What is Litecoin LTC ?

This layer-2 solution should help Litecoin Network scale as much as 10x. SegWit doubled Bitcoin’s TPS (transactions per second) from around 3 to 7 and Litecoin’s TPS from roughly 28 to 56. In the crypto world, investors refer to Bitcoin (BTC) as “digital gold” and Litecoin (LTC) as digital “silver.”

• Nevertheless, the Litecoin community is known to thrive on speculation, which would be beneficial to the altcoin in recovering its recent losses of nearly 18% from Wednesday.
• Similar to the SegWit example, the implementation of the Lightning Network on Litecoin was a test net to prove innovations are possible on Bitcoin.
• The transactions made with this coin are 4 times faster than those made with BTC.
• Bitcoin has a supply capped at 21 million, while Litecoin’s supply is constrained to 84 million.
• While past outcomes may not guarantee future results, they can provide some important information.
• Before you invest in Litecoin, learn how to buy Litecoin and read up on cryptocurrency wallets.

Litecoin originally started gathering attention during its explosive growth in November 2013, where it saw a near 15x spike in price. This jump in price, however, was short-lived and Litecoin hovered around the $4 per LTC range for about two years. It wasn’t until May 2017 that it started to pick up steam again during a time where generally all https://www.tokenexus.com/ cryptocurrencies experienced massive growth. Lee appears to have an accessible and open nature compared to the mysterious secretive Satoshi. The fact that Lee is capable of making light (Lite) of the situation is very humanizing. Additionally, you’d be hard pressed to find any serious claims or illusions of grandeur within the Litecoin camp.

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However, as the cryptocurrency market has become more saturated and competitive, Litecoin’s popularity has waned somewhat. One of the primary use cases for Litecoin is in retail and online payments. Its efficiency in processing transactions makes it a suitable alternative for merchants and consumers looking for quick and low-cost payment options. Various online retailers and service providers have started accepting Litecoin, broadening its real-world utility. Unlike Bitcoin, which uses the SHA-256 algorithm, Litecoin employs the Scrypt algorithm.

As of the date this article was written, the author does not own cryptocurrency. Both Bitcoin and Litecoin have invested in security measures and explored scaling What is Litecoin solutions to address their growing user bases. Bitcoin price climbed back 3% on Thursday after falling below $41,000 yesterday owing to the Matrixport FUD.

Oasis Network

Litecoin’s early years saw it emerge as a valuable digital asset, at times ranking among the top cryptocurrencies by market cap. Despite fluctuations in value and ranking, Litecoin has maintained a strong presence in the crypto market due to its reliability and the community’s trust in its operation. BitDegree Learning Hub aims to uncover, simplify & share Web3 & cryptocurrency education with the masses. Join millions, easily discover and understand cryptocurrencies, price charts, top crypto exchanges & wallets in one place. Miners are currently awarded with 12.5 new litecoins per block, an amount which gets halved roughly every 4 years (every 840,000 blocks).

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. The next halving is estimated to occur in August 2023 and will reduce the rewards to 6.25 LTC per block (which is similar to Bitcoin’s current mining rewards). It’s all due to Litecoin’s upcoming halving event, scheduled to occur in August 2023. Regarding the event’s possible influence on the asset’s price, there have been a lot of speculations in the cryptocommunity.

Where to Buy Litecoin

Both are open-source projects that use proof of work to verify transactions. Find general information as well as a list of services and exchanges that support Litecoin at the Litecoin Wiki. Up-to-date network statistics can be found at Litecoin Block Explorer Charts.

• Basically, mining is the process that allows people to send and receive funds without needing a third party!
• Bitcoin, Litecoin, and many other cryptocurrencies use the proof-of-work (PoW) algorithm to secure their networks.
• It truly shines as a regular transactional medium, with only bitcoin, Ethereum, and Ripple seeing a greater daily trade volume.
• Litecoin was launched with the aim of being the “silver” to Bitcoin’s “gold.” Like Bitcoin, Litecoin is a peer-to-peer internet currency.
• In all financial markets, the price often retests the last price before changing direction.
• Atomic swaps allow you to exchange different types of cryptocurrency peer-to-peer without using a centralised service like an exchange.