What is LTC?
The Litecoin digital currency (LTC ticker) is one of the oldest coins on the market. It was created by former Google employee Charlie Lee back in 2011, just two years after the first cryptocurrency – Bitcoin.
LTC is a fork of BTC. This is the same peer-to-peer network consisting of a chain of blocks that store information about transactions. Miners who provide computing power are responsible for the network performance. This means that Litecoin works under the control of the Proof of Work consensus protocol.
LTC cryptocurrency is designed to solve the same problems that Bitcoin was originally designed to solve. Litecoin is a more convenient, faster, and cheaper means of payment than its older brother and any fiat currencies. The cryptocurrency community calls LTC coin digital silver. Here are its main differences from the first cryptocurrency:
- Low commissions. The commission fees in the LTC network are hundreds of times lower than in BTC.
- Fast transactions. The generation of a new block in the Litecoin network takes 2 minutes and 30 seconds, whereas, for Bitcoin, this indicator is 10 minutes.
- Simple mining. The Scrypt hashing algorithm takes much less computing power to mine new coins than in SHA-256. To become an LTC miner, you do not need to buy powerful ASIC miners, and a powerful video card will cope with this.
But since LTC is a fork of BTC, these two coins have similar features:
- Halving. Approximately once every four years (every 840 thousand blocks), the reward for a found block is reduced by half.
- Limited issue. The maximum number of LTC coins that will ever exist is 86 million. This is exactly four times the number of BTC.
- Consensus protocol. Both networks work on the Proof of Work protocol; that is, to maintain the network’s operability, the computing power of miners solves complex equations.
The initial LTC rate was $2, and at first, it was relatively stable. The first significant increase in the price occurred in December 2013, when it reached $44.73. After such rapid growth, a drop followed, and until the beginning of 2017, one coin was worth less than $10.
Throughout 2017, the price of the coin steadily increased and in mid-December was $98, after which, in just a few days, it exploded into a solid green candle to the $358 mark. A strong correction followed this growth up to $40.
The growth of the coin resumed in November 2020, which lasted until May 2021: the LTC price reached the level of $401.82 and again rolled back up to $190.
LTC coin Prospects
The project’s creator, Charlie Lee, has never positioned his brainchild as a replacement for the first cryptocurrency but rather as an organic addition to it. He believes that cryptocurrency gold is suitable for saving money, while silver is suitable for daily spending. It is more convenient and profitable to use the LTC token to make purchases or pay for services.
Litecoin can work in tandem with bitcoin, but it will never surpass it in price and position on the market. According to experts, LTC has good long-term investment prospects.
How to purchase LTC?
You can buy LTC on the WhiteBit cryptocurrency exchange:
- Log in to your account (or start one, if there is not one yet)
- Go to the “Trade”section
- Select the desired exchange direction, for example, LTC/USDT, LTC/BTC, etc.
- Create an order
If a market order was selected, its execution would take a fraction of a second. When using a limit order, you will have to wait until the price reaches the desired value.
- 5.05 USD, USDT;
- 4.20 EUR;
- 0.0001 BTC.