Litecoin (LTC) Coin Profile by iCE3X
Litecoin (LTC) was announced in 2011. At the time, Bitcoin was digital gold in the cryptocurrency world. Shortly after Litecoin was released, it quickly became regarded as digital silver. The Litecoin code is open-source, so anybody is able to modify it and freely use it for their own projects. Hundreds of cryptocurrencies on the market have released using modified versions of the Litecoin code. All with varying levels of success.
Happy 7th Anniversary Litecoin! 🐔
— litecoin (@litecoin) October 13, 2018
What is Litecoin (LTC)?
Released on October 13th, 2011, by an ex-Google employee Charlie Lee. Litecoin is a peer-to-peer open source network that features instant transactions to anywhere in the world at close to 0% fees. Essentially, Litecoin is an open-source decentralized payment network that allows users to take full control of their fiat finances. LTC users are able to sell, buy, receive and sell LTC tokens directly to buyers, sellers, senders without the need for any 3rd party involvement.
Some of Litecoin’s leading features are fast transaction confirmation times which at the time of its release, bitcoin didn’t have. As well as this, Litecoin comes with an efficiency for additional storage. As Litecoin is an open-source virtual asset, it uses the crypto industry’s blockchain to store all transaction data on a public ledger.
An Open-Source Software
Initially releasing under the MIT/X11 license, Litecoin allows any developers using its source code the authority to function and distribute modified copies of it. This process allows the independent validation of the binaries and source codes attached to it.
Contrary to Bitcoin, the Litecoin blockchain has enough power to produce an exceedingly higher transaction volume due to its ability to produce recurrent blocks. As a result, this scales Bitcoin’s infamously slow transaction times. LTC traders can transact with almost instant processing times.
How does Litecoin differ from Bitcoin?
Despite Litecoin only being rank 7 on the market capitalization charts, LTC still holds some clear advantages over Bitcoin. Built to be 4 times faster than it’s counterpart, Bitcoin, Litecoin can handle far higher transaction volumes due to its fast block generation.
- Mining blocks generate 4x faster than Bitcoin
- LTC is able to handle higher transaction volumes as mining blocks generate faster
- Transaction validation for legitimacy faster. 1 BTC confirmation has a wait time of 10 minutes, 2 LTC confirmations can be done with a wait time of 5 minutes.
- Faster block times reduces the risk of double-spend attacks
Supply and Demand
Bitcoin has a cap of 21 million coins in circulation at one time. Litecoin (LTC) on the other hand, aiming to be 4x better than bitcoin, boasts a supply cap of 84 million coins. This has everything to do with supply and demand. If there was no limit on the amount of LTC coins available, how could there be a demand for it? Without demand, LTC prices would be extremely volatile. This may be a good thing for those looking to make a quick buck on the market, but what would that mean for the coin?
If Litecoin had a supply that increased beyond control, the value would shrink. As a result, the lower the supply cap is, the more value the digital asset is worth.
Can you profit from Litecoin (LTC)?
The cryptocurrency market has been a bull marathon for a while now. Much like other altcoins, LTC prices are usually impacted by the highs and lows of Bitcoin. Examples of this can be seen when bitcoin goes through a rough spot and the value of other altcoins increases. This often happens when investors try to make up the money they lost on bitcoin by trading altcoins on cryptocurrency exchanges.
Despite this, Litecoin has exhibited hope for the future of commerce as many merchants, vendors, and blockchain applications have begun to adopt Litecoin (LTC). As a cryptocurrency that provides almost instant transaction times, this is a great choice for merchants.
Much like Bitcoin investors, many Litecoin users have decided to HODL due to the lack of banking integration. Credit card penetration and high cross-border transaction fees introduced by remittance charges make people decide crypto is the best option.
I believe that cryptocurrency will take over fiat currency and become the reserve currency – Charlie Lee, Founder of Litecoin
Here at iCE3X, we have saved these issues with a refreshing solution that allows our users to make a profit on Litecoin (LTC).
We offer our users:
- A crypto-wallet supporting Litecoin and several other digital cryptocurrencies kept in cold storage to prevent hackers from attacking.
- A peer-to-peer market allowing our users to buy and sell directly from local buyers and sellers in South Africa and Nigeria with extremely low fees. Users can trade LTC and other altcoins for Fiat currency also.
- A cryptocurrency exchange allowing our traders to trade crypto coin trading pairs with 0% fees.
Though Bitcoin still remains the gold of the cryptocurrency world, history has shown us the status quo in this dynamic and growing sector is able to change in just a few months. It’s too soon to see which cryptocurrencies we have become familiar with will still retain their relevance in a few months or even years to come.
Litecoin (LTC) is definitely something to keep your eyes on. If you’re a merchant this could be a good choice for you as transactions are anonymous and fast. Let us know your thoughts about Litecoin in the comments below. Have you been using Litecoin (LTC)? If not, do you plan on it?