Litecoin LTC Price

Litecoin History

This digital currency was created in October 2011 by Charles Lee on the GitHub service. At the time of development, he wrote the code alone, while continuing to work for Google.

In May 2017, Litecoin switched to the SegWit protocol, which increased the malleability of Litecoin blockchain transactions, making Litecoin transactions faster.

Benefits of Litecoin

The main advantages of cryptocurrency are:

• Less volatility. The exchange rate of Litecoin does not fluctuate as much compared to BTC. Big market capitalization and not such wide interest of media and public, allows LightCoin to be stable. Also, there is no strict correlation with the price of Bitcoin, which makes silver cryptocurrency a good exchange-traded asset or even an investment tool. Despite its generally lower volatility, Litecoin has exhibited noticeable growth trends, particularly around its halving events.
• Public Leader. If the BTC is backed by some anonymous Satoshi Nakamoto and a group of developers unknown to the public, the face of LiteCoin is Charlie Lee. He is the first one to inform the audience about changes and actively participates in the life of the LTC community.
• Transaction speed. It takes only two and a half minutes to create a new block in the LTC network while transactions require only two confirmations. This allows many transactions at once and establishes LTC's potential as a payment instrument.
• Level of protection. Because of high transaction speed, the probability of performing duplicate attacks in the network is reduced. In addition, in the official LTC wallet, every transaction is performed with password entry.

ASIC

With the expansion of the network and the increasing number of users using the unique computing capabilities of ASIC systems, Litecoin mining on video cards and CPUs is no longer profitable. Moreover, the money earned in this way is no longer worth enough to pay the incoming power bills. Nowadays miners are required to have their own ASIC device and to be a member of a pool community.

• The growing complexity of the Litecoin network, which keeps coin issuance under control.
• The progressive decrease in the size of the reward for computed blocks.
• The market rate of LTC is declining.

These statistics prove that solo Litecoin mining can currently be considered a profitable activity only with serious limitations. Instead of trying to earn alone, it is more profitable to choose a promising pool and mine virtual coins together with other miners.

How to buy Litecoin

Cryptocurrency is traded separately, on platforms created specifically for this purpose. As of January 2022, there are quite a few crypto-exchanges. Some of them are familiar to everyone: Binance, Coinbase. Others are more familiar to professionals: Kraken, Bifinex and others.

The procedure for buying cryptocurrency is pretty standard for all of them: you enter, create an account, put money into it and make deals.

Litecoin Storage

There are several recommended wallets on the cryptocurrency's official website:

• Litecoin Core is created and supported by Litecoin developers. It is a desktop client with support for Windows, Linux, and Mac OS. It belongs to the category of wallets that require downloading the cryptocurrency blockchain to the user's computer hard drive;
• Electrum is a light version for PC. Does not require downloading the blockchain, and is compatible with all popular platforms;
• LoafWallet is a mobile LiteCoin wallet with Android, and iOS support.

Litecoin Foundation Projects

1. The first is the possibility of launching your own Litecoin network node called Litecoin Core. Anyone can download the necessary software to their computer and start supporting Litecoin blockchain.
2. The second is its own Litecoin Card debit card. It offers users the ability to fund their accounts with Litecoin and other supported cryptocurrencies, and have the ability to pay everywhere as with an ordinary credit card. The Litecoin Card is already supported by Apple Pay and Google Pay.
3. The third is the company's own Lightning Network, launched in 2018. Like bitcoin, which also has such a network, it is a second-tier solution designed to solve one of the biggest problems of cryptocurrencies, which is a scalability.

Lightning Network micropayments are based on smart contracts. Commissions on this network are much lower than those charged by miners on the main blockchain, because the work done by Lightning Network nodes is much simpler than the work done by miners.

Bitcoin and Litecoin Comparison

Although there are many similarities between these cryptocurrencies, they have significant differences.