What is Litecoin?
Charlie Lee the creator of litecoin, he was a former engineer at the cryptocurrency exchange, Coinbase. With the sole intention of developing a better cryptocurrency than Bitcoin, Lee began to start rigid fork of Bitcoin, which he defined as litecoin in 2011. The Litecoin network it is relatively faster than the Bitcoin network, regarding transactional confirmation. litecoin it is also considered as the silver counterpart in the crypto domain, in the same way that Bitcoin was considered for gold. Above all, Charlie Lee was enchanted by the functionality of Bitcoin, but he also understood the importance of altcoins. Therefore, he continued to develop his personalized cryptocurrency.
Why is Litecoin preferred over other altcoins?
litecoin It is the perfect option for all traders and users, who are looking for a cryptocurrency with low transaction costs and faster confirmation. The Litecoin network incorporates the Lightning network, along with the Segregated test mechanisms to provide faster transactional capabilities. Furthermore, the total supply of litecoin it is about 84 million coins, which is precisely four times the total number of coins for Bitcoin. Therefore, it would be easier for users to choose litecoin on Bitcoin or other altcoins.
How did the developer protect Litecoin?
Being somewhat centralized, Lee cited the vulnerabilities and risks associated with his investments in Litecoin. According to him, his immense investments in litecoin it can cause market fluctuations to be desired with FUD used as a catalyst. This scenario can be understood, when the Ethereum network has collapsed into billions when it speaks of it Vitalik Buterin he died in a car accident. To avoid such scenarios in the future in case of litecoin, Lee had decided to distract himself from the project. According to sources, in mid-December 2017, Lee liquidated its LTC holdings for the development of litecoin without any capture.
The decentralization of Litecoin is its power
The Litecoin network uses 2.5 minutes to create a particular block, while Bitcoin only takes 10 minutes. Furthermore, when it comes to the mining capabilities of the cryptocurrency currency, litecoin It has an advantage as it intelligently incorporates the scrypt mining algorithm. This algorithm allows cryptocurrency users to extract the currency through their PCs. This is a huge advantage over Bitcoin, as it can only be extracted through the ASIC miners. His instant and almost zero transaction fees were possible, as he was the pioneer of the segregated witness concept.
The incorporation of SMS transactions
Significant progress concerning litecoin have been undertaken recently On 27 September 2018, CoinText has integrated the use of litecoin with Dash, in their new service to make transactions through the SMS service. This particular service was developed primarily for Bitcoin Cash users, but recently the organization expanded its capabilities litecoin is dash also. It's an advantage for litecoin, as the network is fast enough to resume with SMS payment systems.
The Litecoin summit was a big event in Litecoin's history
Litecoin network it also remained very stable during difficult times. Although the cryptocurrency is constantly being criticized, the currency remains solid, with its commitment to being democratized all over the world. Furthermore, more recently, from 14 to 15 September 2018, at the South San Francisco convention center, the Litecoin summit was undertaken, which focused on the discussion among various experts, regarding the future and the current development of Litecoin. The summit also revealed the confirmation of support litecoin, on the exchange of Gemini with the Winklevoss twins. The Summit was also the most awaited for one of the most anticipated Lite.im, which allows the user to transfer litecoin through SMS.
Let's try to analyze the price of Litecoin, from July 2018.
The price of litecoin during the first days of June 2018, it was $ 119. However, the currency suffered a significant decline and at the end of the month reached almost $ 81.
The price has been somewhat consolidated and constant since it was trading around $ 82 in July.
$ 77 was the initial price of litecoin and with the passing of the weeks, the price continued to fall and reached the historical minimum of the respective month, with a price of $ 53.
Even September was not volatile, as prices were around $ 60.
Currently, the price of litecoin it's about $ 57 starting on October 7th.