What is Litecoin?
Charlie Lee the creator of Litecoin, was an ex-Engineer at cryptocurrency exchange, Coinbase. With a sole intention of developing a better cryptocurrency than Bitcoin, Lee went on to initiate a hard fork of Bitcoin, which he termed as Litecoin in 2011. The Litecoin network is relatively faster than the Bitcoin network, regarding transactional confirmation. Litecoin is also regarded as the silver counterpart in the crypto domain, in the same way as Bitcoin was considered, for gold. Especially, Charlie Lee was enchanted by the functionality of Bitcoin, but also realize the importance of altcoins. Therefore, he went on to develop his custom cryptocurrency.
Why is Litecoin preferred over other altcoins?
Litecoin is the perfect option for all the traders as well as users, who are looking out for a cryptocurrency with low transaction fees and faster confirmation. The Litecoin network incorporates the Lightning network, along with the Segregated witness mechanisms to provide faster transactional capabilities. Also, the total supply of Litecoin is around 84 million coins, which is precisely four times the total number of coins for Bitcoin. Therefore, it would be easier for the users to choose Litecoin over Bitcoin or any other altcoins.
How has the developer protected Litecoin?
Being somewhat centralized, Lee has cited the vulnerabilities and risks involved with his investments in Litecoin. According to him, his immense investments in Litecoin may cause the market fluctuations to wish with FUD used as a catalyst. This scenario can be understood, when the Ethereum network plummeted in billions when rumors that Vitalik Buterin has died in a car crash. To avoid such scenarios in future in case of Litecoin, Lee had decided himself distract from the project. According to sources, in mid-December 2017, Lee liquidated his entire LTC holdings, for the development of Litecoin without any catch.
Litecoin’s decentralization is its power
The Litecoin network utilizes 2.5 minutes for the creation of a particular block, whereas Bitcoin requires 10 minutes only. Also, when it comes to the mining capabilities of the cryptocurrency coin, Litecoin has an upper hand as it intelligently incorporates the scrypt mining algorithm. This algorithm allows the cryptocurrency users to mine the coin through their PCs. This is a massive advantage over Bitcoin, as it can only be mined through the ASIC miners. Its instant and almost zero transaction fees were possible, as it was the pioneer in adopting the segregated witness concept.
The incorporation of SMS transactions
Significant advancements concerning Litecoin have been undertaken recently. On 27 September 2018, CoinText integrated the use of Litecoin along with Dash, within their new service of undertaking transactions through SMS service. This particular service was predominantly developed for the Bitcoin Cash users, but recently the organization has extended the capabilities to Litecoin and Dash as well. It’s an advantage to Litecoin, as the network is fast enough to resnate with the SMS payment systems.
The Litecoin Summit was a great event in the history of Litecoin
Litecoin network has also remained highly stable in tough times. Even though the cryptocurrency is being continuously criticized, the coin stands rock solid, with its commitment of being democratized all over the world. Also, more recently on 14-15 September 2018, at the South San Francisco Conference Center, the Litecoin Summit was undertaken, which concentrated upon the discussion between various experts, regarding the future and current development of Litecoin. The Summit also revealed the confirmation of supporting Litecoin, on the Gemini exchange by the Winklevoss twins. The Summit was also most anticipated for one of the most awaited Lite.im, which enables the user to transfer of Litecoin through SMS.
Let’s try to analyze the price of Litecoin, since July 2018.
The price of Litecoin during initial days of June 2018, was $119. However, the coin experienced a significant drop and by the end of the month reached almost $81.
The price was somewhat consolidated and constant as it was trading around $82, in July.
$77 was the initial price of Litecoin and as weeks passed by, the price kept falling and reached the All Time Low of the respective month, with the price being $53.
Even the month of September has been not volatile, as the prices were hovering around $60.
Currently, the price of Litecoin is around $57 as of 7th October.