Litecoin (LTC): A radiography for everyone interested in cryptocurrency - Global Coin Report
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Litecoin (LTC): A radiography for everyone interested in cryptocurrency

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Litecoin

How much do you really know about cryptocurrencies in the market, honestly? This is an important question because many coins have a particular purpose and you can only asses their value if you can judge whether they’re delivering on their purpose or not. This is true of Litecoin (LTC) as much as of any other asset so let’s delve into it a little in this article. That can give you confidence in the way you are managing your digital assets, especially Litecoin.

LTC 101

Litecoin (LTC) got created by Charlie Lee. Mr. Lee who was a software engineer at Google and Engineering Director at Coinbase so his credentials are immaculate when it comes to either computer science or cryptography. LTC is used for direct transactions between individuals or businesses without any third-party intervention (such as a bank). Exchanging Litecoins is no harder than sending emails.

This currency is known as Bitcoin’s little brother or as Bitcoin silver (the original Bitcoin being gold). Why is it called Litecoin? Because it’s Bitcoin, exactly, only lighter in terms of the mining power it requires.

What is Litecoin’s purpose?

Just as it’s with Bitcoin, Litecoin gives you total control over your wealth. When was the last time you tried to withdraw $10000 in cash? Maybe you haven’t but if you tried (and could) your bank would either deny it or make you jump through hoops. You’d be reported to fiscal authorities at least.

Why should that be so? Isn’t it your money in the end? Yes, but the bank imposes daily, weekly and monthly maximums for the cash you can withdraw. Also, you can’t spend as much as you want daily, only as much as your bank allows. If you want to spend or withdraw more you have to ask for your bank’s permission and give them a very good reason.

The thing is: it’s your money. You’ve worked hard for it. So why can the bank tell you how much you can spend per day, week or month? Besides, the bank charges you for transactions, and it charges you commissions every month because they’re keeping your savings “safe” for you.

Bitcoin and Litecoin remove this problem. You don’t need to ask them for permission. If you have the coins, you can spend them anytime you want in any amount you want. The Litecoin system gives you full control of your assets without any red tape to cut. Is it reliable and secure? Of course, it is, that’s the point in the blockchain.

Is Litecoin better than Bitcoin?

In order to answer this question, we must first explain the difference between both coins.

We start with speed and cost. A Litecoin transfer costs about $0.05 and takes 2.5 minutes to be settled at max. Bitcoin takes 10 minutes (if you’re lucky, it can be up to an hour) and is ten times more expensive.

Is that much of a difference from $0.5 to $0.05? Maybe not, but that’s not the only factor. But if you’re using either coin to transfer sums as small as five USD why should you pay and wait more time if you could do it quicker and cheaper?

Litecoin is indeed better because of costs and transaction speeds. Bitcoin is still and will remain, the mother of all coins, so it pays to be in Bitcoin. The fact remains that many other tokens are cheaper and faster than Bitcoin and Litecoin (think Cardano, Tron, XRP, XLM, among others) but they’re not as famous.

So what’s with all this interest in Litecoin, anyway?

Bitcoin is considered to be a way to store wealth, and Litecoin too. But hedging your bets is always a good idea. As they say, don’t put all your eggs in a single basket.

Litecoin is now the world’s seventh digital asset in terms of market capitalization at $3,197,008,940. It’s a far cry from Bitcoin to be sure. But it’s still one of the most solid options you can find in the cryptosphere.

What’s next for Litecoin?

There’s further development in Litecoin’s plans. Next comes the implementation of “confidential transactions” which means that the transaction’s amount will be available only to the sender and the receiver. Nobody else will be able to figure it out because “Litecoin values these personal liberties and putting you in complete control of your money”.

We hope you understand the Litecoin project in a better way now, but if you are still interested in getting some more details, and see the live official updates from the Litecoin team, you can always download the Totem app at Google’s play store.

For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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3 Reasons Why WISE Token Could Be a Massive Winner in 2021

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WISE token

After working in proprietary trading for over a decade, I decided to transition to crypto in early 2017.  Although crypto is significantly different from traditional capital markets, I managed to successfully find a niche for successful and opportunistic trading.  While 2017 was the perfect time to get involved, the past few years have proven to be a bit more challenging as far as generating ROI.

Cryptocurrency traders have spent the past several years searching far and wide for the next big winner.  While the market as a whole hasn’t been very bull friendly, one specific area that appears to be gaining traction is decentralized finance, more commonly known as DeFi.  This area generally refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum.  The reason why so many crypto entrepreneurs are flocking to this space is that it allows them to create traditional financial vehicles in a decentralized network, outside the meddlesome control of foreign governments.

One extremely popular DeFi project is Chainlink (LINK) which is a decentralized oracle network that provides real-world data to smart contracts on the blockchain.  Chainlink has seen its token price increase by more than 300% year-to-date.    Another impressive project in the space is Kyber Network (KNC) which has seen its token soar from $0.20 at the start of the year to more than $1.60 at present.  Kyber Network’s on-chain liquidity protocol allows decentralized tokens swaps to be…

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Lotto Nation is Revolutionizing the Traditional Lottery Industry

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Lotto Nation

As the global economy continues to deal with the economic fallout due to the ongoing pandemic, companies are coming to terms with the fact that normalcy may not return for quite a while.  Many economists are wondering how the business landscape will look a year or more from now.  It’s certainly possible that many businesses, such as retailers and restaurants, may be unable to survive the current downturn.  But while some businesses will falter, others will emerge stronger than ever.

Traditionally, when economies go through a severe downturn, companies adapt.  Those that maintain the status quo usually have great difficulty while those that adapt prosper and conquer.  One possible example of this is Lotto Nation.  Thanks to the entrepreneurial skills of Nils Thomson, the Founder and CEO of Lotto Nation, the company is attempting to completely modernize the traditional lottery industry.

Current Lottery Model is Severely Outdated

It’s safe to say that nearly every human that has ever walked the earth has fantasized about winning the massive jackpot that would completely change their life.  These dreams have turned the global lottery industry into a $302 billion market that is expected to reach $380 billion by 2025.  Despite this predicted growth, the industry suffers from a variety of problems that are preventing it from really exploding.

Perhaps the biggest problem is that traditional lotteries are centralized.  Because of this, there is essentially no oversight on what a lottery provider…

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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social

When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve, unlock their full potential, and improve trading performance.  Cryptocurrency trading can…

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