These advantages technically make Litecoin a better coin for the vast majority of small transactions. Litecoin’s transaction processing speed, on the other hand, is 54 per second—and new blocks on the Litecoin blockchain can be created about every 2.5 minutes. If you’re new to the cryptocurrency market, you might want to start your investing career with Gemini.
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Like Bitcoin, Litecoin also has a programmed halving that occurs roughly every 4 years. Litecoin halvings cut the amount of mining rewards in half each time 840,000 blocks have been mined. The goal is to slow the rate at which new litecoins are released into circulation in hopes of preventing inflation. Like its inspiration, it’s a peer-to-peer network, which means users can send litecoin directly to other users without a third-party intermediary. It also runs on a decentralized proof of work blockchain that’s verified and updated by independent individuals around the world.
Charlie Lee
However, it’s important to remember that litecoin, like all cryptocurrencies, remains a highly volatile asset. Investing in litecoin should be approached with caution, and only invest what you can afford to lose. Diversifying your investments and staying updated on axi forex broker market trends will help you navigate the dynamic world of litecoin. Sarah Horvath is a seasoned financial writer with a specialization in investing content.
Because of the wider adoption of LTC, there are quite a few ways to store it. If you are storing a large amount your best bet is always to go with a hardware wallet like a Ledger Nano S or Trezor. If you plan to trade it regularly and/or use it on a daily basis there are some more convenient options. You could go with the official desktop wallet for Windows, Mac, and Linux. For every individual Bitcoin block that gets confirmed, four Litecoin blocks of equal size get confirmed.
How Is Litecoin Different From Bitcoin?
- In December 2017 and April/May 2021, Litecoin’s price broke above $250 and reached a peak of about $410 on both occasions before it fell sharply.
- Mining pools increase your chances of being rewarded, although rewards are shared with pool members.
- Litecoin originally started gathering attention during its explosive growth in November 2013, where it saw a near 15x spike in price.
- With that in mind, if you live in the U.S., your choices are limited to exchanges within the U.S.
- Even then, your rewards will be very small because pools pay out rewards based on the share of work your miner does.
- He had been criticised for tweeting whilst holding Litecoin, accused of attempting to make personal gain because this had a possible price effect on Litecoin.
Lower energy requirements mean it’s potentially cheaper for a bad actor to control a majority of the mining power and take over the blockchain. Litecoin is a cryptocurrency created by computer scientist Charlie Lee, who modeled it after Bitcoin’s source code. The Litecoin network launched in October 2011, nearly 3 years after Bitcoin went live.
If you’re How to buy gencoin looking for something a little closer to home you can grab some on Bittrex or Coinbase. Lee appears to have an accessible and open nature compared to the mysterious secretive Satoshi. The fact that Lee is capable of making light (Lite) of the situation is very humanizing. Additionally, you’d be hard pressed to find any serious claims or illusions of grandeur within the Litecoin camp. It’s meant to make cryptocurrency accessible and usable for everyone and is perfectly fine with taking a back-seat role to Bitcoin.
Keeping track of how Litecoin prices are changing can help you determine the best time to buy. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive payment from the companies that advertise on the Forbes Advisor site. While it seems to function very well for what it’s meant for, it’s interesting to consider situations where it could experience massive user adoption and growth. There isn’t much meat on the bones of whatever loyalists are chewing on, but it’s worth noting that it could only be a matter of time before more people start to add Litecoin into their portfolios.
Exodus also has a built in exchange and supports over 150 different currencies. If you’re searching for a 1-stop-shop solution to store multiple cryptocurrencies offline, Exodus can provide you with a solution for all of your crypto wallet needs. These are just a few of the things you might hear getting tossed best crypto trading bot around when crypto enthusiasts talk about Litecoin. At first glance, Litecoin doesn’t garner much respect as a top 10 market cap cryptocurrency.