What is litecoin cryptocurrency?

What is litecoin cryptocurrency?

Cryptocurrency
June 23, 2020 by Martin Sukhor
313
Litecoin at present is ranked 8 Coinmarketcap, so what is Litecoin cryptocurrency? Wikipedia explaining the definition of Litecoin is a cryptocurrency made in 2011. So this was launched after Bitcoin that appeared in 2009. Litecoin uses open-source software under the MIT / X11 license. Litecoin is also a cryptocurrency that uses blockchain technology such as
what is litecoin cryptocurrency

Litecoin at present is ranked 8 Coinmarketcap, so what is Litecoin cryptocurrency?

Wikipedia explaining the definition of Litecoin is a cryptocurrency made in 2011. So this was launched after Bitcoin that appeared in 2009. Litecoin uses open-source software under the MIT / X11 license.

Litecoin is also a cryptocurrency that uses blockchain technology such as Bitcoin. However, Litecoin mining uses a base graphics card (Scrypt), which is generally used is the ATI Radeon graphics card.

Meanwhile, according to the official site Litecoin.org, Litecoin node is a P2P internet currency (Peer-to-Peer) that allows payment of instant fees close to zero to anyone in the world.

Litecoin is Open-Source and is a fully decentralized global payment network without a central authority. Using complex mathematical algorithms creates network security and empowers individuals to control their own finances.

Pay with Litecoin offers faster transaction confirmation times and better storage efficiency compared to other leading cryptographic currencies. USD Litecoin pice is currently on $ 43.52 and it’s been 9 years since it was launched last 2011.

Litecoin or known as the LTC unit as a whole is almost the same as Bitcoin (BTC). It is a blockchain-based decentralized currency to conduct transactions around the world without intermediaries or commonly referred to as Peer-to-Peers.

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Litecoin price history

Litecoin is a cryptocurrency launched by Charles Lee, he has served as a Google employee and former engineering Coinbase. This cryptocurrency was launched on October 7, 2011, through the Open-Source client on GitHub.

At that time the Litecoin price 2011 was only 30 cents of a dollar. November 2013 Litecoin price reached 50 dollars.

2014 Litecoin is bearish because of the Mt. Gox exchange, the price of Litecoin fell back to around 1 dollar in January 2015.

2015, in the spring, Litecoin prices re-enter the consolidation period of two years at a price range of around $ 3.

March 2017 at the end of the month, Litecoin starts bullish, prices go up from $ 3 at the end of March 2017 to $ 50 in July 2017 and reach $ 80 in September 2017, at that time most cryptocurrency also experienced a significant bullish run.

November and December 2017, Litecoin surges due to cryptocurrency bubbles and prices.

The highest record was around 371 dollars on December 19, 2017, with a percentage increase of 500% in 2 months!

2018, Litecoin this year suffers from a crash as it did in the entire cryptocurrency market and the price will drop back to the lowest level of around 25 dollars on December 15, 2018.

In 2019, Litecoin began to be bullish again and the price reached $ 145 in June 2019. But eventually, it fell back to $ 50 in the second half of 2019.

Litecoin History

Litecoin is a cryptocurrency created through the Bitcoin-Qt Hardfork client, through reduced block discovery time. An increase in the maximum total coins created (Max 84 Million Coins), maximized GUI, and different Hashing (PoW / Proof-of-Work) algorithms, using Scrypt is not SHA-256 or Equishash as in Bitcoin.

The development version, Litecoin has undergone several significant updates, starting from version 0.8.5.1 which was released in November 2013, to version 0.14.2. The objectives of the development also vary, ranging from a drastic reduction in transaction costs, improved security codes, enhanced configurations, and Heartbleed security bug fixes.

Litecoin was created for the use of common operating systems that exist in this world, such as Microsoft Windows, Mac OS x, or Linux. Even the mobile version was also created so that users can feel comfortable transacting anywhere and anytime.

Litecoin is an open-source software

Litecoin is an open-source cryptocurrency software project released under the MIT / X11 license. Open source is software that gives developers access to run, modify, and copy software and distribute it according to their needs.

The Litecoin software process is very transparent which allows independent binary verification. So simply Litecoin is an open platform that can be developed by anyone for their own purposes.

For example, to create a blockchain-based shopping transaction application, with Litecoin as the transaction medium.

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Litecoin wallet

Litecoin wallet has functioned as a cryptocurrency wallet in general, a Litecoin miner they need a Litecoin wallet to store Litecoin cryptocurrency. There are many Litecoin wallet providers that you can use, the main thing is about wallet security.

