Cryptocurrency has changed the way we look at digital assets and digital currency. A commodity, currency, exchange or platform, and a lot many things are powered by or embodied by cryptocurrency. The impact of this on the future of the global economy remains to be seen. The successful ones like Bitcoin, are going to be mined till 2140 or after that too. One such currency introduced in the crypto market is Litecoin. Here is all you need to know about it.
What has Litecoin achieved till now?
Introduced in 2011 by Charlie Lee, Litecoin is one of the most respected cryptocurrencies to exist. It is being viewed as the better version of Bitcoin due to its improved scalability. Litecoin has seen enough ups and downs since its launch like any other crypto and has taken a considerable amount of time to start its upward curve. The foundation of Litecoin is the Bitcoin code and it shares some features with Bitcoin. The primary reason for the birth of Litecoin was to improve efficiency and cater to the ever-increasing demand of the customers.
Despite ending the year 2020 at 9849 rupees, Litecoin reached its lowest point in 2021 in December 2020. With the LTC to INR value at 9,500 rupees at the beginning of the year 2022, this digital asset is known to possess immense potential. In 2020, you could own Litecoin at a humble 5,626 rupees. The graph has not steadied since then and it touched its highest value in 2021 at 32,196 rupees at the beginning of October 2021. The uncertainty of value is why Litecoin is better for day-to-day transactions rather than a long-term investment. Although it has performed well in the past 2 years, it is still not the best option to engage your funds.
Why is Litecoin so successful?
Litecoin meets all the requirements to become the next big thing – decentralized, transparent, and digital public ledger and peer-to-peer cryptocurrency. Litecoin uses proof-of-work to verify transactions, just like bitcoin but is much faster. The mining algorithm called scrypt helps Litecoin in making transactions faster.
The mining process is the same as that of bitcoin and the miners are rewarded with LTC. Once a block is opened by the miners and confirmed, the next block enters. Litecoin has a maximum of 84 million tokens that are going to be mined and 67 million have already been mined. The halving of Litecoin is seen to take place every 4 fours. Post-2011, the first halving was observed in 2015 from 50 LTC to 25 LTC and in 2019 it was reduced to 12.5 LTC.
Litecoin eliminates the need for a third party or an intermediary while processing payments and is much faster than its competitor Bitcoin.
What can we expect from Litecoin in the future?
The highs and lows of Litecoin are very evident. In the long run, Litecoin has managed to climb the graph at a steady pace. If the trend seen in 2021 continues in 2022, Litecoin price may touch 21 thousand rupees as the patterns predict an upward growth. However, the beginning of 2022 has been rough and the value of Litecoin has dropped since December 2021.
Partnerships and relations are very important in the crypto world and Litecoin has ensured they are working with some of the well-known companies in the industry. Although Litecoin took a while to gain momentum, experts are positive that it will reach greater heights. There is no direct connection between Bitcoin and Litecoin but since Litecoin forks from Bitcoin, the patterns of both are the same most of the time in terms of price fluctuations. Litecoin took a while to establish trust and has been a consistent performer. Litecoin is working towards solving the problem of growth by improving its scalability.
How can you buy Litecoin?
If you are planning to start investing in Litecoin, it is a good idea to start by investing in a hot or cold wallet that can store your cryptocurrency safely when you are not accessing it. This minimizes the risk of theft and is a secure and sensible way to digital assets. However, it is essential you do not forget the passcode of the wallet, as almost always there are no backups and you can end up losing your Litecoin. Cold wallets are recommended when you plan to keep your assets for a long time. Hot wallets are more useful for daily usage as you can use them on the go with your phone, laptop, tablet, and so on.
You can head to CoinSwitch, one of the best exchange platforms in the country. CoinSwitch offers the perfect start to your crypto journey. CoinSwitch will help you in your journey to becoming a successful investor by helping you to predict the patterns and making the opinion of experts available to you. The best part about CoinSwitch is that they even have the facility of a wallet which you can use.
