Litecoin: A Competitive Crypto
Litecoin’s has specially designed features for smoother & cheaper transactions on daily basis.
Litecoin (LTC) is a peer-to-peer cryptocurrency and it was established by Charles Lee in 2011. He was a former Google employee. We can say that it has many similarities to Bitcoin and it is also based on bitcoin’s source code. Litecoin’s has specially designed features for smoother & cheaper transactions on daily basis. It is also a form of Digital money and with the proper usage of blockchain technology, the transferring of funds can be easily done to individuals & businesses. All the transactions have a recorded public ledger and it helps the currency to regulate its practices as a decentralized payment system which means that it is free from Government interactions.
Functioning of Litecoin
As we know that Litecoin proceeds the creation and transfer of digital coins via an open-source known as a cryptographic protocol. It also takes the help of blockchain technology to record the transactions under the public ledger.
Blockchain is a shared digital ledger that records all the transactions of Litecoin. Cryptocurrency transactions are grouped as “blocks” by miners. After this process, these blocks are cryptographically secured.
Mining is the most common practice in the realm of cryptocurrencies it is securing the blocks in the existing blockchain by using mining software.
Features of Litecoin
1. Speed of Transactions: Litecoin needed more advanced technology in the mining process. It also facilitates financial transactions much faster in comparison to many other cryptos. Litecoin can also perform a higher number of transactions in less period.
2. Market Power: If we compare the market cap of Bitcoin & litecoin then bitcoin has an advantage in this case.
3. Several Coins: Litecoin has a finite number of coins according to data it has almost 84 million coins available.
4. Mining Algorithms: Scrypt being the hash function that is used as mining algorithms in Litecoin.
How the prices of Litecoin get affected? Some factors are given below:
1. Regulation: As we know that it is the major issue in the world of cryptocurrencies as they are not backed up by the Governments and central banks so the Government policies coming in the few next years can affect the prices of cryptos.
2. Supply of Coins: As we know that there are limited coins approximately 84 Million Litecoins available in the market. So the supply process also affects the prices as the time at which coins enter the market is more crucial.
3. Press: Cryptocurrencies prices are affected by many factors and the same principle follows in the case of bitcoins as the public perceptions about the particular cryptocurrency, Prices of other cryptos, Influence of the famous people by their comments on the market and particular coin, etc.
4. Adoption: Till now Litecoin has not been adopted as a mode of payment by businesses and individuals but with the improvement in its blockchain technology and coin’s market space we can say that it can be adopted in few years.
According to Walletinvestor.com "Litecoin cannot be a suitable investment for the long run investment. And its prices can be $127 in one year period”.
According to Oracletime.com "The Litecoin can see an increase in their prices in early future and they gave more preference to Litecoin over bItcoin”
According to Investingpr.com "Investors are finding an alternative investment option in comparison to Bitcoin and we see the shift of investors from bitcoin to Litecoin.”
According to John Mcafee "Litecoin is not growing at the optimal speed and he said that Litecoin has potential to grow same as Bitcoin.”
According to George Tung "Litecoin will witness a low increase in the prices.”
According to Longforecast.com "For 2021 Litecoin price projections are in the range of $86 to $170.”
Litecoin is coming as an alternate option for the investor because its qualities are very effective like faster transactions, security, accountability, etc. According to the market trends, people are taking Litecoin as a Competitor of Bitcoin, but it is too early to say as it has a long journey to go in comparison to Bitcoin. Many factors are affecting the prices of Litecoin and these should be controlled.
Edited By Team CLIQTAX
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