About Litecoin

What Litecoin Is All About

Litecoin (LTC) is another popular cryptocurrency that has left Bitcoin behind with its increased transaction speed. It is an open-source software project that has managed to create a lot of successful partnerships with its high trade volume. The Lightning Network is also a partner of Litecoin.

LTC is an electronic cash system based on the peer-to-peer approach. The transactions of this currency can be done at an ultra-fast pace. Being a partial cryptocurrency class, this currency utilises the cryptography pattern to safeguard its network. This is also done to administer new coin creation and authenticate the transactions.

Chart for Litecoin (LTC)

Much like Dash, Litecoin also saw its highest point in December 2017; the value went up to around $350. However, within a year, the currency saw its lowest point. The price fell to $24 in December 2018. Since then, the chart for Litecoin (LTC) has been pretty stable compared to its initial years.

In 2020, the highest value of LTC was in February, when it hiked to around $80. Also, the lowest point came shortly in March when the value fell approximately to $34. The all-time Litecoin chart sets a predicted average of $46 for all of 2020. However, predictions have been made that the upcoming years would be lucrative for interested investors and holders out there.

Litecoin Wallet

The LTC currency is specifically stored in Litecoin web wallets that are linked with its blockchain network. The holders and investors can access their wallets whenever they want. They can also withdraw or make transactions on the go. Litecoin is a decentralised and international digital currency.

One can access, buy, and use it anywhere around the world. You just need to have an ownership and a stable internet connection. By using Litecoin wallets, users can keep their currency safe and their transactions private. However, experts recommend using wallet apps for storing LTCs. This is a more functional and reliable wayto keep the currency safe.

Litecoin: What Is It?

You must be wondering – what Litecoin is? Launched in 2011, Litecoin is what was created by Charlie Lee: a blockchain-based cryptocurrency. Litecoin is quite similar to Bitcoin; however, there are significant differences as well. The transaction speed provided by LTC is far better than Bitcoin’s.

With the hike in its value in 2017, the market cap of LTC has grown and made Litecoin one of the top 5 cryptocurrencies. The visible growth and stable graph have supported the overall outlook on this currency. While it has made mining Litecoin difficult, the process of expenditure has become very easy. 

Many people must be wondering what to use Litecoin for. Read on to learn a few ways and reasons to get LTC.

What to Use Litecoin For

Similar to any other cryptocurrency, Litecoin can be easily stored and exchanged. You can use either hot or cold storage wallet to keep the currency safe. The biggest advantage of getting LTC is that the time for receiving transfer confirmation is comparatively less comparing to other digital cryptocurrencies.

While Bitcoin offers a 10 minute transaction confirmation period, with LTC, you can reduce it to only 2.5 minutes. This has helped in make Litecoin popular among investors. In 2019, the cap value of LTC reached $146.43; it was the highest point for any altcoin during that period.

This means that after going through substantial ups and downs, Litecoin reached a 388% gain. This clearly points that within a short period of 6.5 months, the investors received x4 their invested amount. During this phase, investing in Litecoin was analysed to be a lucrative option.

It also displayed healthier profit, as the Bitcoin investors reaped. At this time, Bitcoin was at 263%. However, with the August halving, the block rewards went as low as 50%. But, it did not have a considerable impact on the comprehensive pricing. After its leading years, LTC could not stand the astronomical profits.

In 2019, the LTC value improved to an extent. However, the investors could only manage to receive a 40% return on their yearlong investment in Litecoin. Many holders even wished to cash out on their holdings earlier.

The Latest News on LTC

After knowing its history, many could be wondering: "Is LTC worth investing in?", "Should I make a long-term or a short-term investment?" By staying updated with the latest LTC live news, one can easily assess the position of Litecoin in the global market. While the currency has not been giving its best lately, LTC is great for the long-term investment.

Keeping its present condition aside, it has been predicted that in the upcoming years it will witness significant growth. The increase in the value of Bitcoin is said to affect LTC's value. It means that it will have a considerable increase regardless of the current situation. Overall, Litecoin is great for having the long-term investment in the cryptocurrency market. Therefore, one should overlook its present value and status to make a better income. For more of the latest news on Litecoin, as well as crypto trend updates, check out our blog.