What is Litecoin and How Is It Different from Bitcoin?
It has been a long time since crypto first appeared as a concept of money. After Bitcoin, hundreds of projects have grasped the attention of the community. Some have taken advantage of its capabilities to create a rather bright future – others have simply disappeared. One of the cryptocurrencies with the largest market cap is called Litecoin. What is Litecoin (LTC)? How is it different from Bitcoin?
In this article we will answer all of your Litecoin related questions. And if we don’t, be sure to leave it in the comments below and we will answer it there.
What is Litecoin (LTC)?
Litecoin (LTC) is a cryptocurrency that was created in 2011. It was one of the first altcoins ever known. Its creator is Charlie Lee, one of the most familiar faces in the crypto market.
The first thing we need to know about Litecoin (LTC) is that it is an alternative to Bitcoin. In some ways, their codes and properties are quite similar. But, as its name says, we could consider Litecoin as a light version of Bitcoin.
How are Litecoin and Bitcoin Different?
Given their many similarities, we need to talk about how different they are.
The principal difference has to be pricing wise. At the time of writing, Bitcoin’s price was around $9,200. On the other hand, Litecoin’s price was around $43.50. The difference is staggering.
There is also a massive difference in the market cap of each crypto. Bitcoin’s market cap is at around $169.73B. Litecoin falls short in comparison with a market cap of only $2.33B.
But, not everything points to the Bitcoin side in terms of advantages. Litecoin, for example, has four times bBitcoin’s max supply. That is, while Bitcoin’s max supply is 21 million, Litecoin’s supply is 84 million. Something similar happens with their circulating supply. There are around 18.43M Bitcoins out there – while there are around 65M LTCs in circulation.
Similarly, blocks in the Litecoin network are generated much faster than Bitcoin. A Litecoin block is generated every 2.5 minutes, while a Bitcoin block takes up to 10 minutes to generate. Finally, a transaction in Litecoin only needs the approval of 75% of the miners. Bitcoin, on the other hand, requires 95% approval. This allows Litecoin transactions to be faster than Bitcoin and some of the other altcoins.
Historical Price Analysis
Litecoin price history is unique on its own. LTC spent many years being a cryptocurrency that many invested in because it was cheap. Yet, 2017 bull run came, and Litecoin was one of the biggest winners. By the end of February 2017, Litecoin’s price was around $3.80. One month later, LTC was worth around $6.70 – almost doubled in price.
LTC continued working its way up. On September 1st, 2017 Litecoin had its highest point in history – an impressive price of $90 an LTC.
December 2017 came and brought an amazing gift to Litecoin investors. LTC price jumped to a new All-time-high of $375 just days away from Christmas.
Sadly, Litecoin has not had the same luck it had back then. Right now, it is fighting to break the $50 resistance. Yet, it is considered that an LTC rally usually shows that a bull run is about to come. So, Litecoin still takes a special place in many people’s hearts.
Even if Litecoin has had its controversy, it has one of the healthiest communities in all of the crypto space. If you want to buy Litecoin, you can get it in almost any broker or exchange you can think of. If you want to keep them safe, you can download Exodus or even better, you can create your own paper wallet.