Forecasts for Litecoin: a solidly constructed network that exudes potential in 2018
Although some altcoins are gaining global prestige and relevance with each passing day, Bitcoin is still in the limelight of the most important cryptocurrency in a market with a growing appreciation of the benefits that cryptography and blockchain technology can provide to transactions.
However, this does not mean that there is no room for altcoin growth and solidify their points as successful businesses and companies. Among these, Litecoin seems to be the preferred option for experienced investors in the crypto universe. For reference, altcoins are all distinct bitcoin cryptocurrencies, the industry leader since 2009, and Litecoin may be the best, the safest and the one with the most unexpressed potential.
LTC abbreviated, or £, Litecoin can be defined as a peer-to-peer cryptocurrency and an open source software project. It works with the MIT / X11 license and Charlie Lee created and developed it.
As in the case of Bitcoin and most of the altcoins, Litecoin is a decentralized entity, which means it works without a central authority or a governance agency. The system allows the creation and transfer of tokens, based on an open source cryptographic protocol.
The latest version of Litecoin is version 0.15.1, from March 2018. The C ++ language is the coded language and compatible operating systems are Windows, OS X, Linux, Android. The Litecoin core development team is responsible for development.
As for the information in the ledger, the timestamping scheme is Proof of work and the hash function works with scrypt. There is a blocking reward of 25 LTC, around until 2019, which is halved approximately every four years. The average blocking time is 2.5 minutes.
Litecoin Technical Information
A bit of history: history of Litecoin
Litecoin (LTC) Historical data
Litecoin saw the light of day on GitHub in October of 2011 as Bitcoin's fork: it was released in that month through an open source client of Charlie Lee, who worked in Google. The network / platform became active a week later.
We do not want to confuse you, so you should understand that it's exactly a fork. It is the process in which a Blockchain diverges, or divides, into two branches. It can be temporary or permanent; hard or soft. The root cause is a change in the consent algorithm or other software changes.
Litecoin was a fork of the Bitcoin Core client, with some slight differences. He had a reduced block generation time of two and a half 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 encrypted market, Litecoin has continued to grow and, in November 2013, its aggregate value has increased considerably and recorded a 100% jump within 24 hours. Litecoin consolidated its position as one of the preferred options for investors and traders around the world, reaching a market capitalization of $ 1 billion in November 2013.
2017 was a crucial year for Litecoin. For beginners, they became the first of the significant cryptocurrencies to adopt the SegWit (Secret Witness) system, which separates transaction signatures to increase the blockchain block size limit. Also, in May, it served as a host platform that allowed the completion of the initial Lightning Network transaction, with 00000001 LTC going from Zurich to San Francisco in less than a second.
Lee is still hungry for results and successes and tends to aim high:
Bitcoin vs Litecoin
Differences from Bitcoin
Experts always say that, being a fork of Bitcoin, the two cryptocurrencies share many similarities and the statement can be true to some extent. Both share the same code base, are deflationary and use evidence of work mining, for example. However, the differences between them are more than palpable.
To begin with, it is clear that Litecoin's transaction times are much faster than Bitcoin's, which usually takes an average of 10 minutes to complete an operation. Litecoin stops the stopwatch at 2.5 seconds and, as you saw in the previous section, the number can be significantly lower. Ethereum, another of the most important cryptographic networks on the planet, is also having to deal with network and speed problems.
The usability of Litecoin is what sets it before other alternative sectors and competes with Bitcoin for market share. People use it for standard procedures related to blockchain, such as lifting an intelligent contract, but they also have the ability, technologically speaking, to be used as a currency, as a legal currency.
Litecoin, also to provide the best environment for fast and secure transactions, also offers an economic option. The currently revised system implements the scrypt in its work test algorithm, which is primarily a sequential memory function that needs more memory than a non-hard-memory algorithm. The use of the method described above makes Minecoin mining more difficult than Bitcoin, which is a negative point in the comparison, but nevertheless a difference.
The favorite currency of the dark web
Dark Internet has been incredibly beneficial for several cryptocurrencies. As a reference, we can say that he promoted Bitcoin traction several years ago. However, in the last calendar year, some competing currencies have also started to show more prominence in this type of web.
The competition is stiffening! In a relatively short time, Litecoin should become the favorite cryptocurrency of all Dark Web users. It runs smoothly, is fast and, although it does not offer full privacy or anonymity (which are perhaps the first two requirements to complete transactions in this type of networks), is starting to gain ground.
Recently, several dark web markets have moved away from Bitcoin, which is understandable as it presents rising rates and lack of transparency as significant disadvantages. As a result, sellers and buyers are looking for new ways to manage payments effectively. Monero, another important altcoin, is gaining much attention, but it also gives rise to some of the same problems as Bitcoin, because there are some concerns about the privacy and the anonymity of Monero.
