As one of the major and earliest cryptocurrency, Litecoin has become what many describe as the silver of bitcoin's gold. This article will explain what is Litecoin, who made it, what is Litecoin worth and explain a little more about how it can be used in perpetual contracts offered by Bybit.
What is Litecoin?
Litecoin is a cryptocurrency developed on October 27, 2011. It was created to solve some of the scalability problems and bottlenecks that came with Bitcoin, most notably the low transaction speed, rising transaction fees, limited supply, and potential 51% attack interest that came with it.
As such, Litecoin is used much in the same way as Bitcoin is, which is normal as it was originally a Bitcoin fork, but has a 4 times faster transaction speed, much lower transaction fees, a max supply of 84 million coins, all of which also serve in making it less susceptible to a 51% attack as much less hash power is required to operate it and mining is much less competitive (meaning it would less likely be targeted).
While technologically better than Bitcoin on several points, Litecoin could never go toe to toe with the giant of crypto as it does not have the same widespread audience, market cap, and trading volume. It also will never have the same prestige that Bitcoin as of the Mother of all cryptocurrencies.
Ultimately what is Litecoin is simply a cryptocurrency trying to make up for the shortcomings of its older brother but not one that will ever shine as bright.
Charlie Lee- The Founder
The last advantage Bitcoin might have over its older brother is its founder, Charlie Lee, who is an open public figure with a strong social media presence and made a name for himself in the crypto sphere. Comparatively, Bitcoin’s creator, Satoshi Nakamoto, is now the stuff of Legends and has not made his presence known to the public.
Charlie Lee is the founder of Litecoin is an ex-Google employee that created the coin to make cryptocurrencies more accessible and usable by everyone without the pretension of ever trying to shadow the Big coin.
To note he announced having sold all of his Litecoin near the peak, whether that was a stroke of genius or little faith in the project is anyone’s guess but it remains clear that should the founder announce buying back in the coins it should highly motivate many users to follow suit.
What is Litecoin worth?
Now the question that should be on everyone’s mind is relates to what is Litecoin worth? Should I trade it and what’s its potential?
As with every cryptocurrency, the value of Litecoin is very volatile nad has seen been a history of huge spike and downs. It’s first noticeable spike multiplied its price by 15x in November 2013, before going back down and trading at around $4 for 2 years. It is not up until 2017 that another spike took the coin as high as $350 per coin.
Ultimately the worth of a coin is a mix of its popularity, usefulness, trading volume and image it garnered.
Litecoin perpetual contracts on Bybit
Bybit is a cryptocurrency derivative exchange offering perpetual contracts. The platform currently offers 100x leverage BTC & ETH perpetuals and has announced it will soon release three new cryptocurrency perpetual trading pairs, namely EOS, XRP, and the subject of today’s article LTC. While not yet confirmed LTC is believed to also be a 100x leverage perpetual contracts offering the same advanced order system and 100,000 TPS per contract.
Perpetual contracts are a part of the margin trading family and offer a way for traders to profit from both a rise and a fall in the price. Additionally, they can be traded using leverage which can magnify profits but also increase risks for traders. Perpetuals are a form of futures contract without an expiry date.
This concludes today’s article delving into what is Litecoin, how it came to be, and what is Litecoin worth. We hope you enjoyed the read, learned a lot, and stay tuned for more great content.