General information about Litecoin
The projects are similar, but there are significant differences. But it must be said that, like Bitcoin, Litecoin expanded using mining with CPU, GPU, and ASIC. Technically, the Litecoin cryptocurrency differs in its operating algorithm. Bitcoin is based on the SHA-256 algorithm, while LTC uses Script. This is very important, because in this option the payment system works more closely with electronic memory, while the mining itself is simplified.
Cryptocurrency Litecoin 1
Litecoin: general information about the coin
Litecoin is translated from English as “light coin”. This currency was invented by Charles Lee on October 13, 2011. This day is considered the date of the emergence of a new cryptocurrency. Almost as soon as the code of the popular Bitcoin was made publicly available. But let us emphasize right away: Litecoin is not a clone of Bitcoin. Indeed, in comparison with Bitcoin, Litecoin has a number of features. In terms of technical implementation, the most important difference is in the operating algorithm. Bitcoin is based on SHA-256, and Litecoin runs on Scrypt, which greatly simplifies coin mining.
What are the similarities between these cryptocurrencies?
We have already noted that many payment cryptosystems are based on the Bitcoin code. Many blocks have changed little and were included in Litecoin, and therefore some similarities have emerged:
• Decentralization. In LTC, as in many virtual digital currency systems, there is no subordination to any state, so the influence of companies and government agencies on operations within the system is excluded, all participants are on an equal footing. And cryptographic protection reliably protects such currency from counterfeiting.
• Group mining scheme. For group emission of cryptocurrency in the Light Coin system, the same scheme is used as in Bitcoin.
• Anonymity. When conducting transactions, it is impossible to determine either the sender or the recipient.
• Deflation. Due to the limited number of coins, coin prices will only increase as the number of users increases.
• Speed. Transfers do not require a processing center; they go directly, which increases the speed of the promotion.
Perhaps this is where the similarities between these two systems end. There are 5 main differences between Litecoin and Bitcoin. When developing Litecoin, the improvement of Bitcoin was in mind, which led to the emergence of features of the new cryptocurrency:
• Quantity. The number of coins was limited to 84 million Lite Coins, BTC has 21 million coins;
• Complexity. The difficulty of creating blocks is rebuilt every 3.5 days, much faster than in the Bitcoin system;
• New blocks. Creating a block every 2.5 minutes results in faster confirmation of new transactions, which is 4 times less than Bitcoin;
• The reward scheme for creating new blocks tends to decrease;
• Generation. The efficiency of mining on graphics devices is less than that of Bitcoin.
Cryptocurrency Litecoin 2
Litecoin rates
Litecoin was listed on exchanges in July 2012 and for a whole year its price barely reached 10 cents, so at first light coin remained in the shadows and users were not active en masse. But in the spring of 2013, its growth began and within one month its price was already $4.00. As is often the case in foreign exchange markets, rises and falls in exchange rates inevitably affect any of them.
Against the backdrop of the instability of Bitcoin, Light Coin became one of the alternatives and is now correlated with top cryptocurrencies, which made it possible to create the LTC/BTC pair on the market and strengthened the positions of both currencies. The growth in value according to the laws of the market gave way to a gradual decline.
This situation existed until October 2013, when the price of Litecoin was between $1.7 and $2. Then there was rapid growth and also a rapid decline. Data from February 2020 showed Lite Coin rising to $234.00, but in recent trading, Litecoin underperformed the market and fell 5.27% to $215.50.
All these data on the position of LITE Coin on cryptocurrency trading platforms show that the “Light Coin” has quite a significant weight and all its fluctuations are associated with fluctuations in top currencies. It is still in the TOP 5 cryptocurrencies and has good prospects. There is evidence that its capitalization will begin to grow again, which means the price of 1 LTC will gradually increase.
Cryptocurrency Litecoin 3
Litecoin (LTC) Price Prediction for 2020, 2025, 2030
Litecoin is still a good investment. It will not lose its relevance over the next 4-5 years, and its cost in 2020 may increase from $60-70 to $300-400. This forecast promises good profits for those who have already invested in the LTC cryptocurrency or are planning to buy it in the near future, while the rate has not yet begun to actively grow. Now let's look at Litecoin price predictions from leading forecasting resources.
#1. Bullish forecast from WalletIvestor for 2020 and 2025
Judging by data from the WalletInvestor resource, the price of the LTC coin may fall by 20% to $59.9 . Litecoin will not overtake Bitcoin in the near future. In 2020, the price of LTC may reach $169.8 . In 2025, this value will increase 10 times and the coin will cost $1693.7 .
#2. Longforecast Litecoin Price Prediction for 2020 and 2022
This year the average LTC price will be $81.1 . In two years, the rate may increase by 25%.
