The peer-to-peer, decentralised digital currency known as Litecoin was designed with the “future of global payments” in mind.
The development of Litecoin was motivated in large part by that of Bitcoin (BTC), and the two cryptocurrencies share a number of characteristics in common. These characteristics include the proof-of-work (PoW) consensus method, halving events, and a hard cap.
In 2011, Litecoin was released with the slogan “a lite version of bitcoin.” Its goal was to build a cryptocurrency that is easier to use in day-to-day transactions by addressing some of bitcoin’s drawbacks and making them more manageable.
The cryptocurrency network, which has been around for ten years, processes transactions more quickly and at lower cost than the Bitcoin blockchain.
Litecoin Price Today
| DATE | LTC | USD |
|---|---|---|
| Today | 01 |
$55.72 USD
|
Litecoin Prediction
The time it takes for a block to be confirmed on the Litecoin network is approximately two minutes, compared to almost nine minutes on the Bitcoin network, according to data provided by the crypto analytics business Blockchair as of the 31st of October 2022. When compared to the Bitcoin network’s average transaction price of $1.52, the Litecoin network’s average charge was very close to being zero dollars.
When compared to Bitcoin’s SHA-256 algorithm, Litecoin’s Scrypt algorithmic architecture, which is used to verify transactions, uses far less computing power. This makes it easier for miners to get started, and it also encourages the decentralisation of mining power.
Another point of differentiation is the maximum quantity that can be created of each cryptocurrency. Although both Litecoin and Bitcoin have hard caps, the limit for Bitcoin is set at 21 million units, while the limit for Litecoin is 84 million units.
According to Litecoin’s founder Charlie Lee, the cryptocurrency is headed in the direction of becoming “the silver to Bitcoin’s gold” as Bitcoin has developed into a form of wealth storage.
Litecoin is currently one of the cryptocurrencies that is among the most generally accepted for use as payment. Coinbase, BitPay, NOWPayments, CoinGate, Aliant, and CoinPayments are all examples of native cryptocurrency payment processors that are compatible with Litecoin transactions. E-commerce platforms such as Shopify and WooCommerce, amongst others, provide online stores with the ability to take Litecoin payments as a form of payment.
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