Litecoin (LTC) or popularly known as Bitcoin's silver was released on GitHub in October 2011 by Charlie Lee. It has given its name as Bitcoin's silver for a particular reason as Lee wants to go along with Bitcoin rather than against it. It has reached the market cap of $3 billion (as of writing $3,844,600,104) over a long period of time with maximum supply being 84 million. It means that only 84 million coins will ever be generated to counter deflation in price. It has an avg. block time of 2.5 minutes means it aims to process a block with this much time. It uses 'Scrypt' in its POW(Proof-of-work algorithm).
Litecoin is P2P decentralized digital cryptocurrency. In layman's term, it can be used for anything from buying your cup of coffee to online purchasing to paying the bill. But why should we use Litecoin or for that matter any digital cryptocurrency when we can use fiat currencies(USD, INR, EUR etc.)?
- 1 Why should we go for digital cryptocurrency?
- 2 Why I think Litecoin has a bright future?
- 3 What Charlie thinks about Bitcoin?
- 4 Litecoin Price History
- 5 Litecoin Price Predictions
- 6 Litecoin in Short
- 7 Should you invest in Litecoin?
Why should we go for digital cryptocurrency?
The answer to that question is:
Transaction fees of Litecoins are in cents compared to other payment media like credit card companies, bank transactions etc. All transactions have been recorded on a distributed public ledger called blockchain. Blockchain in a simple word is a register which contains all previous records or transactions done at any given time. So we can verify any transactions at any time with the help of blockchain.
It's instant and time-saving and nobody has control over it. It can't be banned at any moment as you will have complete control over your coins. It runs on POW (proof of work) based on mathematical computation and hence not centralized.
Now we know that digital cryptocurrency has many benefits but there are so many coins in the crypto world but which one is better? So now we will discuss why should we choose Litecoin?
Why I think Litecoin has a bright future?
In my view, any cryptocurrency will be valued based on few points like the adoption of the coin, where will the coin go in coming years based on technology improvement and their dev team and person behind the project. So I will discuss each point in details now.
If you will see the history of cryptocurrencies, you will see that Litecoin has always been in the top currencies by market capitalization(currently at no. 7).
It has been trading in all big exchanges and has a very good reputation like Bitcoin. There were many coins in the past that were there in the top 10 list, but only the best survived. Litecoin is one of them. The adoption is there and people believe in this coin. You can see the increasing number of Litecoin transactions over here.
2) Litecoin from Technical perspective
Litecoin has tested Lightning Network transactions and atomic swap on their network which is a big revolution in cryptocurrency. Lightning network is off-chain L2 layer protocol through which one can send their coin faster and cheaper without waiting for the confirmation from the blockchain. It may increase the scalability to millions and billions of transactions per sec, which is a big deal. Cross-chain atomic swap can help to make transactions across blockchains without using any 3rd party or exchanges which will further reduce the cost and increase the security
Currently, lightning cross-chain atomic swaps have been done from Bitcoin to Litecoin.
Now they are working on confidential transactions as well. So overall Litecoin looks good in technical perspective.
3) Statistical history of Litecoin
If you will see the charts then you can see that Litecoin has been very consistent with the price and have a very low volatility. What I have observed that when BTC drops heavily then LTC will get less affected compared to others.
I always believe that any project's future will depend on their leader and development teams behind it. Charlie Lee has been very active on social media and being very open about issue cryptocurrency is facing right now. For me, it looks like that he knows what he is doing and already working on the future of cryptocurrency. So for me, LTC is a big yes and looks very promising in investment-wise as well.
If you have not followed him on Twitter yet, I strongly advise you to do so.
What Charlie thinks about Bitcoin?
Charlie has been a strong supporter of Bitcoin. He had earlier worked with Coinbase which is where he started working on Litecoin. Unlike Roger's BCH, he never wanted to compete with Bitcoin. It was a fun project for him. Competing with Bitcoin or becoming the next Bitcoin was never Charlie's intention. According to him, if Bitcoin does not survive, no other coin will. He intends to make transaction faster and cheaper without competing with Bitcoin.
Litecoin Price History
Litecoin Price Predictions
Litecoin Price in December 2017: 110 USD
Litecoin Price in March 2018: 150 USD
Litecoin Price in June 2018: 189 USD
Litecoin Price in September 2018: 216 USD
Litecoin Price in December 2018: 239 USD
Note: These are just predictions. Do not take them seriously and trade.
Litecoin in Short
- A cryptocurrency to make payments
- Limited number of coins: 84 Million (4 times Bitcoin's number)
- Faster transactions.
- Currently #7 as per the market cap
- Founder: Charlie Lee
Should you invest in Litecoin?
Litecoin should definitely be there in your portfolio. LTC is a very stable and looks like it may any day reach to the moon. Gear up fellas!
Also, LTC was already commended in one of our old posts where we recommended buying Litecoin for a long term.