Litecoin developers have also started to address known Bitcoin scaling issues and speed up transactions. Litecoin was also created through a hard fork of the Bitcoin blockchain, like many other projects. However, there is no ?real? Hard fork, because Litecoin was not created by separating the blockchain from Bitcoin. The founder just copied the code from the original blockchain and made some changes to it.
Litecoin was released on October 13, 2011 by Charlie Lee. In professional circles, Litecoin is considered the Bitcoin Light versionbecause many functions are first tested on the network before reaching the main blockchain of the Bitcoin network.
Litecoin: the most important things at a glance
- Founder: Charlie Lee, former Google engineer
- Purpose: Open source and decentralized payment network
- Currency: LTC
- Consensus: scripted proof of work
- Maximum supply: 84 million Litecoins
- New block: every 2.5 minutes
- Fast Transactions with the Lightning Network
- Cryptocurrency suitable for everyday use, because fast and cheap
- Script algorithm for faster extraction
- ATH was on May 10, 2021 at $412.01
- Genesis Block contains a newspaper headline about the death of Steve Jobs
- Peer to peer cryptocurrency
Why was Litecoin developed?
Charlie Lee was a former miner on the Bitcoin network and quickly saw that the UR blockchain would quickly reach its limits. He then decided to start his own project, using the original Bitcoin blockchain code and adding some modifications. Although this development is often referred to as a hard fork, this is technically incorrect. Litecoin is a new cryptocurrencywhich shares many similarities with Bitcoin but has been stripped of its known scaling issues.
Litecoin Forecast 2023 to 2030
|Litecoin Forecast 2023||+$100|
|Litecoin Forecast 2024||+$130|
|Litecoin Forecast 2025||+$170|
|Litecoin Forecast 2026||+$200|
|Litecoin Forecast 2027||+$250|
|Litecoin Forecast 2028||+$350|
|Litecoin Forecast 2029||+$400|
|Litecoin Prediction 2030||+$500|
Why was Litecoin developed?
As a decentralized network with an open source foundation, Litecoin should process payments faster and much cheaper. For this reason, the founder made changes and, for example, adapted the Proof-of-Work consensus algorithm. With the script it is possible Mining Litecoins with a normal computerwhich prevents a certain centralization by the large mining groups.
When to invest in Litecoin?
You can take the current crypto winter as the best argument. Whatever you want to call the ongoing slump that is now particularly low prices are ideal for investing in Litecoin. We have compiled historical price chart data for you here and Litecoin is one of the few cryptocurrencies in the market that shows a green curve all the time.
Another reason to invest in Litecoin now is the next halving scheduled for early August 2023. Then the blockage for miners will be halved from 12.5 to just 6.25 LTC. In the past, halvings have often resulted in positive price increases. Of course the word got around in the market and that’s how it is LTC course to be rated positively.
When Could Litecoin Explode?
By halving block rewards for miners, inflation is thwarted. A lower stock of coins on the market leads to scarcity and therefore generally higher prices. The well-known rule of supply and demand also applies to cryptocurrencies such as Litecoin.
Litecoin could explode after the next halving. But price increases are also possible beyond that, as Litecoin solves some of Bitcoin’s biggest problems such as speed, miner equipment, and fees.
A look at the current hashrate also shows a sharp increase, indicating increased mining activity, which is widely seen as a bullish sign. The market is therefore on the rise and for Litecoin does better than average, comparing LTC to other cryptocurrencies. Moreover, Litecoin has been in the market for 12 years and is likely to increase its market share further in the future.
The current price of Litecoin: 76.49 EUR on December 07, 2022, +0.23% today
Here are other cryptocurrencies in 2022 and 5 coin recommendations for this year: Invest in cryptocurrencies!
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About the Author: Stefanie Herrnberger works as a freelance speaker and writer. His many years of professional experience in the areas of blockchain, cryptocurrencies and NFT provide him with the ideal framework to report on news and developments in decentralized and central financial markets. Stefanie has been investing in cryptocurrencies herself for several years and therefore understands the challenges and opportunities for crypto traders.