Like the Bitcoin wallet, you can also use a wallet for android. The following are some of the best Litecoin wallets for Android.

LiteWallet

What is litecoin cryptocurrency?LiteWallet is made by the Litecoin foundation and is a fork of the popular Bitcoin Breadwallet wallet. With a charming interface, this wallet is easy to use making it a good choice for beginners. This application prioritizes the simplicity of accessibility, security.

This wallet allows you to store LTC in small amounts on your smartphone. However, because this is a hot wallet, you should not save large amounts because they are vulnerable to risk. Besides supporting Android also available for iOS.

Download wallet.

What is litecoin cryptocurrency?

What is litecoin cryptocurrency?

Jaxx Litecoin wallet

What is litecoin cryptocurrency?

Jaxx is a multi-currency crypto wallet for iPhone and iPad also available for android. and also chrome. It supports Litecoin and is fully open source. You can also save or make other cryptocurrency wallets because it supports multiple currencies.

This is a hot wallet so it shouldn’t be used for large amounts of Litecoin. But for daily use the need to receive or send payments.

Jaxx Liberty uses the creation of an industry-standard wallet and data derivation process. You can make up to 80 cryptocurrencies like Bitcoin, Ethereum, Litecoin, Dash, and Bitcoin Cash.

This wallet is suitable for you who like to collect various kinds of cryptocurrency.

Get it on

What is litecoin cryptocurrency?

What is litecoin cryptocurrency?

Litecoin address

Litecoin addresses are sometimes the same as Bitcoin addresses with prefix 3, but it often becomes confused whether to send funds to Litecoin or Bitcoin wallets. So to make it easier Litecoin address can be converted with M prefix through this open-source provided by Litecoin Foundation: https://litecoin-project.github.io/p2sh-convert/

This means that whether you send LTC to the M-version or the 3-address version, it is the same key accessing funds. With an M-address for minimum risk of deposit errors. Maybe your wallet exchange did not support M prefix, so you need to convert it use the link above.

Litecoin Mining Software

You can buy Litecoin through a trusted exchanger to get LItecoin tokens, but if you want to get Litecoin tokens through mining, then what you need to know is Litecoin mining software.

But as the note that there are two ways in mining Litecoin namely Cloud Mining and Private Mining Rig and joining a mining pool. However in essence what has to be done to get the Litecoin pieces is Resolving the algorithm (block verification problem) with the PoW (Proof-of-Work) formula called Scrypt.

The Scrypt Algorithm can be solved using GBP / VGA / Graphic Card that we usually encounter. Some Litecoin mining software that you need to know is as follows.

EasyMiner

EasyMiner is a popular Litecoin miner software within the cryptocurrency community. This software is open source and completely free – there is no registration fee to start using EasyMiner. One of the highlights is the control panel features that are interactive and easy to use.

This software also offers real-time statistics. You can check the hash rate, the allocation of rations, and similar information whenever you need it.

EasyMiner is cool software because it has a custom wallet with support and extensive online chat features that are included in this software. So mining Litecoin is much easier and more fun. EasyMiner is a software with a good reputation as a user-friendly and trusted Litecoin miner software.

MultiMiner

Although MultiMiner is less well known and accepted in the cryptocurrency community, it is quite flexible. You replace equipment separately while still being able to manage other mining equipment in your own personal network.

For example, say you want to switch from a CPU mining rig to a GPU – MultiMiner will maintain all the settings you have made until the replacement time is in a separate and determined network.

MultiMiner is not as intuitive or optimized as other Litecoin miner software. However, a lot of dedication and effort has been put into developing this Litecoin mining software.

Scrypt GUIMiner

GUIMiner Scrypt is a fork or branch of GUIMiner. This fork is specifically designed for novice miners to make the initial process of mining cryptocurrencies simpler and easier.

The design GUIMiner is a CPU / GPU miner for Microsoft Windows operating systems. The design of Scrypt GUIMiner Fork is to support mining with Scrypt algorithms such as Litecoin, Dogecoin, and others.

Scrypt GUIMiner has a simple and easy to use interface. indeed this software is not the coolest software, however, it works well not only in becoming a good Litecoin miner software but also friendly for novice miners.

CPUminer

This Litecoin mining software is specifically for CPU. It is a fairly good Litecoin miner software, but may not be suitable for beginners because it is rather difficult to understand how to use it.