To the surprise of many, it seems that Litecoin represents 30% of the dark web transactions in the present, which is much higher than any other currency that is not Bitcoin used in the dark Web at this time. With Bitcoin slowly disappearing from the internet, the battle for its market share seems to be between Dash, Monero and Litecoin, with the latter having a firm grip on pole position.
Although some of the activities associated with the Dark web are not entirely ethical or even legal, the fact that Litecoin is a preferred option here tells us positive things. People started having problems with the inflated prices of the network, a consequence of Bitcoin's high commissions and started watching Litecoin.
Pro of Litecoin
- Litecoin is an open source project, which means it has the ability and flexibility to implement relevant and useful technological improvements, such as SegWit and the lighting network. In this case, it is an improved version of Bitcoin, which is logical since it was a fork of it.
- It's significantly faster than Bitcoin, completing the transactions on average 2.5 minutes, compared to the 10 minutes needed to perform a similar operation on this one.
- It is a cheaper option for people trying to execute transactions, with a transaction fee almost zero compared to Bitcoin.
- The mining process can be simpler on Litecoin than on Bitcoin (although this concept is debatable), since it uses the new Proof of Work algorithm.
- It was created by a former Google employee, who brings a sense of reliability and reliability to the equation.
- It has a less "toxic" community since it does not have enough reach from Bitcoin.
- It is considerably less volatile during market crashes or the corrections of some of its peers.
- The developers and founders have demonstrated excellent leadership skills over time: Charlie Lee left Coinbase as head of engineering with the intention of focusing full-time on the Litecoin project.
- There are atomic swaps between LTC / BTC.
- The presence of Lightning Network, a platform that promotes and promotes faster transactions.
- The total offer of 84 million.
- Market capitalization is very low if you compare Litecoin with other tokens at the top of the market.
- The Chinese are enthusiastic about it, which is an excellent development of marketing as it represents the most significant area of potential users.
- All hardware portfolios support Litecoin.
Cons of Litecoin
- People are still waiting for a countermove now that Bitcoin has added SegWit to its catalog of offers. With this development, Litecoin has lost one of the values that has made it different.
- Since Litecoin is a fork of Bitcoin, or a new version of you prefers the term, it implies that there will be few, if any, new and innovative ideas, which is something that the altcoins have to offer.
- The Litecoin market will be damaged in some way until the problem of Bitcoin resizing will be resolved.
- People's perception could damage the name of Litecoin. Many people seem to think that it is the same as Bitcoin. It could be a little while if it were to happen before Litecoin achieves the importance and sustainability that Bitcoin performs every year.
2018 Litecoin Forecast
People are constantly talking about Litecoin and its main 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, will continue to grow and exceed the projections foreseen for this year?
By the way, experts from various circles have pointed out that Litecoin, currently trading at around $ 130, has the foundations to reach new levels in 2018. Some people talk about an increase that can bring its value to the $ 500 or $ 600 range, a huge percentage growth if sustained.
According to Forbes, there are at least five reasons for optimism when it comes to projecting the outlook 2018 of Litecoin. The first is that the growth of Bitcoin and futures trading, which has pushed up its prices. We can safely say that any positive development in the Bitcoin community directly benefits Litecoin, not only because it drips towards Litecoin and other cryptocurrencies, but also because the added traffic inside the Bitcoin network makes transaction fees rise and clogs the system, causing the migration to the Litecoin project.
Moreover, on Coinbase there is a substantial influx of users, which is a cryptocurrency brokerage that is currently in trend. It supports three cryptocurrencies, one of which is Litecoin. Since Coinbase adds 100,000 new users a day, it's a positive gain.
In addition, people are starting to create Litecoin: they are starting to understand that, in some ways, it is similar to Bitcoin, but it is also faster and entails significantly cheaper transaction costs, just to give an example.
The Litecoin network invites users who want quick and fast solutions that involve cryptocurrency and blockchain technology, and because they are popular right now, they will not want to lose the revolution. As a result of this phenomenon, people prefer alternatives like Litecoin compared to those that require more reflective research.
The last reason that presumes the future success of Litecoin is the attention of the media that has begun to take recently. Being in the public eye will ensure that this alternative is among the preferred options in the crypto universe. Artists, entrepreneurs, businessmen, doctors and even athletes talk about it! At least JaVale McGee, an NBA champion with the Golden State Warriors, is:
After some years of consolidation among the top ten cryptocurrencies and transaction networks, Litecoin seems ready to emerge and reach the state of the elite, but there is still work to be done and growth to be achieved.