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.
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.
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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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TokenPay (TPAY), Litecoin, and Verge (XVG) alliance about to transpire
Ever since the cryptocurrency sphere was met with the news of the partnership between Litecoin Foundation, TokenPay, and Verge (XVG), the idea of them coming together has been among the most controversial news to ever surface in the cryptocurrency world.
The collaboration managed to even draw the attention of one of the most renowned crypto-influencer and bitcoin campaigner, Tone Vays. In his usual style, Tone took to Twitter handle on hearing the news, tweeting and expressing his disapproval while criticizing the creators of the three cryptocurrencies for allowing such a move to occur.
In retaliation to the attacks from Tone, Charlie Lee, the MD, and founder of Litecoin (LTC) posted his clarification on Reddit on the 17th July in regards to the partnership. Litecoin’s CEO started by explaining the dissimilarities between Litecoin as a currency and Litecoin as a company.
In his remarks, he said that Litecoin as a blockchain and crypto network is a decentralized network, whereas Litecoin Foundation as a company is a centralized non-profit institution whose goal is to ensure Litecoin (LTC) is developed, adopted, and used. Charlie also mentioned that Litecoin’s cryptocurrency and blockchain technologies did not require his direct services at the moment hence his concentration on Litecoin Foundation.
Charlie Lee made his remarks known saying:
“If Litecoin Foundation (LF) is exposed to not doing a good job, nothing should prevent another organisation to step in and do a better job. This is…
Here’s Why This Coin Still Has Wings (WINGS)
WINGS, a decentralized crowdfunding platform based on the Ethereum blockchain, has had a great run over the past two months. Culminating in a peak of US $.23 just a few days ago, the currency behind the product has more than doubled since it’s lows of early September.
Despite the slight downturn WINGS is currently experiencing, this crypto-favorite may not be done running up the green candles on your favorite exchange just yet. A small drop like we had today was actually expected and could be considered healthy by long-term investors. These dips are also appreciated by those of us waiting to get in on a project we feel has real potential. WINGS has shown us that potential and is now presenting a great buying opportunity for speculators and traders looking for the next wave of support to lift this coin into the stratosphere.
What is WINGS?
WINGS was created to nurture project proposals via the Decentralized Autonomous Organization (DAO) model. Using blockchain networks and smart contracts, the platform allows the WINGS community to promote proposals with the greatest chance of positive returns. WINGS, in essence, is a decentralized forecasting ecosystem, where token holders are given an incentive to make choices concerning projects on the platform.
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4 Things That Will Make An Altcoin Successful
Since the crypto craze began, there have been hundreds of altcoins that have emerged and attempted to take over the world of crypto with their advanced and innovative ideas. While these days there are well over 2,000 individual coins, there have been many more to emerge and disappear, all within the last 10 years.
Clearly, having an idea and launching the coin itself is not enough. While it is by no means easy to do so, there are additional measures and rules that you, as an altcoin creator, need to consider if you want your coin to remain relevant. Clearly, not every idea can succeed, and after 10 years, it is quite difficult to present something new. However, cryptos are still a new technology, which is why there are still many unexplored possibilities that may allow you to reach success.
Secrets to altcoin success
1. Capturing the attention
As mentioned earlier, there is not a lot of things that are simple when it comes to creating altcoins. However, while your plan and idea make sense to you, no matter how complex they end up being, this will not be the case with potential investors. Many of them might give up on getting involved if they do not understand what the coin is all about, or if the road ahead seems too complicated and unclear.
This is why having an idea is not enough. What you need to…
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