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More Information about Litecoin
Cryptocurrencies are an emerging technology that just seems to be growing exponentially by the hour. More and more investors are looking to its technology to truly shape the future and are excited about the potential it has to bring to the table.
Focus on fast and speedy transaction
Respectively, altcoins, or cryptocurrencies that have branched off of sole Bitcoin, have begun to emerge in the wave of specifying certain technologies or areas of interest. These may range from creation of smart contracts, to different areas like block size, ease of transaction, and so on. One of the biggest players in the crypto world in today’s market however, is Litecoin, a coin which specifies its area of importance on fast and speedy transactions.
Litecoin utilizes areas of technology such as the lightning network, a network utilization that allows for faster blockchain and cryptocurrency transactions. This means that when the crypto is sent across the blockchain network, while utilizing the lightning network, it will create a very large amount confirmations very quickly as well. Litecoin has also incorporated the technology of segregated witness which works to speed up transaction speeds even faster than the initial amount. Lightning network and segregated witness are two aspects that make Litecoin an extremely powerful altcoin and shows promise in the long term. It is also different as it utilizes some other platforms to easily send and receive transactions.
Litecoin aims at creating a simplified yet easy to use interface that allows users to seamlessly make transactions. This would make transaction speeds much faster and ease the hassle undergone to make simple payments on the crypto market.
Back in 2011, there seemed to be a big debate over the transaction speed associated with Bitcoin. Eventually, Bitcoin would get to a point at which transactions would clog up the blockchain network and make it hard for transactions and payments to make its way through it.
Charlie Lee – Github
There was, at that point, no implementation of a lightning network or even any sort of remedy for these potential problems in Bitcoin’s main implementations. With this in mind, Charlie Lee, a former Google employee worked with a team to release a P2P open source project on Github that was labeled “Litecoin” with the idea of faster and more efficient transactions being implemented into the cryptocurrency world.
Litecoin vs Bitcoin
Charlie Lee assembled his development team and worked extremely hard to deliver the functionalities that Bitcoin couldn’t yet perform. Litecoin would come included with the Lightning Network and Segregated Witness, commonly known as Segwit, already implemented. This allowed Litecoin to process a larger number of transactions in a shorter amount of time than Bitcoin could allow and was capable of doing. This was essential for crypto being adapted into mainstream, because when Bitcoin finally kicked off early 2014-2015, it started to as expected, become congested. This congested slowed Bitcoin transaction and such down extremely. There was no way it could recover, all that was needed to do was wait.
At this time, the inclusion of the various technological advancements for Bitcoin to speedily enhanced was not there either. So people saw Litecoin as as safehaven for this and when the technology was discovered, Litecoin was quickly adapted because of its ease of transactions and speed that other cryptocurrencies did not possess. Since then it has steadily increased in public adoption as people are able to make large transactions with cryptos fast and efficiently.
A more than common issue in the blockchain network that we have seen as of recently is Blockchain and transaction congestion.
This occurs when there are a lot of transactions that are being completed at one time. If you’ve been utilizing Bitcoin for the past year, you are more than aware of this problem as it can seriously be an annoyance and cause some problems. Within the past year, Bitcoin’s problem with these transactions were causing a serious problem. Transactions that were being processed were taking days at a time to simply reach a confirmation.
Processing transaction solution
That alone was enough to anger users of the currency, as there was no main solution and one of the main advantages to Bitcoin was that you could send Bitcoin fast and seamlessly from any location and have it land half way across the world if you wanted to. The past year was tough for Bitcoin because it couldn’t process the amount of transactions that it wanted to. It didn’t have the technology available to process the amount of transactions, at least at that time, that it was receiving. Litecoin was a solution to this problem and proved to investors that it had some extreme power. With Bitcoin lagging in price confirmations and such, Litecoin quickly acquired popularity as it integrated Segregated Witness and the lightning network. Transactions could be made almost 3 times as fast as Bitcoin, and was showing up Bitcoin big time. This was Litecoin’s opportunity at becoming an adapted crypto, which it effectively did.
Litecoin quickly became labeled as the “Fast” coin and was easily allowed for further adoption that it has even carried today. Although Bitcoin has gained some advancements that has helped for faster transactions, Litecoin was able to become a dominant player in the crypto scene at that time.
The inclusion and implementation of the lightning network into Litecoin’s framework was one of the biggest milestones for cryptocurrencies in history.
