algorithm: Scrypt
- Token Type: Coin, Mineable
- Block time: 2,37 minutes
- Block Rewards: 12,5 LTC / block
- Transaction Time: 56 TPS
- Sub Unit: 1 LTC = 108microlitecoins (μŁ)
- Total Supply: 84,000,000 LTC
- Circulating Supply: 63,489,279 LTC
Litecoin (LTC) exchange rate today
Purpose of using Litecoin (LTC)
Like BTC in the Bitcoin block chain, LTC in the Litecoin network will have the following uses:
LTC is used to pay transaction fees in Litecoin's Blockchain network. Litecoin's transaction fee is calculated based on the priority of the transaction, including:
- High Priority (1-2 blocks) will cost 0.00085 LTC / KB.
- Medium Priority (3-6 blocks) will cost 0.00025 LTC / KB.
- Low Priority (7+ blocks) with a fee of 0.00015 LTC / KB.
Transaction fees are an incentive reward for miners in Litecoin's network.
Currently, Litecoin's transaction fees are much lower than Bitcoin.
LTC is used as a block reward for miners when they create a new block in Litecoin's network.
At its inception, Litecoin's block reward is 50 LTC per block and it will halve every 840,000 blocks (also known as Halving).
On August 06, 08, Litecoin underwent a Halving event which resulted in the current block reward of 2019 LTC per block.
Store of Value (SoV)
In addition to being used in Litecoin's blockchain, LTC also aims to be a means of value exchange. This means you can use LTC to pay at merchants that accept LTC.
At present, there is no place for statistics of merchants that accept LTC payments correctly.
How to dig Litecoin (LTC)?
Litecoin uses a Proof of Work (PoW) consensus mechanism with the Scrypt algorithm. It allows CPU and GPU types to mine LTC for the first time.
But until now, with the appearance of specialized ASIC miners with a much higher configuration. This leads to the ability to mine new blocks much faster and cheaper than the CPU and GPU.
The most popular Litecoin ASIC miner currently is Antminer L3 + manufactured by Bitmain with the latest version released in May 05.
Secure storage wallet Litecoin (LTC)
You can store LTC on the official wallet issued by Litecoin called Litecoin Core.
This Litecoin wallet, has full support for both phones and computers. You can refer to and download here: https://litecoin.org/#download
In addition, LTC can be stored on wallets that support Litecoin's blockchain, such as:
- Hard wallets: Ledger Nano S, Ledger Nano X, Trezor, CoolWalletS ...
- Application: Coinbase Wallet, Trust Wallet, Atomic Wallet, Cobo Wallet.
In addition, brothers who regularly trade can store LTC on exchanges REPUTATION supported LTC trading.
Litecoin exchange (LTC)
After more than 8 years of appearing on the cryptocurrency market, LTC has been supported to buy and sell on more than 175 exchanges. This shows that the popularity of LTC in this market is quite high.
With a total average volume of transactions over the past 30 days reached more than $ 2,6 billion, for you to see liquidity of LTC is extremely good at the moment.
Maybe you are interested in: What is liquidity? How to check the liquidity? Of any coin
The future of Litecoin (LTC)
If you look closely at the intended use of Litecoin, you can see that LTC will increase as its level of acceptance gets bigger. Ie it must be used a lot.
So the question is: "How to know the usage level of LTC? "
To answer this question, let us take a look at the figures below (Data averaged over 90 days):
Amount of Address
As of October 19, 10, the total number of wallet addresses on Litecoin's network reaches more than 2019 million. Increasing by 45% from the beginning of 27,44 to now.
In particular, Litecoin has an average of 77,1 thousand active wallets per day, down 8,74% compared to the beginning of the year.
Besides, the number of new wallets on Litecoin's network increased by 18,2% compared to the beginning of the year, bringing the number of wallets created per day to 35,331.
Number of Transactions
The number of transactions in Litecoin's network reaches over 31 transactions per day.
At the moment, the number of transactions per day is about 26,700, down 16,3% from the peak and up 11,12% compared to the beginning of the year.
Currently, the value of Litecoin's network transaction fees has decreased by $ 2,260 to $ 1,000 per day, which is down by more than 55,75%.
LTC supply in the market has increased by more than 6,15% since the beginning of 2019. This brings the total number of LTC in circulation to ~ 63,5 million LTC.
Should Litecoin (LTC) be invested?
I am sure that after reading this, you have also grasped quite the most basic and necessary information about the LTC.
Hopefully, from the information provided in the article, you can make your own judgment of opportunities and risks before making a decision to invest in LTC.
Coin98 will continue to monitor and update the latest information on the Litecoin project.
Disclaimer: The article is intended to provide information about Litecoin (LTC) and is not considered investment advice. Invest Cryptocurrency is a form of risky investment, you only participate with capital that can be lost.
As one of the early altcoins of the cryptocurrency market, Litecoin after 8 years of establishment and development has become the 6th ranked coin on the chart. Coinmarketcap.
However, you can see that Litecoin aims at the payment segment to be extremely competitive with the coins that appear later.
At the same time, considering the level of on-chain activity on Litecoin's network, the trend has been decreasing since the Halving event.
And after reading this article, do you have any guesses about this LTC?
Please leave your comments in the comment section at the end of the article to discuss more closely with Coin98!
And if you find the information provided by you and the Coin98 team helpful. Do not forget to share this article with other brothers to read it!
Goodbye and see you again in the upcoming articles!