Behind Bitcoin, Litecoin is the second most popular pure cryptocurrency. This success can be largely attributed to its simplicity and clear utility benefits. As we previously touched on, Litecoin was founded by Charlie Lee, an early cryptocurrency adopter and a name held in high regard in the cryptocurrency industry. Most of the technical agencies behind the Bitcoin bans/regulations, such as the People’s Bank of China and SAFE, which administers capital controls, follow decades-long paths to policy. While it’s true that in the past, words from Xi Jinping have led to acceleration and changes to policy paths, the mining bans were handed out by Liu He, one of Xi Jinping’s most trusted economic advisors. As we approach November, it’s unclear which candidate will ultimately check more of the boxes that Gabriele and Paschini outlined.
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Because of this, it makes it perhaps a better investment for the more old school crypto traders who want to stick to the older goals of crypto. Litecoin was created as a fork of Bitcoin to improve on its scalability and speed issues. Today, Litecoin is one of the most popular forks of Bitcoin that, based on tech analysis and past data, is here to stay long after 2023. Bitcoin also has the benefit of being a near household name by now, whereas Litecoin is much more obscure (especially as new tokens get added to the space regularly). The vast majority of people who jump into the cryptocurrency world will buy Bitcoin first.
What Is Litecoin And Is It Worth Investing In LTC In 2023?
Crypto asset investing is highly volatile and unregulated in some EU countries. As stated above, Litecoin does not rely on central banks or authorities, so Litecoins are not issued by a government. Litecoin’s https://www.1investing.in/ primary rivals include Bitcoin Cash and Dash which can also both be labelled transactional cryptocurrencies. Litecoin’s ideology is similar to that of Bitcoin’s – cut out the banks and third-parties.
Litecoin vs Bitcoin: What’s The Difference?
Litecoin has less purchasing power and a lower LTC/USD exchange rate than other cryptos and hasn’t yet gained the kudos of Bitcoin (BTC) and Ethereum (ETH). There are many similarities between Litecoin (LTC) and Bitcoin (BTC). However, the main differences are transaction speeds, fees and total supply.
What is ‘merged mining’ on Litecoin?
While Bitcoin is dealing with some serious scalability issues due to its high transaction fees, Litecoin, in theory, is able to churn out block after block and retain its lower transaction costs. Transaction confirmation speeds play a huge role in how quickly a currency gets adopted. Bitcoin confirmations usually take around ten minutes with periods as high as 2,548 minutes. Litecoin’s network is able to confirm transactions at a much quicker rate.
Litecoin Price(LTC)
Many Litecoin holders are holding LTC for the long-term as this is often seen as the best way to make big returns. For example, if you wanted to sell Litecoin for the US dollar, you would need to look for the ‘LTC/USD’ pair. If you reverse the two (USD/LTC), you are buying Litecoin with the US dollar.
- This is quite common in the tech industry to seek to simplify existing technology to improve performance.
- With the 2023 halving, Litecoin’s block reward structure has now reduced by half from 12.5 LTC down to 6.25 LTC.
- The Litecoin team likely wants to remain cheap so they can continue being a transactional cryptocurrency.
- The current price of LTC is updated and available in real time on Binance.
- It was never made to go head to head with Bitcoin but its technological advantages do pose somewhat of a threat.
- Please share it with anyone interested in cryptocurrency investing and altcoin trading.
It’s fast and low cost, which puts it ahead of many other crypto networks. It has aspects of privacy and scalability, making it a more suitable form of payment than cryptocurrencies such as Bitcoin. Many people use Bitcoin as a store of value and inflation hedge while using Litecoin for payments. Most top cryptocurrency exchanges have Android and iOS mobile apps for investing or trading on the go. Litecoin implemented SegWit in 2017, and Bitcoin eventually followed suit.
Charlie has stated that he plans on continuing development on Litecoin well into the future and will never retire from the crypto space. The name comes from his vision of making “a lighter version of Bitcoin” which would be more convenient to use on a day-to-day basis. Oddly enough, common size statement analysis Charlie considers Bitcoin to be the undisputed king of the cryptocurrency space and even advises people to invest in Bitcoin before anything else, including Litecoin. He also considers Litecoin to be the ‘digital silver’ which compliments Bitcoin, which is ‘digital gold’.
The Litecoin halving is a pre-scheduled event that occurs every 4 years on the Litecoin blockchain. Cryptocurrency prices are volatile, responding to news, geographical events and economics, hype, regulatory releases and actions, and more. Litecoin’s future price cannot be predicted because there are too many factors that can affect it.
Erika Rasure is globally-recognized as a leading consumer economics subject matter expert, researcher, and educator. She is a financial therapist and transformational coach, with a special interest in helping women learn how to invest. Check out CoinMarketCap Alexandria for the latest cryptocurrency news and educational deep dives. The Bitcoin bans in China really are a set of regulatory notices that escalate year by year, involving law enforcement in 2021.