Power and potential of Blockchain network
It was a very incredible feature that showed the power and potential that the blockchain network could serve in the history of things. With Litecoin’s inclusion of this, we truly saw some huge potential in it. Litecoin was one of the first cryptocurrencies that included this type of technology which was monumental in the end result, it showed that these types of technologies could be added to the blockchain and therefore improved upon. It in a way set the standard for other cryptocurrencies as well, as a large majority of them did not even have the lightning network considered as being implemented into it.
Incorporation of lightning network
Fast forward to May of this year and the lightning network was incorporated into Litecoin’s network making transactions extremely fast. The power of Litecoin now was not able to be controlled at this point. Take for example the first Litecoin transaction that was utilized with the implementation of the lightning network. This transaction was casted from San Francisco to Zurich in about 1 second. Can you imagine broadcasting that transaction through banks? Imagine the bombardment of fees you would be hit with and the extensive amount of time that you’d have to wait in order to just receive that small amount of money.
Litecoin showed some extreme power through this broadcasted transaction and when that was shown, investors and everyday people who want fast transactions took to Litecoin to solve their problems because it was that fast. It showed the power of the cryptocurrency and the amount of problems everyday banks and wire transfers create that could be solved almost instantly.
One of the biggest problems that people have with sending money is utilizing a wire transfer. While some swear by it and state that the wire transfer is the most efficient, safe, and economically beneficial way of sending money over seas, the reality is that to many people it can be an extreme pain.
Wire transfers mean a couple of things; initially, you’re going to have to pay quite a large sum in fees just to transfer it. To make a $1000 transaction to someone across the world, chances are you’ll have to pay about $100 in fees. To many people, this just defeats the purpose of using wire transfers as it costs more to send money; on top of that, some locations require you to cash out on another receiving fee, which can also be a hassle. It seems there are never ending fees, and by the end of it all it can seem like the wire transfer was more than likely not even worth it. That means extreme disuasion from wire transfers.
Delay in wire transfer
Also, let’s look at the amount of time it takes to complete a wire transfer. To a lot of banks and lot of institution, cash wire transfers can take 3-5 days, and to wire transfer to a company or online business which is becoming more and more common, this time can be similar.
From wire transaction to instant transaction
Litecoin and its ability to make extremely swift transactions showed that you can and should be able to make seamless transactions almost instantly, and showed that it has the potential to do so.
Conclusion: Could that be the end of wire transfers?
If Litecoin and cryptos allow for near instant transactions what’s the point of a wire transfer? What’s the point in paying an excess of fees when you can literally do the opposite with near no fees using cryptocurrencies.
With the inclusion of a technological currency, there’s some common worries that are generally normal to ponder about. There’s somethings about having a near completely digital currency that allow for it to have some huge room for error.
Cryptocurrency developers have noticed this however, and have been extremely swift to work upon fixing these transactions. One of the biggest worries about Litecoin and the potential that it has to be worrisome is the fact that the possibility of double spending may come into effect. This can occur in the event that you purchase an item, let’s say a cup of coffee, using Litecoin at the price of 1 Litecoin. What may occur sometimes is that the transaction may glitch and initiate 2 purchases instead of one, leading to a double spending event. This may happen and lead to you losing more money that you initially wanted to spend. If it’s just one litecoin it may not seem like it would be that big of a deal, but some double spending glitches happen and lead to thousands of dollars being lost due to a simple glitch.
Litecoin network processes blocks in 2.5 minutes rather than Bitcoin’s 10 minute block completion. What this could lead to eventually is double spending on the Bitcoin network. Lee, and his team of developers states this faster block completion time leads to a protection against double spending attacks and can protect you from losing your money in a longer event. This can protect some huge placements, and can protect your money.
Litecoin’s inclusion of this shows its value of importance in its technology and the protection of their clients money. Although there are some glitches and errors that are just simply unavoidable, Litecoin’s value of their clients money and protecting the money is very impressive.
Many cryptocurrencies have some serious highlights and emphasis on importance aspects. Some like to focus on overall anonymity factors, some like to focus on other aspects like transaction speed.
Litecoin definitely likes to highlight the importance in ease of transaction and speed in an everyday situation in which they’re being focused on delivering quality timely transactions. Litecoin, in order to deliver this amount of satisfaction through certain transactions, chose to incorporate the programming language Scrypt in its proof of work algorithm. The proof of work algorithm, as it is understood is incorporated and enabled in order to speed up transactions and overall transaction verification.
