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What is Litecoin all about
Litecoin has been referred to as the silver to Bitcoin’s gold. This entails that Litecoin is perhaps not as purely valuable to hold as Bitcoin, but more functional to spend and interact with. Litecoin’s role has always been to provide an alternative to Bitcoin that is cheaper to transact with, and much faster too.
Litecoin was created by Charlie Lee, a former Googler and MIT grad, in 2011, two years after the birth of Bitcoin. His vision for the well established altcoin was to create a version of Bitcoin that would be more accessible for everyday usage.
Litecoin’s blocks, where transactions are recorded, are mined four times faster than Bitcoin which allows for the securing of these transactions on its blockchain to be a lot faster — this means it is far more usable in terms of a payment cryptocurrency.
Litecoin was one of the first alternative cryptocurrencies that took the blockchain technology in a different way to what Bitcoin was going for. It is part of a vast ecosystem of cryptocurrencies all trying to solve different problems with it settling on payment speed and costs.
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LTC Questions & Answers
What was the highest price of Litecoin to date?
Litecoin's price was the highest on 2021-05-10, at 337.56 Euro.
Is Litecoin expected to increase in value in 1 month time?
On the basis of our prediction, we expect, Litecoin's value will reach anywhere between €109.88 and €165.69 in 30 days.
What is the current price of Litecoin?
Today's price of Litecoin is 161.82 EUR.
What will the Litecoin price be in three months?
In accordance with our price prediction we suspect that the price of Litecoin will reach anywhere between €109.88 and €199.82 in three months.
How popular is Litecoin on social media?
345220 people took part via Reddit, in an online discussion about Litecoin in the last 2 days. Litecoin's Twitter profile is followed by 199613 people.
Is Litecoin going to be worth more half year from now?
The process of predicting the future over the long term is very challenging, but based on our prediction we suspect that the cost of Litecoin will reach anywhere between €109.88 and €242.17 half year from now.
How is Litecoin different from Bitcoin?
There are a number of differences between Liteocin and Bitcoin, but primarily, the creation of Litecoin was intended to improve upon Bitcoin’s ability to be used as a digital payment method. Litecoin’s main points of difference are its transaction confirmation times, and its transaction fees — both being far lower than Bitcoin’s.
Where can I spend Litecoin?
As a coin created to be used for payments, there are a number of online retailers that accept Litecoin directly, but, unfortunately, they are not that common. Litecoin has not received the same notoriety as Bitcoin and thus is not as widely adopted by users making it less practical for merchants to accept despite its design as a payment cryptocurrency.
Who controls Litecoin?
Litecoin is a decentralized cryptocurrency that operates on a proof-of-work consensus meaning that there is no one person or organisation that has control over the blockchain and the tokens. However, the Litecoin Foundation is a group that helps facilitate the growth of the project and is there to make decisions about its proliferation as a project in the space.
What makes Litecoin transactions fast?
Litecoin transactions are confirmed every 2.5 minutes, four times faster than the 10 minutes required for Bitcoin transactions because of the construction of the blocks on the blockchain. Additionally, using a layer two protocol called the Lightning Network, Litecoin transactions can be further sped up to a few seconds.