Litecoin cryptocurrency: history of creation, features, prospects
Absolutely always a popular thing became the reason for the appearance of its analogues. And very often the analogues are better than the original. This trend has also befallen the sphere of cryptocurrencies. The sharp and rapid growth of Bitcoin has caused the creation of alternative cryptocurrencies. It is worth noting that Bitcoin itself is based on blockchain development. The new currencies are created on the source code of Bitcoin, so they are considered its forks. Now there are more than 1,500 names of cryptocurrencies, but some of them are very popular (Ethereum, Litecoin), while others have not yet found it.
features of the Litecoin cryptocurrency
The phenomenon of Litecoin to the world
The Litecoin (LTC) cryptocurrency was developed by Charles Lee in 2011. In his project, the developer tried not only to preserve all the advantages of the Bitcoin cryptocurrency, but also to strengthen them, eliminate the existing errors. Already 2 years after its inception, Litecoin was rightfully considered the main reserve digital currency after Bitcoin. And in 2016, it became the second most expensive and significant cryptocurrency, while overtaking many existing altcoins.
Litecoin is one of the forks of Bitcoin and has a free open-type algorithm that is developed in accordance with the MIT/X11 license. But still, Litecoin is significantly different from Bitcoin.
Differences between Litecoin and Bitcoin
Although Litecoin is similar in characteristics to Bitcoin (transparency, complete anonymity, accessibility and decentralization), it is still an independent currency of the crypto world. Litecoin has the following properties and differences:
All crypto operations are carried out at special email addresses. If the Bitcoin address always starts with the digits 1,3 and consists of 27-34 characters, then the Litecoin address starts with the letter L and contains 33 characters.
Both cryptocurrencies have a limited release, that is, the volume of coins in circulation is initially known. For Bitcoin, the issue limit is 21 million coins, but for Litecoin â€“ 84 million. Experts predict that 3/4 of all LTC coins will be mined by 2020.
In mining, Litecoin uses the scrypt hash function as proof of work, and SHA-256 is used for Bitcoin mining.
Litecoin mining is carried out 4 times faster compared to Bitcoin. To generate a block of 25 LTC, you need to spend about 2.5 minutes, while a BTC block will take 10 minutes. That is, at the same time, you can process many times more information and get more accurate and up-to-date data on profitability.
One of the most important advantages of Litecoin over Bitcoin is a high degree of protection against hacking. Since Litecoin generates new blocks 4 times faster than Bitcoin, cybercriminals have 4 times less time to conduct a hacker attack, respectively. Therefore, the high speed of information processing inside the Litecoin network plays against scammers. The popularity of cryptocurrency also plays an important role. LTC today costs 90 times less than BTC, so the main blow of cyber attacks falls on Bitcoin.
prospects of the Litecoin cryptocurrency
LTC Prospects and Forecasts
The peak of the popularity of the Litecoin cryptocurrency fell on 2017, many people spoke about it and not for nothing. In 2016, it grew incredibly, even Bitcoin did not have such dynamics then. Perhaps this trend will repeat in the second half of 2018.
The creators of Litecoin set a goal to surpass Bitcoin in all indicators and make LTC the main cryptocurrency in the digital market. Many have already noted that Litecoin has significantly strengthened and is among the top 7 cryptocurrencies with the highest market capitalization. Therefore, the version about replacing Bitcoin no longer seems so fabulous. Cryptocurrency experts are confident that the largest and most influential fintech companies will soon begin negotiations with Litecoin developers. And it is not surprising, because Litecoin has a higher bandwidth and a low commission for transactions carried out.
Even the most astute analysts of the cryptocurrency market cannot answer the question "what price will 1 LTC have by the end of 2018". This is influenced by a large number of factors, including completely unpredictable ones. Some are voicing a figure of $ 450, while others hope for an increase in the price to $ 650 by the end of 2018.
Prospects always affect the choice of a particular coin, and here Litecoin definitely wins against the same Bitcoin. If the powerful and expensive BTC attracts attention mainly as a means of storage, then LTC, due to its speed and cheapness, can be used as a universal payment solution. And the further away, the speed of operations will play a more important role. And this suggests that Litecoin is developing in the right direction.