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Litecoin (LTC) is my personal favorite cryptocurrency, and it is one of the most popular altcoins, (digital coins that aren’t bitcoin). Like all cryptocurrencies, the fiat (country’s official currency) value of Litecoin ebbs and wanes. You may be wondering, as I do from day to day, what is Litecoin’s value?
The Value Of Litecoin
It isn’t going to knock your socks off. At this particular moment, 3:48 pm EST, November 8, 2019, the value of Litecoin is $60.07. By the time I finish this article, it probably will have changed. Update: $60.18 at 7:17, same date. Update: $61.30 at 9:44 pm.
At its peak, Litecoin’s value was $375.29. You could think, “Oh how the mighty has fallen.” However, the year prior, LTC was worth under $5.00.
The best time to buy LTC or any digital currency is when the value is low! Be patient, the value will go up. It doesn’t happen with every single coin, but Litecoin isn’t going bust.
What Is Litecoin?
According to its website: Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.
So we see that LTC rides the proven coattails of BTC. When many people first hear the word Litecoin, they think of Bitcoin. Putting the two together, we realize that Litecoin, though not worth as much as Bitcoin, is pretty much the same thing.
History Of Litecoin
Developed by Charlie Lee, Litecoin was released for use in October 2011. It took off quickly in the wake of its better-known predecessor, BTC.
Litecoin founder, Charlie Lee, wanted to modify Bitcoin’s rules in ways he considered beneficial. He wanted to reduce the amount of time required to confirm new transactions. He also wanted to enable anyone to become an LTC miner.
LTC has been a well-known digital asset since it was first released. It reached a $1 billion market capitalization only two years after its inception. Known as silver to BTC gold, it’s no wonder it’s my favorite coin! I’ve always loved silver more than gold! Moving on…
In November 2013, an updated version of Litecoin was released. It eliminated some vulnerabilities and enhanced security. Simultaneously, LTC experienced incredible growth – 100% leap in 24 hours and reached the market cap of $1 Billion.
In December 2013, the developer team released another update. It was effective with low transaction fees. It also had improved performance and security. This version ensured low fee transactions that were delayed by the older versions.
Litecoin’s blockchain is capable of handling higher transaction volume than that of Bitcoin. Due to more frequent block generation, the network supports more transactions. This results in merchants getting faster confirmation times.
Miners receive 25 new litecoins per block. This number gets halved around every 4 years, which is every 840,000 blocks.
The Litecoin network is scheduled to create 84 million litecoins, which is 4 times as many currency units as Bitcoin.
Who Accepts Litecoin
- Ellenet, an Australian IT solutions provider.
- eGifter, which sells electronic cards, etc.
- KnCMiner, which sells mining hardware and equipment.
- Benz and Beamer, which was bought entirely with LTC!
- Glory, an international kickboxing promotion company.
- Spectral Body, an online store.
- Flexa, a retail payment network.
(EDIT: I had put in an earlier version of this article that Amazon accepts digital currency. That information is false. At this time, Amazon does not accept cryptocurrency!)
Although public lists count a few hundred sites that accept Litecoin, in reality, the businesses that accept LTC as payment are many more, perhaps thousands or even several thousand. It is not uncommon for a shop that accepts Bitcoin to also accept Litecoin.
Why Use Litecoin
Security. If your money exists in the ether, you can’t be mugged. Banks can’t be robbed of it. Losing crypto is almost always a matter of personal choice or stupidity.
No exchange rates. 10 LTC can be used by an American in Wales buying a Swedish magazine. Whatever the value of LTC is in Euros will be what the magazine costs. No need to turn dollars into pounds then euros.
Privacy. People who have access to your bank account info and your purse have no way of knowing what you’re spending LTC on or how much you’ve spent.
How To Acquire Litecoin
You could also transfer LTC directly from another person’s wallet to yours as an exchange for a product or service.
Give it some thought. I bought my Litecoin on Coinbase, then transferred to my Coinbase wallet. There it sits until I decide to spend it.
So, is Litecoin something that interests you? Make a free account with Coinbase to check out prices and statistics. Let us know what your thoughts are in the comments below! Thanks for reading.