In today’s Crypto Spotlight, we talk about yet another Altcoin or alternative coin that has been taking the world by storm: Litecoin!
Like Bitcoin (BTC), Litecoin (LTC) is a P2P or peer-to-peer cryptocurrency. Litecoin founder, Charlie Lee, is a former Google employee who went on to create Litecoin with the vision of making a better and more accessible Bitcoin by solving the crypto giant’s major problems. The cryptocurrency went live on October 13, 2011.
Bitcoin VS. Litecoin
Litecoin is a fork off of Bitcoin Core/Satoshi Client but it is not entirely like Bitcoin. To compare the two, Bitcoin has been coined as the “gold” of the cryptocurrency world while Litecoin is the cheaper “silver.”
Both BTC and LTC have a supply limit but there are more LTC to be mined than there is BTC. The Bitcoin supply limit is 21 million while the Litecoin limit is 84 million. There are around 55 million LTC in circulation today.
Confirmation of the Bitcoin transaction would take around 10 minutes on average. Litecoin transactions will be confirmed in 2.5 minutes on average making it 7.5 minutes faster than that of Bitcoin.
Bitcoin uses the SHA-256 algorithm and Litecoin uses Scrypt—a memory-hard algorithm.
Litecoin Current Value and Performance
As of this writing, Litecoin is at $213.78!
LTC has experienced surges in value this month. These increases may be attributed to two things:
LTC’s hard fork
Litecoin went through a hard fork on February 18, 2018 to create another cryptocurrency: Litecoin Cash. Following this hard fork, its value went up to $252—it’s highest in a month. Its value may have gone down again after the surge but another expected surge is coming with the launching of Litepay.
Litepay is a Litecoin payment system that is set to launch tomorrow in 41 countries, February 26. This system aims to let users use LTC for everyday transactions with—according to its website—zero price volatility. This innovation gives LTC an edge over its competitors as it will allow users to use their LTC as more than just a tradable coin—they will now have spending power with their LTC! More details on this new system will be discussed in another article.
In 2017, Bitcoin experienced a 1000% rise! Although this may be a very impressive increase, it pales in comparison to Litecoin’s 5000% increase last year. With Litecoin’s recent fork and new payment system, people are expecting the digital currency to have another grand increase this year.
Do you think Litecoin’s innovations can make it overtake Bitcoin in the future? Which coin would you invest in? Let us know your thoughts in the comment section below! If you’re interested on getting your hands on your own Litecoin supply, don’t hesitate to send us a message and we’ll help you get started on your investment today.
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