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For this reason, the number of people trading and holding it is important for sustaining the project. Litecoin saw steady growth throughout the years and became a top 5 cryptocurrency during the 2017 crypto bubble. Since Litecoin is very similar to Bitcoin, any upgrade done to Bitcoin may also be applied to Litecoin. In 2017, Litecoin received the same SegWit upgrade that Bitcoin received. Similarly, Litecoin can be used as a “test network” of sorts for Bitcoin. In fact, the first transaction on the lightning network was done with Litecoin.
- It also provides statistics about the value of the LiteCoin and everything else you would need to know.
- Interestingly, many wealthy investors are also turning to LTC investing.
- The similarities to bitcoin, coupled with its faster processing time is enlightening traders to the power of speed.
- In this allegory, a reference to abundance comes from the part of a total number of coins that may exist in Litecoin.
- Unlike Bitcoin, Ripple is not aiming to replace the world’s existing financial system; just to upgrade it.
For instance, Litecoin – the lighter sibling of Bitcoin – is four times faster than Bitcoin in terms of block generation. Unlike central banks or traditional payment systems, such as PayPal, Litecoin relies on decentralised principles, with nodes being spread across the globe. It’s no surprise that many believe that because of the rise of decentralised cryptocurrencies, we won’t need traditional banking anymore. Litecoin can produce more coins than Bitcoin and its transaction speed is faster, but this doesn’t necessarily impact the value or usability of the currency. Litecoin and Ethereum are very different cryptocurrencies to the point where it doesn’t make sense to compare the two.
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By August 2020, the price was playing above $66 as it prepared for another global bull in the cryptocurrency market. Litecoin was launched in 2011 as some kind of a Bitcoin hard fork. It quickly gained traction and has remained among the top cryptocurrencies for many years. However, compared to Bitcoin, Litecoin’s growth is not exactly plausible. In fact, most investors have admitted that Litecoin’s performance over the last few years has been disappointing. It is one of the oldest cryptos in the market and is in the top thirty by market cap.
Compared to other cryptocurrencies, Litecoin offers faster processing times and lower transaction fees, making it a more practical option for day-to-day transactions. The Blockchain is a shared digital ledger which holds a record of all Litecoin transactions. Recent cryptocurrency transactions are grouped together into ‘blocks’ by miners. The blocks are then cryptographically secured before they get linked to the existing blockchain. Similar blockchain technology is used for a number of different cryptocurrencies, including Litecoin and Bitcoin.
Crypto Daily: Bitcoin shows resilience at key support line
Some are gaining legitimacy though, thanks to mainstream companies like PayPal and Facebook, but we explain the differences between each cryptocurrency for you. As of March this year, Bitcoin’s market cap is $1trillion, while Litecoin’s is around $13.7billion. Crypto assets are not regulated in the same way that other investment What is Litecoin products are, so for example if something goes wrong you can’t take your complaint to the financial ombudsman. And investors are frequently targeted by hackers and other criminals who seek to steal their crypto-cash online. We explain everything you need to know about the cryptocurrency and why the price is going up.
Yes, with a market cap of $9.2 billion, Litecoin is a good investment. By 12th March, Litecoin was trading at as low as $30.49, which was its lowest level since December 2018. The crash didn’t last long, and soon, the coin was again basking in its pre-COVID 19 glory.
What is Litecoin and why is the price going up?
In this article, we will delve into the nature of Litecoin, its operational mechanisms, and the distinctive features that set it apart in the realm of cryptocurrencies. Bitcoin is currently trading at US$ 58,432, which is quite unlikely for any cryptocurrency. However, unlike most alternate coins, Litecoin has managed to maintain its position in the crypto market top ten by market cap.
It is a cryptocurrency that also involves “mining”, but has some technical differences. These are the biggest altcoins cryptocurrency fans should know about. LiteCoin can also be used by Americans to gamble online, without having to worry about bank statements, cash outs and everything else. Simply acquire your cryptocurrency, find a site to gamble on and you are ready to go. Cash outs usually takes less than a few hours to be processed from sites, so in a good scenario you can get your money the same day.
Litecoin uses a newer algorithm called Scrypt, which work on different principles. Unlike Bitcoin, Ripple is not aiming to replace the world’s existing financial system; just to upgrade it. For instance, a file-storing application could be set up, where instead of relying https://www.tokenexus.com/what-is-qash-token/ on a single company such as Dropbox to keep your file, you store it on a decentralised network. In a survey from ambcrypto.com, minors, traders and analysts revealed 54 percent of Litecoin respondents feel that the coin is doing well and is looking for a breakout.