LTC adopted most of Bitcoin’s source code while introducing a faster block generation time, a higher maximum token supply, a different hashing algorithm, and a slightly modified GUI. Charlie Lee, an early Bitcoin miner and former Google software engineer, led the development of Litecoin as a lighter version of BTC. LTC is one of the most widely accepted cryptocurrencies, and in most of its history, it ranked among the top 10 cryptocurrencies by market capitalisation.
On the other hand, it is always extremely quick and easy for any node to check that every new block’s hash matches the previous chain hash. Even to rewrite a few blocks of history would require a node to have more computational power than half the network combined. https://coinbreakingnews.info/blog/how-to-buy-icx-buy-icon-with-credit-or-debit-card/ The chart below compares the price movement and volatility for Litecoin over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements.
Before making the decision to buy or sell any cryptocurrency, you should carefully consider both technical and fundamental factors, as well as your financial situation. The cryptocurrency market is also highly volatile, which means it may not be suitable for investors with a low risk tolerance. Our currency rankings show that the most popular Litecoin exchange rate is the LTC to USD rate. Mining Litecoin is a little bit difficult if you are not technically-minded.
What is the Lightning Network?
While many cryptocurrencies exist that can process transactions faster and cheaper than Litecoin, it has the advantage of being established and battle-tested. It has grown to be accepted by thousands of merchants worldwide. The trading volume for the coin has tumbled 29.0% over the past week while the circulating supply of the coin has risen 0.4%. This brings the circulating supply to 73.99 million, which makes up an estimated 88.09% of its max supply of 84.00 million. According to our data, the current market cap ranking for LTC is #19 at $5.16 billion. USDhe Litecoin to US Dollar rate tells you how much BQ1V1USDB1X is needed to buy 1 LTC.
- This means it doesn’t record all the users’ transactions, which also enhances privacy.
- One of the modifications that Litecoin’s creator Charlie Li made when cloning Bitcoin’s protocol software was the total supply.
- These new blocks, which also contain information about the previous block, are added to the chain and then validated by miners.
- TMTn CoinCodex, you can follow the real-time O to O rates and use the interactive charts historical price data to improve your technical analysis of this trading pair.
- As with any software downloaded from the web onto your computer, there is a risk of malware being slipped in.
- Originally, the Litecoin blockchain protocol was a clone of Bitcoin, modified to better handle large numbers of users.
Litecoin is a proof-of-work blockchain, which means that it is secured by a wide network of computers dedicating their computing power to the security of the network. The more computers are doing this, the more secure the network is. Similarly to Bitcoin, the block rewards on Litecoin continue to be halved in order to create scarcity over time. This reducing issuance and capped total supply makes Litecoin deflationary. A block in the blockchain, therefore, is just a set of transactions. In Litecoin’s case, these transactions are validated via the processing of blocks every two and a half minutes—four times faster than Bitcoin.
How to sell Litecoin for US Dollar?
Litecoin has a capped total supply maximum of 84 million LTC and, like Bitcoin, the continuous issuance of Litecoin is subject to halving. The main blockchain’s usage is reduced because all that is recorded is the opening and closing of the Lightning Network’s channels themselves. This means it doesn’t record all the users’ transactions, which also enhances privacy.
What is Litecoin (LTC)
The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility. Deposit crypto to our exchange and trade with deep liquidity and low fees. Litecoin’s initial block reward was 50 LTC, with the block reward splitting every 4 years. One of the key differences between https://currency-trading.org/strategies/types-of-quantitative-trading-strategies/ Bitcoin and Litecoin is the algorithm the latter uses to secure the its network via proof-of-work (PoW) consensus. Unlike Bitcoin, which uses SHA-256, Litecoin uses the Scrypt algorithm. Litecoin is a tried-and-tested blockchain that has survived for well over a decade without too much controversy.
Any node that tries to change a transaction that was previously confirmed and added to the blockchain would have to re-hash every block. It would also have to propose the latest block faster than any other node. Litecoin’s price today is US$69.84, with a 24-hour trading volume of $424.5 M. LTC is +0.00% in the last 24 hours.LTC has a circulating supply of 74 M LTC and a max supply of 84 M LTC. Please note that technical indicators don’t provide a full representation of what’s happening in the cryptocurrency market.
Given the transparency inherent to blockchain, the balances of certain accounts can be traced back to their origins, and those specific coins can be deemed tainted. Litecoin was originally designed to be, and still remains, a medium of exchange. Bitcoin’s inability to perfectly fulfill that role was quickly evident, and Litecoin was one of the first results.
Litecoin’s Energy Consumption
UKSn MHLTCPDPToinCodex, you can follow the real-time O to C rates and use the interactive charts historical price data to improve your technical analysis of this trading pair. US Dollarhe LTCLitecoin13 to EUSDH rate tells you how much USD100xLTC1 is needed to buy 1 O. TMTn https://crypto-trading.info/why-cant-i-open-a-long-position-on-cryptocurrency/ CoinCodex, you can follow the real-time O to O rates and use the interactive charts historical price data to improve your technical analysis of this trading pair. One of the best ways to convert Litecoin to US Dollar is to use the LTC/USD pair on supported exchanges.