Transaction verification is important as essentially it’s what gives your transactions and cryptocurrency transactions true and absolute value. This is different from regular money as it has an actual algorithm that verifies and enables the cryptocurrency to have value. The proof of work algorithm is different for each cryptocurrency and utilizes different protocols as well depending on the crypto. Litecoin utilizes the scrypt proof of work algorithm however, which it claims is used to enhance transaction speed as well as speed up the availability on the blockchain. Together, this can be seen as a huge positive inclusion to the network.
Scrypt can be seen as allowing a faster block completion time compared to Bitcoin which is located around 10 minutes. Litecoin utilizes the scrypt language to enhance block completion time to close to 2 and a half minutes, which is much faster.
Although this is a fast transaction amount, it must be noted that speed does not equal security. Although speed has been held very highly, Litecoin has been working to increase its security aspects as well, not just the speed aspect which is why it has been regarded highly in the crypto community.
Litecoin is no doubt an enhanced form of technology that has shown extreme promise in the cryptocurrency world and has shown rise in the recent months.
Litecoin shows some of the most advanced coding capabilities and has some huge features that make it an asset that you’re definitely going to want to be holding within the near future, however, there are some aspects that must be understood in order to better be able to access it and obtain it. Litecoin is very much so like Bitcoin in the way that the currency is obtained through the mining process.
Different protocol than SHA256 of Bitcoin
Bitcoin’s algorithm runs off of the SHA 256 protocol however, which Litecoin does not run off. There are certain reasons as to why Litecoin chose a different protocol to run off other than Bitcoin, but the main reason was emphasis on speed. With the change in technology used, this meant that Litecoin would have to focus moreso on the technical and security aspect of making payments, and not so much on the other aspects that its hardware is focused on covering.
Instead of using SHA 256, Litecoin utilizes Scrypt, the language apparently which helps to speed up transactions and take less time to finish payment confirmations. By utilizing the more expensive and powerful technology however, this means there is more hardware utilization that is required. In essence, regular ASIC miners that are used to mine Bitcoin and go through BTC processes cannot be used for Litecoin. Litecoin has created this for multiple reasons: although it does slow down the process at which Litecoin can be mined and also increases the required amounts needed.
Since Litecoin uses Scrypt as its Proof of Work algorithm, it also requires a more expensive computing power to be used. This is in essence, why Litecoin requires more expensive technology when mining it.
If you have had an interest in cryptocurrency and the actual currencies that are associated with it, you should know by now that in the entirety of existence, certain cryptocurrencies will only have a certain amount of coins in entirety circulation depending on which ones they are.
21 Million Bitcoins
For example, if you’ve read about Bitcoin’s entire lifespan, you should know that during Bitcoin’s lifespan it will produce only about 21 Million coins in total. Of course, as the amount of coins it mines start to dwindle down the difficulty in reaching these blocks will reach higher amounts, but Litecoin is more interesting because in its entire lifespan, Litecoin will breed close to 84 million coins, 4 times the amount Bitcoin offers. Although this does not make huge assumptions about the coin, it states that as it reaches lower levels of availability, price will start to increase drastically and become more and more valuable.
Use in essence
The more amount of coins also means that there will be more to use in essence. With more coins available in circulation that means there would be more available to access. The abundant amount of Litecoin is very intriguing however, because there is more Litecoin in circulation basically. With that in mind, we can look at the fact that there is basically a lot more Litecoin than Bitcoin in the world, and see that if Litecoin were to reach the value that Bitcoin reaches, we can see huge increases in the crypto market overall.
It would basically be a joint effort that is combined between the two of them instead of one dominant winner in the market. Litecoin’s availability and lifespan is also interesting because at this time, it has gone through about half of what it will reach in the eventual lifespan, yet has a price that is nearing almost identically where Bitcoin was when its lifespan was similarly placed. It will be interesting to see Litecoin’s price action in the coming months.
Litecoin is like Ethereum and Bitcoin, a great cryptocurrency that currently exists at lower prices than the likewise, but has many perks and advantages that are positive to the future of cryptocurrencies and such.
Will Litecoin stay on top?