#3. LTC price forecast from DigitalCoinPrice for 2020 and 2025
The value of Litecoin will increase, as DigitalCoinPrice promises. In 2020, the price will undergo negative changes, falling to $103.444 . In the long term, Litecoin will gain strength again, but is unlikely to catch up with Bitcoin.
#4. TradingBeasts Litecoin Forecast for 2020 and 2022
In 2020, the rate will gain strength and the price will be $78.4 . Judging by TradingBeasts data, the coin will repeat the success of 2020, but will reach the hundred dollar mark only in 2022.
#5. Litecoin price forecast from CoinPriceForecast for 2030
Perhaps the price of Litecoin will rise from $374.59 to $617.41 , which is +60%. The coin will start 2026 at $385.39 , then soar to $410.17 in the first half of the year, and by 2030 it will reach $434.78 .
What does the future ultimately hold for the price of LTC?
Our Litecoin price forecast is rather bullish. The coin will definitely not lose its popularity and will not leave the first lines of the cryptocurrency rating.
see also
Zcash (ZEC) price forecast for 2020-2025
Amy January 29, 2020 6 minutes
A larger increase in the price of LTC can be expected if the Bitcoin network faces additional difficulties, since the existing scaling problem has not been fully resolved. And even despite the high level of security of Ethereum or the ease of use of XRP, it is Litecoin that is perceived as the main heir to Bitcoin.
The numbers can be quite controversial, as Litecoin founder Charlie Lee once said:
Charlie, Bcash has an ATH higher than 3k so it's not unreasonable to thing LTC could be higher this year
— Michael Jones (@tweet31843189) April 22, 2018
“Price forecasts are nonsense, because no one knows anything. Just self-deception"
Light Coin in development
As already mentioned, the number of possible coins issued by this system is limited to 84,000,000. So far, the total number of Light coins is only approaching 50,000,000, so the issue of funds is possible for many users. The Light Coin system will last for a long time, which means now you can invest finances of different levels into it.
Litecoin has quite a solid growth opportunity, and the developers are doing a lot to develop it and achieve effective results. They identified some of the main directions at the present stage:
• support for sidechains (sidechains are a sidechain for communication with alternative coins);
• ensuring more specific confidentiality;
• introduction of our own Lightning network for ultra-fast transactions.
Thanks to the coordinated actions of the Litecoin team, the LTC system is strengthening its position and perhaps 2020 will be successful in many respects for Lite Coin, and therefore for its users. But the market is the market and we must be prepared for any surprises.
Start using
Wallet registration
You can register an online wallet using the Exmo.com link:
1. Find the official Exmo website;
2. Registration using your email;
3. We activate by letter;
4. Log in to your personal account, register in the payment system and top up your account with any currency;
5. After replenishing the deposit, we work with the selected currency pair LTC/USD or any other pair;
6. Based on the sales request, determine the required number of litecoins and the price, click “Buy” and confirm the transaction;
7. Transfer litecoins from your Exmo wallet to the selected exchange.
Cryptocurrency Litecoin 4
Deposit and withdrawal
You can top up your wallet in three ways: at exchangers, a Forex broker or a cryptocurrency exchange.
1. Exchange offices. We monitor the exchange using BestCange.ru. We enter this site, select Litecoin and the currency convenient for us in the table, click and get a list of pairs arranged by price, go to the selected pair and make an exchange.
2. Forex broker. We choose a reliable broker, register, get a personal account and open a Crypto trading account, fill it out and redeem Litecoin.
3. Cryptocurrency exchange.
The third way to buy Litecoin is on cryptocurrency exchanges, for example, BTC-e.com. In order to carry out operations to sell or buy Litecoins, register with the exchange, top up your account and buy cryptocurrency.
Open an online wallet at Exmo.com and you can buy and exchange Litecoins directly through this site. Click on “Exchange” or “Top up” in your wallet.
To make a profit from mining, miners join together in systems called pools. Each pool participant solves common problems on their mining farms, and even if one of the farms is in a profitable position, then each pool participant receives a reward. They can earn on Light Coin:
Trader . By trading on the stock exchange, you can make money on the difference in rates between light coin pairs;
Investor . The deflation of this electronic currency can provide long-term returns when investing;
Business . When a company starts providing a product or service for cryptocurrency, there will always be customers who are ready to pay in this way.
Considering the fact that the Light Coin payment system has already established itself in the top five cryptocurrencies at the initial stage of development, the winners will be those investors who invest their finances now and are aimed at future profits.
An article about earning Litecoin (LTC) on the Moon Litecoin faucet.
WHATTONEWS
At the moment, Litecoin is one of the most effective cryptocurrencies. Like many cryptocurrencies, Litecoin began a bull run in 2020, which may be bolstered by the upcoming halving scheduled for August.
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