The most popular altcoins are Litecoin, Peercoin, Ripple, Ethereum, Dash, etc. Ter this article, I’ll tell you about Litecoin and its tremendous growth te 2018. But, before moving ahead, don’t leave behind to check out our coverage on different bitcoin alternatives:
What is Litecoin?
With Bitcoin’s price stealing the zoeklicht with record-breaking heights every day, the other cryptocurrencies have found themselves te the shadows. But, that doesn’t mean they’re fighting. Litecoin, the fourth largest cryptocurrency by market capitalization, has crossed $340 mark for the very first time to reach an all-time high, presently, it’s trading at
Litecoin, often called Bitcoin’s junior brother, came into the toneel ter 2011. Charlie Lee, the founder of Litecoin, is a former Googler. He presently works spil the Director of Engineering at Coinbase. This decentralized altcoin uses a blockchain to maintain a public ledger of transactions.
Bitcoin vs Litecoin? What’s the difference?
Talking about the major differences inbetween Bitcoin and Litecoin, the transaction speed plays a major role. Altcoin blocks can be generated 4x swifter spil compared to Bitcoin, so a transaction can be confirmed a lotsbestemming quicker. It wasgoed the very first altcoin to come up with such major difference ter speed. This characteristic also enables Litecoin to treat greater transaction volumes. The total number of Litecoins that can be mined is 84 million, Bitcoin’s total number is 21 million.
Litecoin — Bitcoin comparison (Picture: Coindesk)
Another Bitcoin vs Litecoin difference is the use of scrypt algorithm. While scrypt makes use of SHA-256 algorithm, the calculations done te scrypt are more serialized and they favor high-speed RAM instead of raw-processing power, Coindesk states.
Due to this switch is mining protocol, the miners that use specialized hardware to mine Bitcoin can’t use the same hardware to mine Litecoin. To some extent, this has kept big players away from Litecoin, making its mining comparatively lighter.
What’s the secret of its growth?
Overheen the past Five days, Litecoin’s price has witnessed 3-4 times growth. This rise of Litecoin and other virtual currencies can be attributed to Bitcoin spil well. Just recently, wij witnessed the launch of Bitcoin futures on the Chicago Houtvezelplaat Options Exchange. Quicker transaction speed and a lower toverfee is a plus point, making it most suitable for adoption te e-commerce and online payment systems.
This urge among investors to trade te Litecoin can also be due to the imminent bursting of Bitcoin bubble, which is making them look for other options.
Meantime, I’ll end this article with the latest tweet from Charlie Lee and recommend you to read the finish thread cautiously to make a wise decision:
Ok, sorry to spoil the party, but I need to reign ter the excitement a bit…
Buying LTC is utterly risky. I expect us to have a multi-year bear market like the one wij just had where LTC dropped 90% ter value ($48 to $Four). So if you can`t treat LTC pulling down to $20, don`t buy!
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