Litecoin Price, Market Cap and LTC Exchanges: Litecoin is a decentralised, peer-to-peer cryptocurrency. It is often referred to the little brother of Bitcoin, which is a form of digital money that utilises a blockchain to maintain a public ledger of all transactions easily, Litecoin is used to transfer funds directly between individuals or businesses without the need for an intermediary such as a bank or payment processing service.
What is Litecoin? (LTC Exchanges)
It was released on13 October 2011, by an ex-Google employee named Charlie Lee as an open source. According to the report from CNBC, LTC has shown a near 5800 percent growth, earning it a place in the Big Five alongside Etherum, Ripple, IOTA and Dash.
Litecoin is an open source, a global payment network that is entirely decentralised without any central authorities. Litecoin’s creator Lee has explained that it was created to make a trade and, transactions faster for merchants and buyers. So it is much quicker to both transfers and mine. When it compared to Bitcoin, only takes two-and-a-half minutes to generate a block while bitcoin takes 10 minutes to create a block. The speed which is four times faster makes the Litecoin different from Bitcoin.
Although its market cap pales in comparison to Bitcoin, Litecoin still ranks among the top 5 cryptocurrencies at the time of publication.These rankings fluctuate based on price and number of coins in circulation. The price of Litecoin has reported $323.9907.It has a current circulating supply of 54.4 million coins, and a total volume exchanged of $1,245,122,958.
Litecoin (LTC) Wallets
Wallet encryption allows you to secure your wallet so that you can view transactions and your account balance, but are required to enter your password before spending Litecoins. Litecoin is securely stored in a wallet on your computer, tablet, phone or laptop. Here is the list of different hardware, software, and desktop Litecoin wallets.
Ledger Nano S (Hardware Wallet): The Ledger Nano S is the most popular hardware wallet available. It not only allows you to control your private keys, but they are also managed in an offline environment. It comes with an inbuilt OLED screen, a backup seed key, and a pin code feature. This is how you can restore your funds in case something goes wrong with your hardware device.
Trezor (Hardware Wallet): It has a small OLED screen which shows a randomly generated nine digit pin code and a 24-word recovery seed to keep your funds safe in an offline environment. It is a very light and portable device, similar to the Ledger Nano S.
Exodus, Jaxx, Loafwallet, Litecoin core, Electrum-LTC (Desktop Wallet), and Lite address (Paper Wallet for Litecoin) are other wallets.
The Litecoin blockchain is capable of handling higher transaction volume than its counterpart – Bitcoin. Due to more frequent block generation, the network supports more transactions without a need to modify the software in the future.
As a result, merchants get faster confirmation times, while still having the ability to wait for more confirmations when selling more significant ticket items. The Litecoin blockchain generates a new block every 2.5 minutes. This is 7.5 minutes faster than Bitcoin can produce a block.
On May 10th, Segregated Witness (SegWit) was activated in the Litecoin blockchain. SegWit is the process in which blocks in the blockchain are made smaller by extracting signature data from transactions.This method allows Litecoin to process lightning fast payments. The truth is Litecoin has better technology than Bitcoin. Litecoin will publish more coins on the market than Bitcoin.
How to buy Litecoin?
Litecoin can be easily purchased and sold on some exchanges using all types of currencies. Find the one that’s right for you and get coins in minutes. Litecoin can be recognised on exchanges under the currency symbols LTC or XLT.
You can buy Litecoin from either a coin exchange dealing in altcoins or you can directly purchase it from a buyer who is willing to sell. When attempting to obtain Litecoin, the first step you have to do is to set up a secure Litecoin wallet. To do this, you can visit litecoin.org, the official website set up by the Litecoin Foundation – a not-for-profit organisation set up by the creator of Litecoin where you can find many resources to help you. The steps you have to follow to buy Litecoin are:
- Get a Litecoin Wallet
- Find a Litecoin Exchange ( eToro, Coinbase, Bitpanda, Bitstmp- allows direct purchase)
- Create an account and buy Litecoins and withdraw it to your wallet.
- See this video to know How to Buy Litecoin with Paypal or a Credit card
How to Buy Litecoin with Paypal or a Credit Card
What makes Litecoin Unique than Bitcoin?
Litecoin is a cryptocurrency like Bitcoin, but it is based on an entirely different protocol. It was conceived to act like pure digital money. Litecoin uses the script algorithm – named initially as s-crypt, but pronounced as ‘script’. Script favours large amounts of high-speed RAM, rather than raw processing power alone. As a result, script is known as a ‘memory hard problem’. Litecoin’s algorithm will allow for a total of 84 million Litecoins to be created. This max capacity is four times greater than that of Bitcoin, mirroring the four times faster rate of transaction confirmation. This difference in confirmation time could make Litecoin more attractive for merchants.
Though 64.73 percent of Litecoin units are already in circulation, the upside is that mining Litecoin is said to be more accessible than mining Bitcoin because while Bitcoin is based on the SHA-256 algorithm, Litecoin uses the comparatively new Scrypt. SHA-256 is more complicated, requires the higher level of hardware as the Scrypt is not complicated. Since Lee intended for Litecoin to be practically used by people every day, he ensured to design an algorithm to be more comfortable to run. Thus making Litecoin easier to grab for the common folk.
Litecoin (LTC) – Coin Market Cap and Price Chart
The main difference is that Litecoin can confirm transactions must faster than bitcoin. Litecoin can handle a higher volume of transactions. The faster block time of Litecoin reduces the risk of double spending attacks. Litecoin could be a useful medium of exchange for small transactions in particular, as the fees will likely be substantially lower than those for Bitcoin. For investment purposes, this means that users will spend less money paying to buy or sell Litecoin than they would Bitcoin. Litecoin’s mining algorithms are significantly simpler than those of Bitcoin, meaning it can be mined on computers which are less powerful and that it will take less energy.
Brian Kelly from CNBC recommends buying Litecoin and ‘why’ Litecoin watch Video.