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The basics of crypto trading

Litecoin

bitcoin
Year 2017
Founders Charlie Lee
Origin -

Litecoin takes a firm position in the top 7 of the most demanded cryptocurrencies. The coin can be used to make purchases both online and offline, and such utilization as a means of payment has been an initial concept of the developers.

The essence of Litecoin

Litecoin (LTC) is one of the 7 most popular cryptocurrencies in the world. It functions on the basis of the blockchain technology in the same way as Bitcoin and Ethereum. The coin allows transferring money between different locations all over the world literally in a few seconds. Low fees make affordable even transfers of small sums.

The Litecoin payment network is decentralized and isn’t administered by anyone, it’s being verified mathematically, and only users control their finances while remaining anonymous.

The developers themselves position Litecoin as a means of payment which is supplementary but not alternative to Bitcoin. High interest in the currency and a formidable volume of capitalization ensure liquidity and worthiness of the coin.

Litecoin produces much more transactions per time unit if compared with Bitcoin, so the final speed of blocks’ processing appears to be 4 times higher. The coin also has other important features:

Despite a large number of advantages, Litecoin isn’t considered to be the most popular currency. Among investors, the coin is commonly called “the cryptocurrency silver”.

History of creation

The Litecoin project was founded by an experienced software engineer Charlie Lee. For a long time, he has been watching Bitcoin and other cryptocurrencies. The initial emission of the coin took place in 2011 when Charlie was working for Google. His employment history also includes such well-known companies as YouTube, Chrome and Play Games.

Charlie has been improving the quality of his creation for a long time so the new Bitcoin fork has qualitatively new distinctions. After releasing the source code of Bitcoin many similar projects have been put forward. But namely, Litecoin has become one of the few which are still in great demand even now, after 7 years.

The new fork was announced to the public in October 2011. The first release took place on October 7th. The initial version of Litecoin (0.8.5.1) is a fork of the Bitcoin Core client. Even at that moment, the qualitative improvements of the coin in comparison with Bitcoin were obvious.

Up to November 2013, Litecoin had been popular only among a very limited number of people. And then just in a day, the price of the coin has increased twice. At the end of the month, the total volume of capitalization has exceeded $ 1 billion.

Litecoin entered the top 5 of the most demanded and successful cryptocurrencies in 2017 according to the volume of capitalization. In May of the same year, the network was able to conduct a money transfer from Zurich to San-Francisco in only 1 second.

Positive and negative feedback

Users who have already worked with Litecoin point out numerous advantages of the coin. The following positive features should be especially highlighted:

Litecoin also has a number of disadvantages. The most significant one lies in the irreversibility of a performed payment: money from an erroneous transaction cannot be claimed back. The funds will also become permanently unavailable if stolen from the wallet.

Development forecasts

At first, the exchange rate of Litecoin was practically the same, hovering around a few cents. But in the autumn of 2013 in only a day the price of the coin doubled. And in December its value even reached $ 30-35.

exchange rate of Litecoin

After the hype, the price of the coin was fluctuating within $ 2-4 up to the summer of 2017. Then a gradual growth followed. The peak of the value was observed in mid-December 2017 when 1 LTC could be exchanged for about $ 355-360. Today the price of the coin is relatively stable. 1 coin costs $ 52,94.

price of the coin was fluctuating

Litecoin holds pretty good positions on the cryptocurrency market. It resides on the 7th place according to a number of parameters simultaneously:

Litecoin is considered to be one of the most conservative currencies. That’s why it’s mostly regarded as a coin for creating a reliable investment portfolio. Therefore, one shouldn’t expect dramatic growth from it.

Analysts forecast a bright future for Litecoin. Its functionality is comparable with the same of Bitcoin, but with a whole new set of enhancements. It’s quite possible that by 2019-2020 the price of the coin will increase up to $ 200-400. LTC itself can be used for exchanges not only for fiat money but also for other types of cryptocurrency – in other words, the coin will become a kind of a digital standard together with Bitcoin.

How Litecoin may be applied?

Different technics and resources are used to earn Litecoins. Nowadays the coins can be acquired in a number of ways:

It isn’t necessary to earn Litecoins – they can be bought via exchangers, forex brokers and currency exchanges. The latter are actively proposing to work with the currency (LTC can be found on many major platforms).

An online wallet and its desktop version are provided for storing of Litecoin. The second variant is more secure but requires a lot of disk space.

For investment purposes, it’s better to consider the coin as a long-term instrument as its exchange rate is relatively stable. It’s also possible to try to earn on the volatility of its price, but the level of income won’t be as high as if compared with more volatile coins.

The coin is suitable not only for investment. Available coins can be exchanged for other currencies, goods in the Internet and online stores, spent in lotteries and casinos or donated to charity foundations (if companies support LTC as a means of payment).

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