Litecoin (LTC) is an altcoin that was founded in 2011 by former Google engineer Charlie Lee. It aims to be a lite version of bitcoin that enables almost instant and low-cost payments.
Litecoin adopted bitcoin’s code and some features in its blockchain, but it prioritized transaction confirmation speed to facilitate higher transactions per second (TPS) and shorter block generation times.
Because of its similarity to bitcoin, the Litecoin blockchain has been used as a testing ground for developers to experiment with the technologies they want to apply to bitcoin.
For example, Segregated Witness (SegWit) and the Lightning Network were run on the Litecoin blockchain before bitcoin.
Litecoin has a total supply of 84 million. Similar to bitcoin, it is deflationary in nature and halved every 840,000 blocks (approximately every 4 years).
The next stop is expected in August 2023. Litecoin can be purchased on various cryptocurrency exchanges, including Binance.
Litecoin (LTC) Introduction
Litecoin (LTC) is one of the oldest of all altcoins on the market. When it was first introduced in 2011, Litecoin was branded as “the silver to bitcoin’s gold” for its blockchain was largely based on Bitcoin’s code.
While some crypto investors view Bitcoin as a good store of value, Litecoin is often seen as a better option for peer-to-peer payments due to its lower confirmation time and transaction fees.
Litecoin (LTC) is one of the first altcoins. Created in 2011 by former Google engineer Charlie Lee, its blockchain was developed based on the open-source code of bitcoin.
But Litecoin introduced some modifications, such as a faster block generation rate and a different Proof of Work (PoW) mining algorithm called Scrypt.
Litecoin has a limited total supply of 84 million. Similar to bitcoin, Litecoin can be obtained from mining and has a halving mechanism that occurs every 840,000 blocks (approximately 4 years).
The last LTC halving took place in August 2019, when the block reward was halved from 25 LTC to 12.5 LTC. The next stop is expected in August 2023.
Litecoin Price Prediction 2022 to 2025
Once a new all-time high is set and the reversal begins, another bear market starts. Litecoin could fall back to retest the former bull market peak and current consolidation level as the next bear market bottom.
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