What is Litecoin?

 

Litecoin ( LTC ) is a peer-to-peer Internet currency that enables instant, near-zero cost payments and almost identical to Bitcoin.  Litecoin is an open source, decentralised global payment network and was released on GitHub on 7 October 2011 by Charlie Lee, who at the time, was a Google employee.  Litecoin network went live a few days later, 3 October.

 

 

LATEST LITECOIN NEWS

eToro: LTC Primed For Retail Adoption, Massively Undervalued — New Research Paper from Mati Greenspan

Key takeaways from the Litecoin report and token analysis include:

  • “If You Can’t Fight It, Buy It!” Litecoin’s transaction speeds, in addition to its greater market capitalization (which sits at 84 million coins, compared to Bitcoin’s 21 million), position it to become the standard for smaller transactions – leading the way for mainstream retail adoption. It also has the most widespread adoption in terms of total addresses, transactions, and trading volume than other cryptocurrencies.

    • This past July, the Litecoin Foundation partnered with TokenPay to buy a 9.9% stake in German WEG Bank to propel Litecoin and gain even more adoption – potentially opening the door to crypto debit cards, online payments and retail implementation.

  • Litecoin is the digital silver to Bitcoin’s digital gold. The price of Litecoin is highly correlated with Bitcoin – offering investors diversification, and closely mirroring the correlation between silver and gold. Both are similar assets with different applications and properties.

  • Litecoin is the testing ground for Bitcoin. Its faster block and transaction speeds have made the network a superior testing ground for crucial updates to Bitcoin’s code, including Segwit and Lightning Network. For that reason, these updates have been applied to the Litecoin network before any other cryptocurrency.

  • At its current price, Litecoin is undervalued. The coin’s daily transaction volume is larger than any other currency analyzed – suggesting it is active and established beyond its current valuation.

 

 

About the founder

Charlie Lee decided to sell all of his holdings late 2017 and at the time, Litecoin was the fifth largest crypto in marketcap (over $17 Billion).  Lee said in an interview with Golden Finance, that it took him a while to decide to sell his Litecoin and when he did, it gave him instant relief.

 

Most people, in particular Litecoin investors, are wondering why the creator of Litecoin, Charlie Lee, does not want to buy back his Litecoin:-

 


 

Recent developments undertaken by the Litecoin Foundation could have a positive effect on the value of Litecoin.

Litecoin Foundation announced they entered into a strategic partnership with TokenPay Swiss AG, and as a result, acquiring a 9,9% stake in WEG Bank AG in Germany.

 

On their website, the Litecoin Foundation stated their rationale to proceed with the partnership.
  • The Litecoin Foundation needed a bank.
  • The partnership opens up the potential to offer banking services to other crypto-related companies.
  • Also opens up the potential to offer products such as Litecoin debit cards and a reliable fiat source for merchant processing.
  • TokenPay previously had a deal to purchase the bank and partnered with the Litecoin Foundation for part of this deal.
  • Litecoin Foundation can help TokenPay with tech like the Lightning Network.

 

 

 

 

Back to the beginning and a Bitcoin Fork…

Litecoin was a fork of the Bitcoin Core client and the main differences are the increased block generation time of 2,5 minutes, increased maximum number of coins to 84,000,000 and a different hashing algorithm, Scrypt.

The Litecoin blockchain can process high transaction volume which results in fast confirmation times.

 

 

 

Litecoin implements SegWit 10 May 2017

At the beginning of 2017, Charlie Lee wrote his vision for Litecoin, SegWit, and the Lightning Network after which he had to convince and gain consensus among miners to implement SegWit.  This resulted in a Litecoin Roundtable and agreement to move forward in soft-forking SegWit onto Litecoin on 10 May 2017.

After SegWit, other technologies such as Lightning Network, which could boost Litecoin transactions by as much as a million times, can be implemented.

 

 

Mining Reward

Miners are currently awarded 25 new Litecoins per block, an amount which gets halved roughly every 4 years after every 840,000 blocks – Reward-Drop ETA date for the next halving is Aug 2019.

Live Halving countdown – click here

Source code for Litecoin Core and related projects are available on GitHub.

 

Trade Litecoin – Click here

 

Join the Litecoin Community here

 

Get your copy of What is Bitcoin

This e-book on Amazon explains what Bitcoin is, it explains that Bitcoin (BTC) is a virtual currency, digital, not physical, and independent of banks. Useful links and resources for the newbie and advanced Bitcoiner or cryptocurrency enthusiast.

 

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