The payment-focused cryptocurrency Litecoin is built on the well-known Blockchain technology. Nothing about the Litecoin Code differs from the Bitcoin Code, yet it is very close. To maintain its functionality, Litecoin Core regularly incorporates Bitcoin Core’s code updates. Thus, the Mimblewimble Code was added to ensure that the system continues to operate as promised by David Burkett in 2019. Mimblewimble is a Blockchain system that provides greater privacy and transaction security by enabling totally anonymous Bitcoin transactions. When compared to other cryptocurrency transactions, Mimblewimble’s distinctive trait to capture the market is anonymity.
Introduction
Charlie Lee, a former employee of Google, later joined Coinbase as the engineering director. During his time with Coinbase, he developed an alternative version of Tenebrix called Fairbrix, also known as FBX. Because it inherits Fairbrix’s scrypt mining technique, that is where Litecoin and Fairbrix are related.
Tenebrix (TBX), an alternative currency, was developed using Bitcoin’s source code because mining with CPU resources was becoming obsolete and pointless. Tenebrix was a project that followed an earlier cryptocurrency and substituted Bitcoin’s fixed block reward with a schedule for issuance (thus creating an unlimited money supply).
Reported by Coinmarketcap in 2017 when Lee was planning to move out from this venture. Litecoin’s value has grown explosively like Bitcoin, Ether and others,
“It was the world’s fifth larger cryptocurrency, with a total ‘market cap’ of more than $18 billion. It’s value, at the time of writing, is $330.14 per coin, up more than 75X from just $4.36 on January 1, 2017”
What Is Litecoin?
One of the leading cryptocurrencies in the cryptocurrency market is litecoin. Since its beginning in 2011, the Blockchain has operated without interruption, allowing for better transactions and smoother operation.
As stated by the official Litecoin resource “Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. 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 substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin”
Is Litecoin still a good investment? “Charlie Lee- Litecoin prediction”
Charlie Lee, the inventor of Litecoin (LTC), is most recognized for becoming a very successful businessman in the nascent cryptocurrency industry following a career with Google. “Silver to Bitcoin’s gold,” Lee has always referred to Litecoin as an future prediction in addition to Bitcoin rather than a rival. Cited in his tweet from July 28, 2015
Where Can Litecoin Be Used?
The long-term objective of Litecoin is to be as widely usable as fiat money, and he and his team have made great strides in that direction.
In April 2021, PayPal’s Venmo payment app listed Litecoin as one of the digital currencies users would be able to “buy, sell, and hold” in their personal Venmo profiles.16. (Ref : Investopedia)
In November 2021, the Litecoin Foundation issued a VISA debit card that converts LTC into US dollars in real-time to allow “users to make payments anywhere VISA is accepted”— from online shopping and digital services to retailers and restaurants.1718
(Ref : @Litewallet_App #PaywithLitecoin #HodlSundayThoughtshttps://t.co/rOzz9zoXRD pic.twitter.com/AR4wXqCPg6— Litecoin (@litecoin) November 14, 2021)
Technical Analysis on Litecoin
According to the technical Chart, if using the monthly perspective of the Chart as per Price Action movement, following the collapse from $400 to $100, it rebounded from Support. The large bullish candle that was seen this month also serves as a buying signal, although the volume is not what was anticipated. If it overcomes the resistance of $146.90, it may once more reach the second target of $300 after reaching the initial target of $146.90.
The instrument is already in the oversold region, and the RSI is also in an advantageous position. If the trend shifts from the oversold region to the positive region, good purchasing may be observed. Before further decreasing, it was in a positive trend (Ref: Supertrend Indicator) and had exhibited good movement from 11/2020 to 04/2022.
Conclusion: At moment, it is displaying a trend reversal from here, and it may rise further.
*The viewpoint expressed here is just for informational purposes and is personal. In the above shared insight, the author makes no claims or offers any advice to purchase.
Ref : Investing.com
link: https://invst.ly/zqhqq
FAQ
Is Litecoin better than Bitcoin?
Since they both use distinct algorithms—Scrypt for Litecoin and SHA-256 for Bitcoin—they cannot be used interchangeably. Because blocks are generated more frequently, the network can support more transactions without having to change the software in the future. As a result, Litecoin blocks generate faster than Bitcoin blocks, which take 10 minutes compare to Litecoin takes 2.5 Minutes. Merchants here benefit from quicker confirmation times while still having the option to wait for additional confirmations when selling more expensive things, and more coins are produced as a result.
Is Litecoin A Stablecoin ?
To answer above question first is “What coins are stablecoins?” So Stablecoins are cryptocurrencies that serve as a means of exchange and are beneficial for volatile cryptocurrencies that seek to tether their market value to a third party.
So whether Litecoin a Stablecoin the answer is “No, Litecoin isn’t a stablecoin”. It is only a likeness of the working profile of Bitcoin, which was intended to be a better version of Bitcoin.
Which Network/Blockchain Does Litecoin?
The Litecoin is based on the hasing algorithm of “Scrypt” which is primarily used to safeguard the network.
Is Litecoin Better Than Ethereum?
Litecoin transacts at a slower rate than Ethereum. The mining of new blocks is necessary for transactions in Litecoin, which slows down transaction speed (54 per second and new blocks on the Litecoin blockchain can be created about every 2.5 minutes).
Does Litecoin Run On Ethereum?
Litecoin and Ethereum, both woks on blockchain technology. They use that technology differently, though. The proof-of-work mechanism used by Litecoin allows users to “mine” rewards in exchange for employing their computers to contribute to transaction verification.
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