These include EOS at 4,000 TPS, XRP at 1,500 TPS and Cardano at 257 TPS, to name just a few. Both are open-source projects that use proof of work to verify transactions. While you might not see Litecoin (LTC) in headlines nearly as often as Bitcoin (BTC), it’s still one of the most popular cryptocurrencies. First, we provide paid placements to advertisers to present their offers. The payments we receive for those placements affects how and where advertisers’ offers appear on the site.
History of Litecoin (LTC)
- Miners are currently awarded with 6.25 new litecoins per block, an amount which gets halved roughly every 4 years (every 840,000 blocks).
- It wasn’t until May 2017 that it started to pick up steam again during a time where generally all cryptocurrencies experienced massive growth.
- This provides protection from wallet-stealing viruses and trojans as well as a sanity check before sending payments.
- Additionally, you’d be hard pressed to find any serious claims or illusions of grandeur within the Litecoin camp.
- Also, despite its aspirations to be used as a faster, cheaper version of Bitcoin, the Litecoin network has yet to gain widespread interest.
Those calculations get more and more complicated as time goes on, limiting the influx of new Litecoin. There is also a hard limit of 84 million Litecoin, which means there will come a day where no new tokens are created. Those factors create a scarcity which has helped drive up Litecoin’s value over What is Litecoin the years, among other factors. CoinCentral’s owners, writers, and/or guest post authors may or may not have a vested interest in any of the above projects and businesses. None of the content on CoinCentral is investment advice nor is it a replacement for advice from a certified financial planner.
Litecoin Vs. Bitcoin
The Bitcoin network can never exceed 21 million coins, whereas Litecoin has a limit of 84 million coins. There are a variety of third-party service providers that offer interest on Litecoin and allow you to take loans out against your Litecoin. It’s important to note that this typically requires using centralized-third party services, bringing additional risk. Considering how big of an upgrade the Quest 3 was when it launched in 2023, Meta’s next release could have amazing new features that end up making it one of the best VR headsets yet. The price topped out at around $350 at the end of 2017 and the range-bound process seems to be playing out again. If history is anything to go by we may see prices dwindle for a year or two before the bulls return.
- Some miners may choose to upgrade their equipment or explore alternative revenue streams to offset the reduction in block rewards.
- As a result, merchants get faster confirmation times, while still having ability to wait for more confirmations when selling bigger ticket items.
- Long-term investors may consider accumulating more Litecoin at lower prices following the halving, while short-term traders may aim to capitalize on price movements around the event.
- As the halving approached, Litecoin’s price experienced a notable increase.
- Access real-time data and comprehensive reports to help you stay informed and make better investment decisions in the ever-changing cryptocurrency market.
- Bitcoin’s SHA-256 algorithm does not require a lot of random access memory (RAM) as an impediment to parallel processing, whereas Scrypt does.
- While it has greater name-recognition than most cryptocurrencies, its market cap of near $10 billion is far less than the biggest players and individual coins are worth much less too.
How Is Litecoin Different From Bitcoin?
For many cryptocurrencies, sending someone a payment means anyone can see the amount of crypto in both the sender and receiver’s crypto address. Litecoin’s MWEB makes it so that only the sender and receiver can see this information. Litecoin is an open-source software project released under the MIT/X11 https://www.tokenexus.com/ license. This gives you the power to run, modify and copy the software, and to distribute your own modified copies of the software. When Litecoin was first created, it was just one of a handful of cryptocurrencies. Today it’s one of many — more than 1,300, with more being created every day.
Litecoin transactions are typically confirmed in just minutes, and transaction fees are nearly negligible. This makes it an attractive alternative to Bitcoin in developing countries, where transaction fees may be the deciding factor on which cryptocurrency to support. In a project led by Charlie Lee, a former Google engineer, Litecoin was released to the public in 2011. Like Bitcoin, Litecoin is an open-source global payment network designed to be decentralized. Lee referred to Litecoin as “the silver to Bitcoin’s gold.” This statement inferred that Litecoin was not intended to act as a replacement for Bitcoin but rather supplement it.
On a more controversial note, Charlie Lee reported that he sold all of his Litecoin holdings at the end of 2017. At the time, some community members had questioned his commitment to the project. This move was either pure genius or dumb luck from a trading perspective considering he timed the market to almost perfection. Smart investors may want to pay attention if he ever decides to buy back in.
