Litecoin price, LTC chart, market capitalization and information

Litecoin price & market data

Litecoin price today is $ 160.51 with a 24-hour trading volume of $ 2,712,182,600. The LTC price has increased 1.0% in the past 24 hours. It has 67 million LTC coins in circulation and a total inventory of 84 million. If you want to buy or sell Litecoin, FTX.US is currently the most active exchange.

What is litecoin?

Litecoin (LTC) is a cryptocurrency that is largely similar to Bitcoin. Basically, Litecoin is also a decentralized cryptocurrency that uses protocols similar to Bitcoin, with the exception of a few parameter changes. Much like Bitcoin, Litecoin also relies on proof of work for consensus and operates on a permissionless peer-to-peer network where users can transfer funds to one another without having to rely on a central authority.

Who Developed Litecoin?

Litecoin was created by Charlie Lee in October 2011 as a spin-off from Bitcoin and is considered one of the early alternative cryptocurrencies (Altcoins). Litecoin aims to be the “silver to Bitcoin’s gold” by taking on Bitcoin’s best innovations with a lighter approach to achieving Bitcoin’s noble goals.

The first block of the Litecoin network, or the Genesis block, was dismantled on October 7, 2011.

What is the value of litecoins?

Litecoin (LTC) is one of the top 10 cryptocurrencies and is traded on over 300 exchanges integrated into CoinGecko. The most common trading pairs are against Bitcoin (LTC / BTC) and Tether (LTC / USDT).

Similar to Bitcoin, Litecoin does not initially have a fixed exchange rate, so its price is entirely determined by the perceived value of the markets through supply and demand.

It’s also worth noting that Litecoin’s block rewards follow the same halving plan as Bitcoin, from 50 LTC to 25 LTC, to 12.5 LTC, and so on every 4 years. The next Litecoin halving is expected to happen sometime in 2023, with the block reward dropping from 12.5 LTC to 6.25 LTC per block.

How is Litecoin different from Bitcoin?

While Litecoin was created by cloning Bitcoin’s code base, there are several key differences:

  1. Block time. The Litecoin network aims for a block time of 2.5 minutes, while the Bitcoin network aims for a block time of 10 minutes. This means that transactions can be confirmed faster compared to Bitcoin and the network has a higher throughput.

  2. Maximum supply. The Litecoin protocol states that there can be a maximum of 84 million Litecoin, while Bitcoin has a maximum supply of 21 million Bitcoin.

  3. Proof-of-work algorithm. Litecoin uses a different proof-of-work algorithm called Scrypt, while Bitcoin uses the SHA-256 algorithm. Scrypt is a memory-resistant algorithm that was originally developed to be ASIC-resistant.

  4. Address. Litecoin addresses begin with either “L” for legacy, non-Segwit addresses or “M” for Segwit-enabled addresses. Bitcoin addresses start with either “1”, “3” or “bc1”.

Litecoin development

Litecoin has closely followed Bitcoin since its inception. Litecoin’s core protocol updates are largely based on Bitcoin’s core protocol updates.

At the height of the scaling debate in 2017, Litecoin was the first in the top 5 proof-of-work cryptocurrencies to introduce Segwit in May 2017, while Bitcoin followed a few months later in August 2017.

In 2019, Litecoin inventor Charlie Lee announced that Litecoin would schedule private transactions using the Mimblewimble protocol (popular with Grin and Beam). Development is currently ongoing and it has been announced that Testnet is expected to be available in September 2020.

How can I mine Litecoin?

Litecoin uses the Scrypt algorithm, a memory-persistent algorithm that was originally designed to be resistant to application-specific integrated circuits (ASICs). However, in 2014, the Litecoin network was finally dominated by ASICs when manufacturers started making Scrypt ASICs that overwhelmed CPU and GPU miners.

For the mining of Litecoin, ASICs from manufacturers such as Innosilicon are currently required. The profitability from mining can be estimated using websites such as WhatToMine or ASICMinerValue. Don’t forget factors like Litecoin price, miner efficiency, electricity prices and more!

How do I keep my Litecoin safe?

Similar to owning Bitcoin – if you lose the private keys to the wallets that hold your Litecoin, it is permanently lost and you are unlikely to be able to retrieve it. As a decentralized, permissionless cryptocurrency, if you ever send it to an unintended address, you are unlikely to be able to retrieve your Litecoin. Note this too.

With this in mind, it is important to reduce the risk of losing private keys or sending your coins to unintended recipients. Both can happen when a computer has been compromised by malware or spyware. Therefore, it is important that you take adequate measures to protect yourself from it, such as: ).

Another additional measure that can help protect your cryptocurrencies is using hardware wallets such as Trezor and Ledger. These devices essentially isolate your private keys (aka your Litecoin balance) on an external device so that hackers cannot access them without passphrases that only you, the user, have.

It’s important to note that properly securing cryptocurrencies is very similar to being your own bank, and quite literally – if you lose access to your private keys without a backup, there is most likely no way to get your Restore money. Make sure you always have backups (or copies) in safe and secret places.

Are there Litecoin derivatives?

Yes, there are – the crypto derivatives market is heating up as a lot of cryptocurrencies hit the market. Litecoin is no exception and you can choose to trade perpetual swaps or futures on many derivatives exchanges such as BitMEX, Binance Futures, FTX and many more. Check Out the Full List of Derivatives Products or Exchanges!

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