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The Litecoin network invites users who want fast, quick solutions involving cryptocurrency and the blockchain technology, and they are now being popular right now, they will not want to miss out on the revolution. People who prefer alternatives such as Litecoin than those that require more thoughtful research.
The last reason for future success for Litecoin is the media attention that has begun to get recently. Being in the public eye will cause this alternative to being the preferred options in the crypto universe. Artists, entrepreneurs, businessmen, doctors, and even athletes are talking about it!
Litecoin seems to be the first to break out and reach genuinely elite status, but it is a work to be done and growth to be attained.
Litecoin Predictions: A solidly built network that oozes potential in 2018: In addition to being able to pay attention to the risk of cryptocurrency, it is still worthwhile.
However, it does not mean that there is a potential for companies to develop their businesses. Among them, Litecoin seems to be the preferred option for investors in the crypto universe. For reference, from the industry's leading cryptocurrencies from Bitcoin, 2009, and Litecoin may be the best, most secure, and one with the most untapped potential.
Abbreviated LTC, or Ł, Litecoin can be defined as a peer-to-peer cryptocurrency and open source software project. It functions under the MIT / X11 license, and Charlie Lee created and developed it.
Bitcoin and more altcoins, Litecoin is a decentralized entity, which means The system allows the creation and transfer of tokens, based on an open source cryptographic protocol.
The latest release of Litecoin is the 0.15.1 version, from March 2018. C ++ is the code language, and the compatible Operating Systems are Windows, OS X, Linux, Android. The Litecoin Core Development Team is the one in charge of the development.
As the ledger information, the timestamping scheme is Proof-of-work, and the hash function works around with scrypt. There is a block of 25 LTC, approximately until 2019, halved roughly every four years. The average block time is 2.5 minutes.
Litecoin Technical Information
A little history: History of Litecoin
Litecoin (LTC) Historical Data
Litecoin saw the daylight on GitHub in October of 2011 as a Bitcoin fork: it was released in that month via an open source client by Charlie Lee, who is used to work in Google. The network / platform became active a week later.
We do not want you to get confused, so you should understand It is the process in which a Blockchain diverges, or splits, into two branches. It can be temporary or permanent; hard or soft. The primary cause is a change in the consensus algorithm or other software modifications.
Bitcoin Client with a few slight differences. It had a reduced block generation at two minutes; it had significantly more coins or tokens, a modified GUI (Graphical User Interface,) and a different hashing algorithm using scrypt, instead of SHA-256.
Since its inception in the crypto market, Litecoin kept on growing and, during November 2013, its aggregate value increased considerably, and experienced at 100% leap within 24 hours. Litecoin cemented its spot as an option for investors and traders around the world, reaching a $ 1 billion market capitalization in November 2013.
2017 was a crucial year for Litecoin. For starters, they became the first of the significant cryptocurrencies to adopt the SegWit (Segregated Witness) system, which separates transaction signatures to increase the block size limit of the blockchain. Also, in May, it served as the host platform that allowed the initial Lightning Network transaction, with 00000001 LTC going from San Francisco to less than one second.
Lee is still hungry for achievements and success, and he tends to aim high:
Bitcoin vs Litecoin
Differences from Bitcoin
Bitcoin, the two cryptocurrencies share numerous similarities, and the statement may be true to some extent. Use of the same codebase, are deflationary and use proof of work mining, for example. However, the differences between them are more than palpable.
For starters, it is noticeable that Litecoin's transaction times are faster than those of Bitcoin, which usually takes an average of 10 minutes to complete an operation. Litecoin stops the clock at 2.5 seconds, the number can be significantly less. Ethereum, another one of the top crypto networks on the planet.
Litecoin's usability is what puts it ahead of the other altcoins and competing with Bitcoin for the market share. People use it for standard blockchain-related procedures, such as lifting a smart contract, but it also has the ability, technologically speaking, of being used as currency, in the way of fiat money.
Litecoin, also to provide the best environment for quick and secure transactions. The currently reviewed system implements scrypt in its proof-of-work algorithm, which is mostly a sequential memory-hard. Litecoin mining harder than Bitcoin's, which is a negative point in the comparison, but a difference nonetheless.
Dark web's preferred coin
The dark internet has been incredibly beneficial for different cryptocurrencies. Bitcoin traction several years ago. However, in the last calendar year, some competing currencies have also begun to show more prominence in this type of web.
