What is Litecoin

LTC is simply another cryptocurrency that just so happens to prove its use-case as a low-cost decentralized peer-to-peer payment method. Litecoin’s founder, on the other hand, has been publicly available and active in the community. You can find Charlie Lee on Linkedin or on Twitter, as @SatoshiLite. After working at Google and founding https://www.tokenexus.com/ Litecoin, he also worked on the engineering side at Coinbase, one of the largest cryptocurrency exchanges in the world. Litecoin’s mining also keeps transaction fees relatively low due to the inherently higher total supply. There can only be 21 million Bitcoins in existence, whereas there can be up to 84 million Litecoins.

What is Litecoin

Bitcoin vs. Litecoin: An Overview

In late 2020, Litecoin also saw the release of the MimbleWimble (MW) testnet, which is used to test Mimblewimble-based confidential transactions on Litecoin. Once this feature is available on the mainnet, Litecoin users will also benefit from greatly enhanced privacy and fungibility. Behind Bitcoin, Litecoin is the second most popular pure cryptocurrency. This success can be largely attributed to its simplicity and clear utility benefits. These developments all suggest that there is a continued interest in the cryptocurrency’s future. Erika Rasure is globally-recognized as a leading consumer economics subject matter expert, researcher, and educator.

  • SegWit was developed to address Bitcoin’s scalability issue by giving blocks more room for information, but the proposal created deep controversy within the community.
  • The blockchain was created by Charlie Lee, a software engineer who had worked at Google and crypto exchange Coinbase, and it was launched on the bitcointalk forum in October 2011.
  • Several exchanges can conduct transactions within the United States; many more are outside the U.S.
  • The current CoinMarketCap ranking is #22, with a live market cap of $5,169,611,450 USD.
  • As of May 2024, it was still being maintained by a community of developers with fixes and improvements.

Community and Adoption

Since 2011, Litecoin has led the cryptocurrency space as a secure, decentralized and innovative currency. NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. NerdWallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. Examples are hypothetical, and we encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Our estimates are based on past market performance, and past performance is not a guarantee of future performance.

What is Litecoin

Is Litecoin (LTC) Heading Towards $63? Market Indicators Suggest Bearish Trend

What is Litecoin

Bitcoin also has the benefit of being a near household name by now, whereas Litecoin is much more obscure (especially as new tokens get added to the space regularly). The vast majority of people who jump into the cryptocurrency world will buy Bitcoin first. If their hunger isn’t satiated they may also grab some Litecoin and Ethereum too. Exchanges both large and small sell Litecoin so you shouldn’t have any problems picking up some.

Future of Litecoin

  • Right now it’s a bit of a race for which currency will become the one we all use for everyday transactions.
  • However, the upgrade puts Litecoin in the crosshairs of regulators who do not take kindly to privacy-capable cryptocurrencies.
  • The cost of sending any denomination of LTC costs around $0.02, whereas Bitcoin currently hovers around $0.35.
  • You can wait up to an hour, on average, for the six confirmations required for a Bitcoin transaction.
  • Create a chart for any currency pair in the world to see their currency history.

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BlockDAG’s $52.7M Presale Boosted by Multiple Factors

Interestingly, Litecoin price has underperformed compared to large-capped altcoins – such as Solana (SOL), BNB, and Ethereum (ETH) – in the past year. If you have a slow ASIC, your profits will likely be much less than a miner with a faster mining rig or setup. Check live rates, send money securely, set rate alerts, receive notifications and more. Create a chart for any currency pair in the world to see their currency history.

What is Litecoin

Does Litecoin Have a Future?

What is Litecoin

Moreover, the Litecoin network recently achieved a major milestone of 24 million ordinals on its blockchain. The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. As of the date this article was written, the author does not own cryptocurrency. A lot can happen in five years, so it’s difficult to predict what a cryptocurrency’s price will be.

  • Download your free wallet to join and invest in the future of finance.
  • NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.
  • Through halving, the miner reward for successfully recording new blocks to the Litecoin blockchain is decreased (halved) at regular intervals.
  • At the recent Keynote 2, BlockDAG unveiled its latest technological advancements and strategic plans, garnering significant investor interest.
  • Because of the wider adoption of LTC, there are quite a few ways to store it.
  • Similar to Bitcoin, Litecoin has a reward-halving event that occurs about every four years.
  • If you would like to know where to buy Litecoin at the current rate, the top cryptocurrency exchanges for trading in Litecoin stock are currently FutureX Pro, Binance, DOEX, BYDFi, and Bybit.
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