Litecoin LTC: What It Is, How It Works, vs Bitcoin
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. Exchanges both large and small sell Litecoin so you shouldn’t have any problems picking up some. It is particularly popular in Asia on exchanges like OKEx, Bibox, and Huobi.
What Is Litecoin (LTC)? The Silver to Bitcoin’s Gold
Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With What is Litecoin substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin. Litecoin was launched with the aim of being a cryptocurrency used in small transactions.
How to Mine Litecoin
With that in mind, if you live in the U.S., your choices are limited to exchanges within the U.S. Given the current rate of block generation, the next Litecoin halving is projected to occur around August 2027. However, it is important to approach these projections with caution, as various factors can https://www.tokenexus.com/ influence the timing. As with the first halving, there was significant speculation and anticipation leading up to the event. In the months prior, Litecoin experienced a surge in price, reaching its highest value in over a year. However, once again, the price of Litecoin retraced after the halving.
Litecoin Disadvantages
Proof of work blockchains typically achieve greater speed by making mining puzzles less complex. For example, less complex mining puzzles means less energy is required to solve them. 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 also a great cryptocurrency for giving ‘money’ to friends and family.
- A common criticism of some proof of work cryptocurrencies is that they may not be practical for everyday transactions.
- Both are open-source projects that use proof of work to verify transactions.
- Like Bitcoin, Litecoin is an open-source global payment network designed to be decentralized.
- In 2022, the Litecoin network launched a unique feature called MimbleWimble Extension Blocks (MWEB for short).
- Created by an ex-Google employee a few years after the first cryptocurrency, it’s now one of the most commonly traded crypto-coins out there, with a market value in the billions.