After the invention of cryptocurrency, several different cryptocurrencies have evolved from bitcoins’ primary blockchain system over the past years. LTC (Litecoin) is considered the first one invented in 2011 using a different block generating rate and PoW scheme (Proof of Work). While Bitcoin operates on Proof of Work, efforts are being made to create cryptocurrencies that work on a different mechanism which is more energy-efficient. The coin was published just after two years of bitcoin invention, and the creator of Litecoin is Charlie Lee (the former Google engineer).
According to the market research, the LTC is considered the first ‘Altcoin’ with different cryptography than bitcoin. As the LTC’s popularity is growing immensely worldwide, many programmers started creating altcoins with other names.
Introduction of Litecoin:
LTC is also a decentralized currency, which means no financial organization or government controls the currency system and its process. The coin uses a peer-to-peer system; additionally, it’s open-source software released under ‘MIT/X11 license.’
This digital coin is popularly known as the spinoff of bitcoin after the creator called the coin the lite version of bitcoin in the bitcoin forum. In accordance with recent calculation and analysis of one LTC value, the value that has come up is- 1 LTC= 215 USD—checking market value, the coin ranks’ 14th Biggest Cryptocoin’ in the cryptocurrency market, possess a market capitalization of around 15 billion Us dollars.
Overview of the LTC working process:
LTC is the P-2-P (Peer-to-Peer) digital currency, meaning the central authority has no control over this currency or its system. This modern network allows an individual or institution worldwide near zero-cost instant payments. This network uses a particular PoW scheme, a Proof to Work scheme or better to specify the algorithm to give users security and a satisfactory experience. The Proof of Work mechanism requires that the participating parties solve computation problems. It operates on a less resource-intensive Scrypt PoW algorithm
Some essential facts about Litecoin:
- The price was 4.30 USD (1 Litecoin) when it was invented.
- In the year 2021, May 10, LTC hit the all-time high value of 410.26 USD.
- According to data, the all-time low value of 1 LTC is 1.15 USD, which occurred in 2014.
- Following the recent data and calculation, 84 million LTC is supposed to circulate. In 2021, the circulation data revealed that over 69 million coins had been distributed.
- LTC is the preferable cryptocurrency used worldwide for paying purposes.
Advantages of investing in LTC:
At present, you have several altcoins options to choose from, as several digital currencies have been published daily in the altcoin system. You need to study the market and do the research before investing. But, choosing the currency in the market for several years would always be a good choice when it comes to reliability. In that case, Litecoin consistently ranks top among all the altcoins as it was the first altcoin created in 2011.
Unlike traditional cryptocurrencies like bitcoin, Litecoin is better and quicker in performance. On average, the bitcoin transaction consumes around 8 or 9 minutes to complete the entire process; on the flip side, Litecoin takes on an average of 2.5 minutes to complete the transactions procedure. Therefore, the LTC network is much faster than the traditional cryptocurrency, and you can make three transactions within 9 minutes without any hassle.
You can easily trade and invest by availing of modern and secure features. Tradition LTC is also seamless as multiple secured exchanges and trading platforms are available. For example, 60mo.com website is one of the most popular and secured platforms for investing or trading on Litecoin. The application has a user-friendly interface, which is very comfortable to be used by amateurs or first-time users.
In today’s digitized world, along with the traditional currency, crypto or digital currency is surging around the globe. The cryptocurrency was first invented in 2008; several digital coins evolved using a different algorithm than the traditional cryptocurrency (Bitcoin). The LTC, or first altcoin, has become most popular (recently holding 14th largest crypto). You can easily invest in this crypto; however, make sure to check current value and other policies before investing or trading LTC. So, if you are planning to start your investment journey, this is the right time to begin.