What is Litecoin?
Litecoin (LTC) is a decentralized peer-to-peer cryptocurrency. Former Google employee Charlie Lee founded Litecoin, basing the coin off of Bitcoin's original code and earning it the title "altcoin" (alternative coin to Bitcoin). It was released on October 7th, 2011, and went live on October 13th, 2011. It was one of the first forks of the Bitcoin core client. In this issue, we will discuss the advantages of Litecoin over Bitcoin and what is the future of Litecoin. Let’s start！
The advantages of Litecoin over Bitcoin
What are the advantages of Litecoin over Bitcoin: Litecoin is a network currency based on peer-to-peer technology. It helps users pay instantly to anyone in the world. Litecoin is inspired by Bitcoin and technically has the same implementation principle. The creation and transfer of Litecoin are based on an open source encryption protocol that is not managed by any central authority. The Litecoin aims to improve Bitcoin, compared to the Litecoin, which has three significant differences.
First - the Litecoin network can process a block every 2.5 minutes (rather than 10 minutes). This can provide faster transaction confirmation.
Second - the Litecoin network is expected to produce 84 million Litecoins. It is four times the amount of money issued by the Bitcoin network.
Third - Liteco uses the script first proposed by Colin Percival in its workload proof algorithm. The encryption algorithm makes it easier to drill Litecoin on a regular computer compared to Bitcoin. Each Litecoin is divided into 100,000,000 smaller units, defined by eight decimals.
What is the future of Litecoin？
- The Litecoinwill reach a cap value.
The essence of Litecoin coin is a special solution generated by a complex set of algorithms. The process of mining is to continuously seek the special solution of this equation system through a huge amount of calculation. The Litecoin is optimized on the basis of the algorithm of Bitcoin. The confirmation time is only 2.5 minutes, which is four times the total amount of Bitcoin, so the total amount of Wright coin is 84 million.
- The appreciation potential of Litecoin is increasing.
When Bitcoin broke through $5,587, the Litecoin also went up, rising sharply from 2017 to $55 today, with great potential for appreciation. In addition, the Chinese market is more enthusiastic about Bitcoin than the international market. The Litecoin follows the pace of Bitcoin and has a strong substitution. If you like Bitcoin, Litecoin is also worth investing.
- There is a lot of room for the Litecoincurrency to improve.
At present, Bitcoin trading websites can also carry out Bitcoin trading, but most of the Bitcoin trading websites have no Bitcoin trading. At present, the market value of Litecoin is less than that of Bitcoin. It is easy to be controlled by platform and banker. The price fluctuation of Litecoin may be relatively large, and it is not widely used in business.
In the rapidly changing market of digital currency, the ups and downs of different currencies always make people happy and worried. Behind the extremely high returns, there are always huge risks. For investors, it is the best way to keep an eye on the market, recognize the situation and invest prudently.
Litecoin has so much scope for growth, potential uses, and wide adoption. Therefore, the future of Litecoin is anyone’s guess.
So, after reading our article, what do you think about Litecoin? Do you have a Litecoin prediction of your own? Pay attention to it with Bybit.