Competition is getting stiff! In a relatively short time, Litecoin should become the preferred cryptocurrency of all users of the Dark Web. It works smoothly, is fast, and while it does not offer full privacy or anonymity (this is the top two requisites of completing transactions in this type of networks,), it is starting to gain steam.
It has been moving away from Bitcoin, and has been rising from a lack of transparency as significant drawbacks. Sellers and buyers are looking for new ways to deal with payments effectively. Monero, another relevant altcoin, has been gaining a lot of attention, as well as some of the same issues of Bitcoin, because there are some concerns about Monero's privacy and anonymity.
It seems that Litecoin accounts for 30% of dark web transactions, which is much higher than any other currency that is not used in the dark web at this time. With Bitcoin slowly disappearing from the internet, Dash, Monero, and Litecoin.
Although some of the activities associated with the Dark web are not all ethical or even legal, the fact that Litecoin is a preferred option. People started having problems with the inflated prices of the network, a consequence of Bitcoin's high commission fees and started looking at Litecoin.
Pros of Litecoin
- Litecoin is an open source project, which is the ability to implement and improve the technology. In that matter, it is an improved Bitcoin version, which is logical since it was a fork of it.
- It is considerably faster than Bitcoin, completing transactions in an average of 2.5 minutes, compared to 10 minutes.
- It represents a cheaper option for people looking to perform transactions, with an almost zero transaction fee compared to Bitcoin.
- The process of mining can be more straightforward on Litecoin than in Bitcoin (although that concept is debatable,) since it uses the new Proof of Work algorithm.
- Google employee, which brings a sense of reliability and trustworthiness to the equation.
- It has a less "toxic" community since it does not have the reach of Bitcoin.
- It is considerably less volatile during market crashes or corrections than some of its peers.
- The developers and founders have shown excellent leadership skills throughout time: Charlie Lee left The Litecoin project.
- There are atomic swaps between LTC / BTC.
- The presence of the Lightning Network, a platform that fosters and promotes faster transactions.
- The 84M total supply.
- The market cap is very low if you compare Litecoin to other tokens at the top of the market.
- Chinese people are fond of it, which is an excellent marketing development since it is the most significant pool of potential users.
- All hardware wallets support Litecoin.
Cons of Litecoin
- Bitcoin added SegWit to its catalog of offerings. With that development, Litecoin lost one of the values that made it different.
- Since Litecoin is a fork of Bitcoin, or a new version of you prefer the term, it implies that there will be few, if any, new and innovative ideas, which is something that altcoins have to offer.
- Bitcoin's scaling problem is solved.
- The people's perception may hurt the name of Litecoin. Numerous people seem to think that it is the same as Bitcoin. Litigation showcases every year.
2018 Litecoin Predictions
People continually talk about Litecoin and its primary competitors, Bitcoin, Dash, Ripple, Monero, and Ethereum. However, what does the future hold for them? Could it be possible that Litecoin, continuing with a recent trend, keeps growing and tops the projections set for this year?
Speaking of which, it is currently translated into approximately $ 130, has been found to reach new heights in 2018. Some people are talking about increasing their value to the $ 500 or $ 600 range, a tremendous percentage growth if sustained.
According to Forbes, there are at least five reasons for optimism when it comes to projecting Litecoin's 2018 outlook. Bitcoin's growths and futures trading, which is spiked its prices. We can comfortably say that we can not believe that we are in the Bitcoin community directly benefits Litecoin, not only because it is trickles down to Litecoin and other cryptocurrencies, but also because the added traffic within the Bitcoin network drives up transaction fees and clogs the system, causing migration towards the Litecoin project.
Also, there is a substantial influx of users on Coinbase, which is a cryptocurrency brokerage that is trending right now. It supports three cryptocurrencies, one of them being Litecoin. Since Coinbase adds 100,000 new users per day, it is a positive gain.
Additionally, people are starting to work around Litecoin: they are beginning to understand that, in some ways, it is similar to Bitcoin, just to name an example.
The Litecoin network invites users who want fast, quick solutions involving cryptocurrency and the blockchain technology, and they are now being popular right now, they will not want to miss out on the revolution. People who prefer alternatives such as Litecoin than those that require more thoughtful research.
The last reason for future success for Litecoin is the media attention that has begun to get recently. Being in the public eye will cause this alternative to being the preferred options in the crypto universe. Artists, entrepreneurs, businessmen, doctors, and even athletes are talking about it! At least JaVale McGee, an NBA champion with the Golden State Warriors, is:
Litecoin seems to be the first to break out and reach genuinely elite status, but it is a work to be done and growth to be attained.
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