Litecoin Price Today
LTC - USD Price graph
LTC - BTC Price graph
No surprise that the Litecoin has taken the world by storm over the past few years of its introduction into the cryptocurrency world.
Talking about the reason for this new introduction in to the cryptocurrency world, the creator of Litecoin Charlie Lee claims that no matter what, the Bitcoin is the big daddy in cryptocurrency, but people look outside of Bitcoin as well for investments and that’s how the bother to create a lighter version of Bitcoin has ignited, and now the Litecoin pitched into the stream of popular choice.
Aspects that lead to the rise of Litecoin:
- Cryptocurrency grew more and more like mainstream and trusted choice.
- Coinbase started selling litecoin.
- Litecoin activated Segwit.
It is a fact that the litecoin was envisioned as a younger brother of the Bitcoin in the cryptocurrency community, but its purpose has grown far more than that. While the Bitcoin is seen as “gold” and as a store of value for long-term goals, the Litecoin is seen as silver and as a means of cheaper transactions and everyday uses. More than its dramatic rise what this cryptocurrency represents is far more valuable.
Origin of Litecoin
Charlie Lee, an ex-Google employee and former Engineering director at coinbase released the lighter version of Bitcoin, the Litecoin which is a peer-to-peer cryptocurrency via an open-source client under the MIT/X11 license on gitHub on 7th of October, 2011. However, the Litecoin went live on 13th of October, 2011; it was a fork of the Bitcoin Core client. In technical details the Litecoin is nearly identical to Bitcoin while differing primarily by having a decreased block generation time, different hashing algorithm called scrypt, increased maximum number of coins and a slightly modified GUI.
Insights into the Litecoin
Bitcoin processes a block every 10 minutes, the Litecoin network targets to process a block every 2.5 minutes. The creator claims that this allows the Litecoin to have faster transactions when compared to the big daddy, Bitcoin.
The Litecoin uses the scrypt algorithm, a sequential memory-hard function that requires asymptotically more memory than an algorithm which is not memory-hard. Due to its use, the ASIC and FGPA devices that are made for mining Litecoin are more complicated to create and expensive to produce as well than they are for Bitcoin that uses SHA-256.
History of Litecoin
While the Bitcoin creator’s identity is shrouded in mystery, the Litecoin’s creator Charlie Lee is seen very active on the social media updating the growth and forthcoming events of the Litecoin.
Back in November 2013, the aggregate value of the Litecoin has seen a massive growth that included a 100% leap within 24 hours. The coin reached a $1 billion market capitalization in this year.
Though the Litecoin tasted the massive growth the journey was not all smooth; the coin experienced both the crests and troughs throughout its journey since its introduction.
This peer-to-peer cryptocurrency was the first one to implement the Segwit and they also successfully tested out atomic swaps. Besides Segwit and atomic swaps, they were actively looking to incorporate the lightning network into their system.
Last year in May 2017, Litecoin became the first of the top 5 (by market cap) cryptocurrencies that adopted Segregated Witness. Later in the same month of the same year, the Lightning Network transaction was accomplished through Litecoin by transferring 0.00000001 LTC in under one second from Zurich to San Francisco.
The Litecoin price from the beginning of the year 2017 has increased by 7,291% while the Bitcoin has only increased by 1731%.
Over the last year, the Litecoin has more time and again taken the risks that needed to show the masses the potential and scope of cryptocurrencies, and now the Litecoin looks like a popular choice as more and more people began embracing the cryptocurrency.
The Litecoin price today has gained a lot more value than it started. Today the Litecoin price USD values $24.
The road ahead for the Litecoin
On the off chance that anything, the Litecoin with a long history of continuous boom and bust cycles indicates of something good coming up for it.
Litecoin will be seen surprising us in the coming decades as well; the only way is to look forward and be optimistic.