Litecoin was founded by Charlie Lee, who is a former Google employee and also a former engineering director of coinbase. Litecoin is the third-largest cryptocurrency measured by market capitalization.
Litecoin is a peer-to-peer cryptocurrency. A creation base on an open-source cryptocurrency protocol and is managed by the central authority, litecoin was an early spinoff, it was meant to be Bitcoin’s gold.
Similarities of bitcoin and litecoin
- Both bitcoin and Bitcoin are mined, therefore they both require proof of work
- Both bitcoin and Bitcoin can function as an online payment system
- They will only ever be a maximum of 21 mill in bitcoin, and they will also ever be 84 million litecoin in circulation
Is Bitcoin a good investment?
Litecoin is relatively stable compared with other altcoins that we’re created around the same time. Litecoin is consistently ranking in the top 15 cryptocurrencies made by market cap.
Does litecoin have a future?
Litecoin transactions are on average, four times faster than bitcoin, cryptocurrency experts have foreseen that litecoin will eventually replace Bitcoin as a digital asset and will source funds.
Is Bitcoin better than litecoin
Litecoin can produce a greater number of coins than bitcoin, litecoin transaction speed is faster but these factors don’t impact the value or usability.
Differences between bitcoin and litecoin
The difference between bitcoin and litecoin are:
- Litecoin network aims to process a block every 2.5 minutes, and bitcoins process 10 minutes.
- Litecoin uses sequential memory hard function requiring a more systematically more memory than an algorithm which is not memory hard. Litecoin uses script in it proof of work algorithm and bitcoin uses SHA-256.
FPGA and ASIC devices made for mining litecoin are more complicated to create and more expensive to produce due to lite coin use of algorithm more than they are for bitcoin.
What will litecoin be worth in 2025?
According to predictions, litecoin could rise to $550 by the very end of 2021, rising to $1,100 in 2022, and achieving a mean price of $3,500 by 2025.
Advantage of litecoin over bitcoin
- Litecoin handle more transactions given the shorter block generation time
- Litecoin also has a barely perceptible transaction fee
Is litecoin worth buying?
Although litecoin is often compared to bitcoin, litecoin has a faster transaction time and lower fees to buy and sell LTC, which can make it a better investment.
At the time of writing this article 1 lite is $30, which is about 9,000 naira if you are looking for an altcoin to invest in, litecoin is definitely a good choice