What is Litecoin cryptocurrency?

Litecoin (LTC) is a peer to peer crypto currency that has capacity for instant, low cost payments across the world. Litecoin has an open source code. Litecoin also is decentralised crypto currency that does not have any central authority. The open source code helps to secure the networks and enables users to control their funds. Litecoin’s code is similar to that of Bitcoin as it has significant industry support especially among the developers.

Litecoin

Litecoin’s block chain has a capability of handling higher transactional volumes than bitcoin.      As a result the network supports a lot of transactions without having the need to modify its software in the near future. Also, its  has more frequent block generation that enables merchants to have faster confirmation times. However, when dealing with big ticket transactions more confirmations are needed but they do not take a lot time. LTC wallet encryption enables users to secure their wallets. It also enables users to view their balances and transaction history.

As of today, Litecoin has a market capitalisation of $3.6 billion and each LTC costs $67. Already LTC has a circulating supply of  53,877,408 LTC. The maximum supply of LTC will be about 84 million coins which is four times the number of maximum BTC coins.

Litecoin was developed by Charlie Lee who previously worked for Google before leaving Google to work at Coinbase as a lead engineer. He now works at Litecoin development fulltime. The bitcoin silver was established six year ago that is in 2011. The cryptocurrency can be bought at at major crypto currency exchange such as Shapeshift, Coinbase, Kraken, Poloniex and Coin Corner.

Charlie estimates that in 2020 one Litecoin(LTC) will have a market value of $145 used which will be a 100% increase in value.

However, the penetration of LTC in the frontier markets is wanting. Despite the low transaction costs and fast payment solution provided by LTC. Litecoin is still not accessible in frontier markets which limit its use. While bitcoin can be accessed through Local Bitcoin website, there is no local solution for L that can make it accessible to the local population in countries such as Kenya, South Africa, Nigeria, Egypt among many other sub saharan Africa countries. One has to buy bitcoin first before buying litecoin which affects adoption of LTC negatively. Once this problem of accessibility is solved it is expected that litecoin’s value will skyrocket.

You can read more about cryptocurrencies here.

 

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mwangisamna
Staff Writer at Cryptobiz Global

I am a crypto enthusiast. A bitcoin trader and consultant in the frontier markets. I also Write and Rewrite. When not writing or rewriting, I read and do some gardening. Author of So You Want to Get Into Courtship?. Practical and Mystical.


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