Litecoin (LTC) Coin Review (UPDATED 2018): What is It? | VKOOL

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What is Litecoin?

Litecoin is a cryptocurrency that’s modeled after Bitcoin and it has enjoyed a widespread use since it was released in 2011. The ease of mining also makes it a popular choice, as well as the fact that it’s featured on many difference exchanges.

Like other coins it is fully decentralized but with Litecoin, there are the increased results of fast blocks within about two and a half minutes. The cost of making a transaction is relatively cheap, and it’s available on a global scale.

Click here for an analysis of coins that are currently considered to be the best of the year.

Fundamentals of Litecoin

Because Litecoin was modeled closely to Bitcoin, it shares many of the positives but with some slight improvements. A major difference being that it takes about 2 and a half minutes for block time, and for Bitcoin it’s around the 10 minute mark.

Because of this Litecoin can be used as a faster transaction when you need it, making it easier to find a use for it when you are on the go and need to pay for something. Another major difference is the ease of mining on even simple computers, without the need for a very expansive or energy wasting rig.

Litecoin has also grown quite high when compared to how it was when it was released. For months now it’s also stabilized to around the $200 range.

A major increase happened where they went hear the $400 range at a time where all crypto was flourishing. Many different exchanges offer it and there are more retailers which accept it as a form of payment.

Comparisons to Bitcoin

Because Litecoin was modeled heavily from Bitcoin, there’s often the need to compare the two. It’s not uncommon for people to compare Bitcoin to gold and Litecoin to silver, essentially saying that both are stable. There have even been talks of a potential merger between the two which if it were to happen, would only serve to increase the value, making it into a major coin and easily at the top of the crypto sphere.

There are some key differences to be aware of though as it makes the world of difference when looking at its value.

Mining

An impressive feature of Litecoin is the fact it can be mined with relative ease. The fees are also reduced because of this. Litecoin works on a process of making scalability easier, and it uses an algorithm called scrypt. What this means is that there is less computing power needed such as memory. Litecoin was the first major adopter of this for crypto, and it takes up much less resources, making mining more worth it for the community.

Free mining software can also be downloaded online to begin the mining process.

Cost

Because the mining is kept easy there is less of a cost for transactions. You’re looking at only fractions of a penny for most transactions, making it a viable solution for bigger trades.

Speed

Litecoin was also built for speed. The time it takes for the average block is around 2 and a half minutes, reducing the time up to 4 times that of Bitcoin.

Other Differences

With the owner of Litecoin you get more personality and a face behind LTC. He is constantly on Twitter giving updates, responding to people, and explaining what’s next.

He makes it easy to interact and meet up with other LTC traders and it gives it a personalized touch for potential investors to feel secure.

There’s also two difference websites which help explain Litecoin in full, and they offer resources to interact with the community.

What Litecoin Offers

The fact that Litecoin has been able to secure a high value since 2011 shoes that it is being out to use. It is also a practical crypto to use with its short transaction speed, low cost, and wide availability. The mining is another major plus for people who want to take advantage of securing more Litecoin using simple rig.

The owner Charlie Lee is also quite active on social media and is often taking time to talk about behind the scenes developments. This also helps to keep it in the loop, as there is active talk about what’s next for Litecoin and what kind of value it may have in the future.

The coin has a market cap of $9,963,020,937 USD at the time of this review, and a maximum supply of 84,000,000 LTC.  With such a large hold on the market, it’s clear that there is enough popularity to keep it relevant.

Check out our guide which helps explain what the best coins are of the year.

Litecoin vs Ripple

Ripple is used mainly by financial institutions such as credit unions and banks in order to process fast and cheap transactions. XRP as its known has a total market cap of $31,391,319,338 USD at the time of this review and because of its wide adoption, is often discussed in the world of crypto.

Litecoin vs Ethereum

Ethereum takes advantage of a super computer which is able to offer credible transactions at a fast rate without the need for a third party. This was released in 2015 and has enjoyed the 2nd spot, just underneath Bitcoin. Their blockchain technology is used by several companies looking to create seamless and reliable systems.

Litecoin vs Bitcoin Cash

After the fork there was debate on whether or not Bitcoin Cash was the real form of Bitcoin worth using. This is known for its faster processing time and larger block size when compared to Bitcoin. BCH is also popular on exchanges, and is often traded. The market cap is in the billions and it has enjoyed a fairly high value since it was released.

Litecoin vs USD

There is no doubt that traditional fiat currency is still the most recognized and used form of currency. USD when compared to Litecoin is difficult to analyze, since with USD there is centralization and a controlled financial reserve. USD is often stable but at times has seen a major dip and with changing markets, it’s difficult to know its future value.

Litecoin vs Monero

Monero is used as a privacy coin that offers completely anonymous transactions with no history of what was sent, how much, or for what cause. Although there are more coins now which deal with privacy, Monero has enjoyed the most popularity due to its ease of use, fast transaction speed, and reliability. Since it was released in 2014, XMR has enjoyed a steady rise in value.

Litecoin FAQ

  1. What is the Litecoin value currently?
    The market cap is currently $9,963,020,937 USD.
  2. Where can I buy Litecoin?
    Most exchanges will offer Litecoin, it will just depend on your preferred deposit method and what you’re willing to pay for fees.
  3. What’s a good Litecoin wallet?
    There are a lot of different options since it’s a popular coin. This includes paper wallet, hardware, and mobile wallets.
  4. What is the official Litecoin Reddit page?
    Review it here: https://www.reddit.com/r/litecoin/
  5. Can you tell me the Litecoin to USD value?
    One Litecoin is equal to $179.19 USD.
  6. What kind of Litecoin price prediction is likely?
    We can’t know for certain since the crypto market is always changing, but it has enjoyed a steady rise.
  7. Where is the Litecoin price history?
    The coin has had a major jump from when it was first revealed and at its highest was near the $400 range.
  8. What’s a good source of Litecoin news?
    Their Twitter page has updates, Reddit, and any crypto related news website.
  9. Where to buy Litecoin instantly?
    There are several kinds of exchanges which offer fast transactions and some ATMs also offer Litecoin at an increased cost.
  10. Should I buy Litecoin?
    There’s a lot of variables in answering this question, we recommend reading our full review to get a better understanding.
  11. Can I buy Litecoin on Coinbase?
    Yes you can they offer Litecoin for bank wires, credit card deposits, or through trading certain coins.
  12. What’s the Litecoin Twitter page?
    Find it here: https://twitter.com/LitecoinProject
  13. What is the current conversion of Litecoin to Bitcoin?
    At the time of this review 1 Litecoin is equal to 0.019440 BTC.
  14. Where can I buy Litecoin?
    Most crypto exchanges offer Litecoin including GDAX, Bitfinex, Binance, Bitstamp, Kraken, Poloniex, and several others.
  15. What sources do I have for Litecoin mining software?
    There are some free mining downloads you can find online, but it’s important to remember that you need a good enough rig to make it worth it.

Summary

The popularity of Litecoin has kept it in the conversation of major coins for some time now. The fast transaction time, low cost, and ease of mining also makes it a practical coin to use whenever paying for goods and services. The fully decentralized and global application makes it a coin that can have a good share of use as it continues to grow.

Another benefit of Litecoin is that it’s modeled after Bitcoin, while still offering some improvements such as a faster block time. For people who want to use it as a form of currency, there are also more businesses which are starting to allow LTC transactions. The owner is also discussing a possible merger with Bitcoin which can have major implications on the total value. Litecoin remains a popular coin and this is likely to have an interesting future as more developments occur in the world of crypto.

Our research makes it easy to figure out which coins have the greatest potential this year.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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