Litecoin – LTC
12 years of existence and Litecoin is still going strong, let’s deep dive into the second oldest cryptocurrency.
It’s only right that we take a deep dive…
This is a Project Review on LTC.
Litecoin is a decentralised, open-source and peer-to-peer network that was originally forked from the Bitcoin blockchain. Litecoin is the second oldest cryptocurrency which was created in 2011 by Charles Lee, a former Google engineer.
As Litecoin is a fork of Bitcoin, it shares many of the same features, however, it runs on a different mining algorithm and was originally designed to be more decentralised. When BTC launched, Charles Lee felt $BTC was becoming heavily influenced by centralised authorities.
Charles Lee initially planned to prevent corporation-sized miners from mining the majority of the tokens, however, this was not possible to control.
$LTC isn’t generally used as a store of value, but instead specifically designed for peer-to-peer transactions.
Litecoin is 4x faster at confirming transactions and has improved and more efficient storage than its original counterpart, Bitcoin. Litecoin transactions will take around 2.5 minutes, compared to the Bitcoin network transactions which take 10 minutes or more to complete.
Not only that, but the Litecoin blockchain is more efficient and scalable as it can handle more transactional volume than Bitcoin, all without the need to upgrade its network.
The Litecoin blockchain also guarantees a “near-zero” cost transactional fee.
The blockchain and cryptocurrency can be used for any source of global payment as they offer their very own Visa debit card which can be used anywhere in the world…
Did I also mention that even businesses can use Litecoin to pay their employees?
For those who have their very own e-commerce store held on Shopify or WooCommerce can accept Litecoin. payments! Tell me that’s not bullish for $LTC, come on.
$LTC launched with a maximum supply go 84 million coins which makes it a very scarce cryptocurrency. The supply of $LTC was specifically designed to decrease over time as every 4 years there is a block halving, similar to Bitcoins.
The next halving is predicted to be around the 23rd of August 2023 which will reduce the rewards of $LTC coins from 12.5 down to 6.25. As $LTC becomes harder to mine and obtain, the value should therefore increase, possibly massively!
At the time of writing, the Litecoin token $LTC is currently hovering around $74.36 with a market cap of $5.35B which ranks $LTC the 12th largest crypto by market cap!
The $LTC token has seen an All-Time High of $412.96 when it reached a market cap of $25.2B in May 2021.
Bitcoin, Litecoin and Ethereum have been leading the space since the beginning and have survived every #crypto winter and bear market, but nothing has stopped them from building and shaping the world of Web3.
Twitter – @Litecoin
Website – Litecoin.org
Website – Litecoin.net
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