Litecoin was invented in 2011. Its original source code is influenced from Bitcoin. Just like bitcoin, it also uses the peer-to-peer technology. Litecoin was invented by Charlie Lee who used be a Google employee once. The main motto of using inventing cryptosoft app was to make transactions that are less expensive and less time consuming as well.
After the invention of bitcoin and people understanding its value, people started using it as a stored asset. The store value was more in bitcoin. And the mining process takes huge expenses. On the other hand, Litecoin has made in a way that takes less energy and money in mining. Also, transaction in Litecoin is way easier and faster than bitcoin. The coin limit is far more than of bitcoin.
Highlights of Litecoins
Here are some facts about Litecoin that you need to know about-
- A Litecoin was worth $4.30 when it was first launched in the year 2013.
- The highest price Litecoin has reached USD 410.26 in the year 2021.
- The lowest price it hit was USD 1.15 in the year 2015, 14th January.
- The ultimate amount of Litecoin will be 84 million.
- 69 million of market regulations are there in case of Litecoins.
- 15 million are yet to come in the circulation.
Functioning of Litecoins
Litecoin uses the open source for the mining and transfer process. the blockchain technology it uses maintains an open and decentralized public ledger. All the transactions are recorded in that public ledger.
Difference Between Litecoins And Bitcoins
Bitcoin and Litecoin have many similarities; however, it also has multiple differences as well. Here are they:
Speed of transaction
Litecoin has a four-time faster mining speed than that of Bitcoin’s. The mining process of Litecoin is a lot sophisticated and subtle. The transaction speed is also a lot more in Litecoin than bitcoin.
The maximum number of bitcoin available will be 21 million whereas the limit is 84 million in case of Litecoin. So, it is exactly four times.
In comparison with bitcoin, Litecoin has less market cap. However, out of all the cryptocurrencies, Litecoin has been the most transacted one.
Which Factors Influence The Market Price Of Litecoins?
These are numerous important factors that are known to influence the market price fluctuation of Litecoins. Continue reading till the end to have an overall better understanding.
- Supply– Although the total number of Litecoin is predetermined and it is quite a lot, the availability has a impact on the price of the crypto.
- Adoption– Unlike bitcoin, Litecoin has not found its acceptance from the businesses yet. However, it is highly predicted that this crypto will surely take the place in market in near future. It is based on the fact that people around the world is accepting the blockchain technology.
Regulation– It is not known to any investor what awaits them in future. In such cases, the cryptocurrencies are free from any centralised authority.
- Press– The price also depends on its reputation, longevity, security and other crypto’s values.
Points To Note When Storing Litecoins
If you are looking for options to invest in Litecoin, there are plenty of options available in the market. keeping it in the exchange wallet is easy one. However, you need to understand that it would be the riskiest of all. It is to be noted that Litecoins can get exposed to hackers easily if not taken note of the security factors.
Apart from that, you can easily store them in the mobile wallets as well as the PC wallets. Apart from that, you can find multiple other option to store your Litecoin where you can keep your other cryptocurrencies as well. When you have a long-term plan, opting for a hardware wallet could have been the right decision. To be precise, it is the cold storage.
The market is constantly expanding. Chances are, the Litecoin will lead the bitcoin movement in the near future. As you know the all about Litecoin now, it may will be easier for you to invest in Litecoin rather than bitcoin. Bitcoin is what people mostly invest in. However, as you know Litecoin too is worth giving a shot. And, the best place to start investing is Bitcoin Era.