Which Cryptocurrency exchange offers the best condition to invest in Litecoin (LTC) tokens?
The Best Exchanges to buy and hold Litecoin (LTC)?
Do you want to buy and hold Litecoin (LTC)? Now you are looking for an exchange to invest in Litecoin (LTC)?
Check out the 4 best exchanges to buy Litecoin (LTC) today.
| Best Exchanges to buy and hold Litecoin (LTC) | Description |
|---|---|
| 1. Bybit | Bybit offers stablecoin-margined Options contracts to help you expand trading opportunities, and Portfolio Margin to help you maximize capital efficiency. |
| 2. Binance | The largest Cryptocurrency exchange in the world. Buy, trade, and hold 600+ cryptocurrencies on Binance |
| 3. Huobi | Huobi, a Leading Digital Asset Trading Platform. A wide array of digital asset trading and management services to satisfy diverse trading needs. |
| 4. BitMEX | Supporting more than 30 Cryptocurrencies. Get crypto’s most advanced trading platform on your device. |
Litecoin is an open-source decentralized peer-to-peer (P2P) cryptocurrency. Ticker uses LTC. It currently ranks ninth in the ranking of blockchain-based digital assets, with a total market cap of $11 billion. Litecoins currently cost around $185 each.
Invest in Litecoin (LTC) on Bybit
Litecoin vs Bitcoin
As one of the first source codes of the original Bitcoin Core clients, Litecoin is considered “Bitcoin’s silver to gold.” Not only that, although it has a lot in common as a “lite” version of Bitcoin, Litecoin was designed to be a faster and cheaper coin to trade.
Bitcoin’s scalability problem has improved significantly since the horrendous average block time and fee streak in 2017, but it’s still relatively slow and sometimes more expensive to be used as a microtransaction tool. The average block time on the Bitcoin network is typically 10 minutes, and the average fee exceeded $30 as of February 2021.
On the other hand, the average block creation time for Litecoin is 2.5 minutes. The average transaction fee is less than $0.03, which is a very small amount. Because of this, LTC is more suitable as a casual person-to-person payment method. A lower transaction fee means that the transaction fee is cheaper when withdrawing LTC from a centralized cryptocurrency exchange, so Litecoin has a high preference for exchanges between exchanges.
In the case of the Bitcoin network, the total coin supply of the Litecoin network is capped. However, with about 84 million coins, the amount of Litecoin is 4 times larger than Bitcoin, and thus obtaining Litecoin is much easier for most people.
Nevertheless, litecoy’s popularity is quite low compared to its influence. The total amount of LTC traded on cryptocurrency exchanges is usually only 10% of the total amount of BTC. In addition, the net transaction volume on the Bitcoin network is growing by about 2.5 times every 24 hours.
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How to mine litecoin?
Because Litecoin uses the less intensive Scrypt hashing algorithm, it uses less power than Bitcoin’s SHA-256 hashing algorithm. Litecoin mining, which focuses more on high-speed RAM utilization, is theoretically easier for participants and tends to be decentralized through its expansion.
Litecoin block miners get halved rewards every 4 years, just like Bitcoin blocks. More specifically, Litecoin mining rewards are halved every 8.4 million blocks. The most recent halving was in August 2019, when block rewards were reduced from 25 LTC to 12.5 LTC. In the next Litecoin halving, the reward will be reduced to 6.25 LTC, making the supply of newly created Litecoins more scarce by design.
Who Developed Litecoin?
We don’t know the real identity of the creator of Bitcoin, but we do know who started that early spinoff. Litecoin was developed by Charlie Lee. He is a well-known figure in the blockchain world and was also a Google employee in 2011. Lee expanded the inspiration of the project by actively using it on Twitter with an account called @Satoshilight.
Lee is known for being extremely open and transparent about his continued involvement and stake in Litecoin. However, because of this, he also drew criticism from other industry participants.
Best known is that Charlie Lee announced that he had “sold and donated” his entire LTC holdings in December 2017, coincidentally with the altcoin hitting an all-time high. Lee argued that these non-negligible sell-offs “was not intended to cause a market crash,” but since then LTC prices have plummeted and have not recovered to similar prices.
Best known is that Charlie Lee announced that he would sell/donate all of his LTC holdings in December 2017, coincidentally with altcoins hitting all-time highs. Source: TradingView
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What is the future of Litecoin?
Despite the cryptocurrency market booming again in 2020, litecoin is not often news about exciting partnerships and adoption.
MimbleWimble
Perhaps most notable is that Litecoin developers are working on a Mimblewimble implementation. Mimblewimble integrates a structure and transaction storage method with a focus on privacy and scalability into a blockchain protocol. The implementation of the Mimblewimble extended block technology is expected to be released on March 15, 2021.
Some industry participants are also pessimistic about the future of Litecoin after some hype-started projects eventually went bankrupt. The most notable failure was with LitePay. It was a payment processor that wanted to promote widespread adoption of Litecoin by launching dedicated wallets and debit cards. The project ended in 2018 when Lee tweeted an apology message: “I seem to have overlooked several warning signs because I dreamed of something so dreamy.”
When it comes to mainstream adoption, Litecoin has been boosted by PayPal’s addition of altcoin payment methods. PayPal now allows users to buy, sell and hold LTC. Bitcoin’s little brother has certainly been exposed to a wide user base.
Grayscale’s investment also significantly increased the number of LTC holders. According to a recent report, digital currency investment mogul Grayscale added about 174,000 coins as of February 2021, bringing its total Litecoin holdings close to nearly $250 million. With these aggressive investments, many industry analysts speculate that Grayscale is also predicting an increased demand for LTC exposure to institutional clients and investors in the future.
Since Litecoin is a pure peer-to-peer virtual currency like Bitcoin, there are no plans to add smart contracts to the protocol. Because of this, many participants lost interest in Litecoin. This is because they are more focused on DeFi or non-fungible tokens (NFTs).
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Conclusion
Basically, Litecoin is going as intended. A “lite” version of Bitcoin that enables faster and cheaper peer-to-peer (P2P) transactions.
Although first launched in 2011, it remains a popular altcoin ten years later—a testament to how clear its design, use cases, and underlying value proposition were. It can be traded on almost all cryptocurrency exchanges, and it currently maintains its position as one of the top 10 blockchain-based digital currencies or assets.
Litecoin’s value lies in its simplicity and ease of use. However, its simplicity is also holding back its ankles. This is because progress has been relatively stagnant compared to more complex initiatives such as DeFi and NFT that utilize advanced smart contract protocols.
Invest in Litecoin (LTC) on Bybit
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Comment by Hans
April 24, 2024
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