Litecoin opened the year 2017 at the $4.82 mark, and by the end of the year, it climbed to $234.43 to open for 2018 transactions.
The current price of Litecoin to the USD is $226.08 as at morning trades (09.00 GMT) of 16th January 2018.
Litecoin soared like other cryptocurrencies in the month of December to peak at $366.15 although it beat a retreat in the aftermath of the South Korean melee that affected most cryptos.
Litecoin has maintained its place on the list of the Top Ten cryptocurrencies by market value over the last 12 months.
What is Litecoin?
Unlike Bitcoin whose originator is hidden behind the veil, Charlie Lee is reputed to have innovated Litecoin in 2011, and precisely on October 7th of that year. Charlie used to work for the tech Giant, Google.
Charlie Lee also had the support of Warren Togami and an anonymous guy called Shaolinfry, at one time or the other.
The motivation for the creation of Litecoin was to expedite transaction speed and decentralize mining pools.
Litecoin runs on an open source platform and uses cryptographic codes to ensure transaction security. Since it is decentralized, it is easy for blocks to be added faster on the Litecoin platform.
The Bitcoin core was modified to make it possible for transactions to be identified in two and half minutes instead of 10 minutes on the Bitcoin Blockchain.
How Litecoin Works
Litecoins also utilizes the mining procedure made popular by Bitcoin for its creation.
When a new block is created on the Litecoin platform, it is confirmed and authorized after verification by mining software. Every new block that gets verified is added to the Litecoin chain.
Litecoin procedures led to the identification of Bitcoin’s upper limit of supply pegged at 21 million coins.
Since the algorithm used for Litecoin optimized Bitcoin 4x, the total supply of Litecoins will be 84 million coins.
On the average, Litecoins are mined at the rate of a block per 2.5 minutes, and this leads to 25 Litecoins within the same time frame.
In 24 hours, 14,400 Litecoins are churned out, and this will continue till the 84 million mark is reached.
What is Litecoin Token?
Litecoin tokens are identified as XLT or LTC. The tokens are designed and optimized for compatibility with Bitcoin, so that integration of a Bitcoin application to LTC is easy.
Since Litecoin already provides a faster transaction pace, integrating apps supported by Bitcoin Blockchain to it is recommended.
Any merchant, who is open to processing of small transactions, will be able to leverage on Litecoin for this purpose.
Websites are easy to integrate to the Litecoin network through plugins made available by e-commerce app developers.
Any business that supports Litecoin transactions will be able to accept the tokens for transactions.
A business can also get registered on the Litecoin website so that an index can be created for it for easy discoverability by users.
How to Buy Litecoin
Litecoin can be bought on many exchanges and stored thereafter using the Litecoin wallet. This can be downloaded and stored in a mobile device, laptop, desktop and tablets.
With your wallet downloaded, you will be able to send and receive payments as long as your address is valid.
Litecoin is now supported in more exchanges than before. Here is what you can do:
• Go to an exchange of your choice
• Fund your account (cash deposits, credit card or in some cases, PayPal)
• Go your account dashboard
• Select “buy”
• Enter the currency you are buying; in this case LTC
• Enter the units and your deposit will be charged to give you the LTC you bought
• You can send your LTC to your wallet address
• Always remember to use your address as shown on your wallet
Trading Litecoin is made easy with the number of exchanges that support the crypto increasing by the day. Some reasons for trading LTC include:
• To raise immediate cash
• To take advantage of a price surge
• To exchange it for any other crypto
Depending on what your needs might be, Litecoin is easily convertible, and is a trader’s delight.