Litecoin (LTC) current price is $50.97 with a marketcap of $3.01 B. Its price is -1.29% down in last 24 hours.
- Litecoin (LTC)
- Live Price $50.97
24h % -1.29%
- Market Cap$3.01 B
- Volume$503.12 M
- Available Supply59.13 M LTC
More Info About Coin
With more than 1,000 cryptocurrencies out there, the ranking of any one other than Bitcoin itself can be a bit jumpy. Litecoin came around about 2 years after Bitcoin’s initial release and has found itself ranked in the top 10 cryptocurrencies worldwide. The differences between it and Bitcoin are mainly on the technical side, which makes many people a bit hesitant to look at Litecoin as a long term investment.
The creator of Litecoin, Charlie Lee, maintains there are Litecoin millionaires out there, but says he is not in that elite group. He created it with several tweaks to the Bitcoin model, but those tweaks made it a preferred cryptocurrency to most of its competitors.
One of the key advantages for cryptocurrency miners is that it creates a fairer distribution than Bitcoin. This equitable supply and demand model is brought about using a slightly different mining protocol than Bitcoin, making it a more attractive investment.
Investors like the liquidity factor of Litecoin. The number to remember here is 4, as the volume of available Litecoin for purchases and transactions will be 4 times greater than that of Bitcoin.
There is something to be said for not being Number One, as there consistently have been reports of people hoarding Bitcoin. With Litecoin that possibility is significantly reduced by this critical liquidity factor.
Blockchains are a crucial part of any cryptocurrency technology, and here is an area where Litecoin shines. It generates a block every two and a half minutes as compared with Bitcoin’s 10 minute interval. (There is that number 4 again.) What this means to investors is you get your money faster, a priority when the value of Litecoin makes a serious upward move.
It was mentioned earlier that though the technologies of Bitcoin and Litecoin were very similar, creator Lee worked hard to make a cryptocurrency that also had flexibility as an essential component. This has proven to be the case, as over time Litecoin has proven itself to be technologically superior.
One example is in the Segregated Witness technology it was able to not only test, but implement a full 90 days before Bitcoin. Anyone who knowns anything about programming knows that testing is the knotty combination of mandatory and time consuming.
For Litecoin, this specific technology creates lower transaction fees, and who doesn’t like paying less per transaction?
Recently, Charlie Lee had spoken on some of the ways he was working on to distinguish Litecoin from Bitcoin. The truth is, many investors are focused on actual returns rather than the technology that increases those returns.
Admittedly, with cryptocurrencies this is difficult to do given the nature of the program, but it seems Lee has recognized this is a necessary step if Litecoin is to survive in the long run.
Interestingly, one of those ways involved transaction fees by putting them at the head of the block headers. This is intended to improve the overall network and to prevent miners from artificially increasing Litecoin transaction fees.
This issue of transactions fees is one of the factors that separates Litecoin from Bitcoin, and apparently Lee realizes if he loses this edge then the differences between Litecoin will become blurred by a factor of one.
Critics of Litecoin maintain that there is nothing that really distinguishes it from Bitcoin. But this is from a purely profit perspective, and we know that one of Ethereum’s separations from Bitcoin is the flexible technology. Ditto for Litecoin, though the differences are not as pronounced.
Other critics maintain Litecoin’s biggest problem is its lack of notoriety within the cryptocurrency sphere. Lee seems to have taken steps to change the direction of what some consider to be its anonymity among the general public, but whether for good or bad, the public follows what is popular and widely known.
Should public perception change, Litecoin has the potential to outshine Bitcoin in the cryptocurrency marketplace.
When you look at Bitcoin and Litecoin side-by-side, what you see is two cryptocurrencies that are currently competing with each other because they are so similar. If this strikes you as odd, join the crowd. But it is these similarities that actually endanger both. As the interest and investment in cryptocurrencies evolve, so do the number of new ones that include improvements neither of these two major players can compete with in the long haul.
At this point, it is hard to choose between which is better because one offers stability and the other flexibility that gives it future value. You may think of it as the pebble in the pond, where Bitcoin is the pond and Litecoin is the pebble. It’s hard to notice the pebble, but if enough people start looking for it the size of the pond won’t matter.
This is where Litecoin needs to make serious strides towards improving, otherwise its investors will be looking elsewhere.
Pros & Cons
|Faster and cheaper than Bitcoin||It's pretty much just a copy of Bitcoin with a few improvements|
|Easier to mine than Bitcoin (uses Proof of Work algorithm)||Since Segwit has recently been included in Bitcoin, the advantages of Litecoin over Bitcoin are reduced|
|When there is lightning there is no reason to use LTC|
|The most uninspired coin ever - No privacy, no staking, no masternodes, nothing, just send and receive|
BCrypto Investment Tip
Litecoin used to hold a spot in the top 5 cryptocurrencies for a long while but recently it started to drop and it's no surprise to me. Litecoin isn't so bad, it's fast, it's cheap but it has nothing else to offer, there is no reason for this coin to exist, there are better currencies and I think it won't be anywhere in the top 20 cryptocurrencies in the next 3-5 years eventhough it might see a spike in price, I don't believe it will be for long.