CPUminer has several updates since its launch, one of which is an upgrade in hashing speed (guess the hash series). Users giving reviews that they can do hashing work twice as fast (with a slight change in resource consumption).

This is a plus in good Litecoin miner software! CPUminer is available for Windows, Linux, and Mac OS.

Litecoin mining profitability 2020

Litecoin mining is a long-term investment, you must pay attention to several factors in mining. recognize risk and analyze the crypto currency.

Some of the factors that you notice include; The investment in hardware and software, the costs of electricity, your previous experience in cryptocurrency mining, your geographic location, miner, and transaction fees.

The Litecoin value can be very profitable if LTC prices continue to rise significantly. But sometimes LTC prices are not as expected. No one knows for sure how Litecoin will develop in the crypto market.

You can try to do a one-way analysis of past history prices from Litecoin value to do the early analysis. You will see that the highest price of LTC but everything is declining quite quickly has happened to Litecoin.

Maybe need months before recovering all of your initial investment in hardware and software. Indeed that the calculation will change if the price rise. But you can’t count on that when calculating your money-making opportunities by mining Litecoin.

Your income depends on many variables, from the collection of mining that you follow to the equipment you buy. So you get an estimate of whether your operation will be profitable or not in the long run.

You can use several Litecoin Mining calculator software providers on several websites to help you. However, the tool itself won’t do the job for you. You still need to keep an eye on the market and look for other profitable alternatives if needed.

Litecoin Halving history

One thing that also needs attention is Litecoin Halving, the same as bitcoin halving, this process will reduce the reward by half. Of course, for miners, this is also a factor that can affect the calculation of the rewards it receives.

Halving Litecoin occurs in every 840,000 blocks mined, the first time it occurred Aug. 26, 2015, at a block height of 840,000. That reduces the miner’s reward from 50 LTC to 25LTC.

Litecoin’s second halving took place on Aug. 6, 2019, at exactly block 1,680,000, reducing mining reward from 25LTC to 12.5LTC.

At present, miners still receive 12.5 LTC, but after the next half process, it will be only 6.25 LTC.  You can see when the next halving will occur via www.litecoinblockhalf.com

Litecoin halving will occur again on 05 Aug 2023, there are still around 3 years left for the halving process, so the mining period at this time the Reward is still 12.4 Coins. The next halving will occur again on 05 Aug 2023, there are still around 3 years left for the halving process, so the mining period at this time the Reward is still 12.4 Coins.

Litecoin price prediction

The LongForecast website is a forecast economic agency that predicts Litecoin will be very volatile. In 2020 they predict Litecoin to trade at $ 50, but by the end of 2020, the LTC ratio will be $ 75. Longforecast also predicts a downward trend in 2021 with a low price of $ 20. However, in the long-run LTC will grow to $ 150.

Buy litecoin with PayPal

There are many exchanges that trade Litecoin, but to find a way to buy Litecoin with Paypal is hard enough to get it. The only easy way is to buy Bitcoin with Paypal, then by using an exchange service by exchanging Bitcoin for Litecoin.

One reason why exchangers do not accept Paypal is that there is a refund feature. When the buyer gets what he bought. And Paypal tends to favor the buyer rather than the seller. So if occurs the problem will or not the exchanger must give a refund.

Thus it is very rare for exchangers to accept Paypal as a way of buying. But if you want to buy cryptocurrency with Paypal, you can use the LocalBitcoins exchange.

  • The way to buy Litecoin with Paypal first visit the LocalBitcoins website then register for free. Then select buy Bitcoin. There you will find a search box, first fill in with how much you want to buy. currency, country, fourth box select PayPal then click search. Then the search results will appear according to the parameters you entered. If your country is not available for purchase by PayPal. You can find it in other countries. But you also have to be aware of the seller. Because there might be a scam seller.
  • After you get Bitcoin with Paypal, then the Bitcoin is now in the Localbitcoins wallet, you need to transfer to the Binance wallet which can then trade by buying Litecoin.

Final thought

Litecoin’s position is currently in rank 8, but the cryptocurrency community certainly knows that the position can still change, adjusting to changes in market capitalization.  Also, look for Litecoin prediction references for analysis from other analysts.

You can also use Litecoin to pay with Litecoin to merchants that accept payments with Litecoin, you can find merchants who can accept Bitcoin at cryptwerk.com.

You can also trade LTC through an exchange to get profit or a broker that provides crypto accounts.

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