All About Litecoin (LTC) & Why Its One of the Best Cryptocurrencies Available
Currently, Litecoin (LTC) is one of the best cryptocurrency available in the market. Litecoin is a peer-peer cryptocurrency that facilitates instant and almost zero cost payments to everyone all over the world. Litecoin came into existence years after bitcoin but it is most likely to overtake bitcoin over the years. Litecoin uses mathematics to secure network usage. Moreover, litecoin ensures that everyone can be in control of their own finances. Litecoin features ensure transactions are fast and secure. These features have enabled the price of litecoin to increase by 7,291% from the start of 2017 unlike the price of bitcoin which has increased by only 1,731% from the beginning of 2017. Litecoin is currently trading at $124.00. Read on to discover more about litecoin. The following is a graph showing the value of litecoin from 28th March to 3rd April 2018.
Chart 1: Graph showing the value of litecoin from 28th March to 3rd April 2018 (source: World coin Index, 2018)
Brief History of Litecoin
Litecoin can be dated back from October 7, 2011. It was launched many years after Bitcoin. Charlie Lee, formerly a Google employee, is the founder father of litecoin. Before the invention of litecoin, bitcoin was the best cryptocurrency. Charlie Lee was not conversant with cryptocurrency with his continued experiments on this field he came up with litecoin. He said that litecoin will be cheaper, smarter and faster. Charlie Lee has contributed a lot to the development of litecoin since its invention. Litecoin processes a block in 2.5 minutes; therefore, the transactions are faster than those of bitcoin which processes a block in 10 minutes. The less time taken to process a block makes litecoin to be cheaper than bitcoin. These features have made litecoin to excel in the market since its foundation. Litecoin noticed a massive growth in the month of November 2013. It reached one billion dollars market capitalization during this month. In 2017, litecoin appeared among the top five cryptocurrencies to adopt segregated witness. Moreover, during the same year, litecoin became the first cryptocurrency to complete lightning network. The tremendous growth of bitcoin has made it be accepted as a payment method by EU in February 201
Why choose Litecoin
Speedy transactions have enabled litecoin to boom in the market. Everyone requires doing transactions that are fast in nature. It takes less than three minutes to complete a transaction with litecoin. This saves both time and cost of transactions. Investors go for litecoin since it is faster compared to its competitors such as bitcoin.
Litecoin has cheap transactions. The goal of every investor is to minimize on cost and maximize on profits. Litecoin speedy transactions have minimized the cost of transactions. Low transaction cost has attracted more investors to invest in litecoin. On average, the cost of the transaction is $0.19. This price is almost three times cheaper than that of bitcoin. The difference in transaction cost between the two cryptocurrencies explains the difference in value between litecoin and bitcoin.
It is the best coin available in the market. Currently, research shows that litecoin is more outstanding in the market. Bitcoin is the mother of cryptocurrency but litecoin is taking over slowly. Despite the pitfalls litecoin experiences, it always retains its value. As the proverb says figures don’t lie, researchers have proven litecoin as the best cryptocurrency in the market. Litecoin uses proof of work algorithm in its network. This scrypt makes litecoin more memory-intensive than bitcoin which is more processor intensive. Additionally, this feature makes it difficult to create and more costly to create litecoin.
Buying and trading with Litecoin
By now many might be asking where they can get litecoin. There are several places that an individual can acquire litecoins from. These places include UK, BitBargain, bittylicious, BTC –e, Kraken, Bitfinex, BTER, CoinMKT and Vircurex. Very few merchants are accepting litecoin as a currency since it has not taken full control in the like bitcoin has. Litecoin wallet facilitates transactions and ensures one has full control of his/her account. Litecoin wallet requires Chromium or Google Chrome but does not operate on iOS and Android. It works on Linux, Mac (10.8+) and Windows (7+). The following are guidelines for installing litecoin wallet.
Installation of Litecoin wallet
At first, one is required to install litecoin application on the computer through Google Chrome browser. In your google chrome browser go to https://chrome.google.com/webstore/detail/ledger-wallet- litecoin/kkdpmhnladdopljabkgpacgpliggeeaf and click on Add to Chrome button. Secondly, one is required to install the litecoin application on his/her device using ledger manager. In this step, one launches Ledger Manager, connects Nano S or Blue, enters Pin and stays on the dashboard. Then one clicks on the green icon near the logo
Figure 1: Green icon to click when installing litecoin application (source: Ledger website, 2018)
Then one confirms installation and quits the ledger manager. After installing the application, one has to open a litecoin account. The following process is used to open litecoin account. One opens the litecoin application and disables browser support setting of this application. After launching the bitcoin Chrome app, the wallet synchronizes and opens. Many might be asking why open bitcoin app while we want to open litecoin. The reason for opening bitcoin is that litecoin operates on bitcoin wallet because they are tracked using the same blockchain. For every transaction, the ledger asks one to verify the details of the transaction.
As gold is correlated to silver, bitcoin is usually correlated to litecoin. Most litecoin buying is done in Chinese Yen. This is a clear indication that the Chinese have taken the liking of litecoin as compared to bitcoin. Litecoin is usually bought and afterwards liquated to flat currency directly. Litecoin is usually considered as a secure and safe cryptocurrency. Majority people use the coin on its own instead of trading it with BTC. In the current times, many people want to acquire coin at a cheap price and end up being millionaires. Litecoin is firmly stocked up in a wallet on your laptop, computer or tablet. Download the application and install it and begin receiving and sending payments.