Litecoin is a great cryptocurrency with a developed and involved team that is focused on delivering high quality and high magnitude transactions through the crypto at extremely fast rates of speed that has not been seen in a very long time. Many people believe that the current cryptocurrency market is congested already with the two main blockchain runners, Ethereum and Bitcoin seemingly taking over the market at least at the moment. There seems to be a negative connotation involved that there can’t be a couple of dominating cryptocurrencies in the market, and while this is partially true, there is an evergrowing market for them which means there is a growing space that can be filled by new and upcoming cryptocurrencies.
Litecoin has support
Arguably, Litecoin is here to stay when it comes to comparison with Ethereum and Bitcoin, and many people believe similarly in the same sense. Litecoin has some extreme support behind it, including wallstreet investors who believe the crypto has the technology needed for a successful crypto in the long run. Also, investors believe that Litecoin will be one of the main cryptocurrencies that is widely available in the open market as it shows extreme promise, technology capabilities, and so on.
There seems to be a positive connotation behind Litecoin in the tech area as well because Charlie Lee, the seeming founder of Litecoin seems to come from an influential tech life in which he delivered lots of open source projects that were available to everyone. With this positivity, investors have very bullish sentiments about Litecoin. In itself, it could end up being one of the most successful currencies on the crypto market.
In the cryptoworld, one of the major obstacles that people have to face occasionally is the overwhelming amount of negativity that can sometimes arise from differing opinions. If we look at the Bitcoin community, the community and general public involved with it has a very biased and differing opinions on the methods needed to be taken in terms of handling various situations.
For example, the Bitcoin community is constantly trying to find solutions to certain problems and sometimes these problems that arise are hard to solve, so in some situations the problem is solved by either hard forking, starting a different community, and other ways that are sometimes hurtful for Bitcoin as a whole.
Now, the Litecoin community at least at this moment and time in the development is quite whole and agreeable with one another, at least in some situations. Litecoin has not been faced with huge forks or things that have been detrimental to its development and adaptation to the general public as of right now that has been counted as major, at least at this point in time. With the inclusion of an extremely fast network, great development teams that work behind its development at all times, and so on, Litecoin has what is looking to be a very positive and progressive development team and community that it is based off of. With this in mind, the community definitely works together; problems tend to get solved rather quickly in the Litecoin community as opposed to other communities.
With a concentrated base of users as well, it allows for progressive and beneficial research and processes to take place that are sometimes not available in other cryptomarkets. In terms of general community, Litecoin has showed it has some of the most positive and helpful markets in the general crypto community.
Litecoin was one of the only and first cryptcourrencies that faced a major threat to the end of cryptos which was the problem of scalability and the potential downfall of all those not being able to adapt to scaling.
Scalability means the adaptation and inclusion of being able and fit for a large and extremely abundant amount of users. This means essentially that without the scalability function, Litecoin would not be able to be suited for a large number of users. This inclusion means extreme availability for a large number of users and makes Litecoin a major competitor in the crypto market because of various reasons: if cryptos want to become accepted by major countries they needed to start becoming adapted by large countries which in turn meant that they would have to be able to handle an influx of users that are increasing on the daily. Litecoin was for a while the only cryptocurrency that was able to do this, making all other cryptos, if they had not followed in Litecoin’s footsteps, basically going to be obsolete due to the lack of technology.
Saved from a hard flop
However, Litecoin’s technology and integrated algorithms that allowed for scalability basically saved them from a hard flop in the crypto world which was a very big worry for a while. Scalability has been a hot topic in the Litecoin market for a while as well as it needed to be addressed before the crypto market really exploded, and Litecoin truly set the standard for handling this problem.
Litecoin’s current evolving scalability is truly inspiring in a sense now as well because it has shown that crypto’s can adapt to an influx of new users very fast and efficiently too without suffering huge crashes or mistakes. This is essential for the further development and adaptation of any crypto.
If you’ve been paying attention to the crypto market in the past couple months, specifically the year of 2017, you’ll know that the crypto market has been absolutely booming and doesn’t show any signs of stopping any time soon.
Different altcoins and branches of the Bitcoin network have begun to increase steadily at rates that are truly unmatched to some of the most respected and sought after stocks and such. Within the last year we saw an incredible boost in overall Litecoin price that stemmed from multiple factors, but mainly because it was seen as an established and well developed altcoin. If Bitcoin isn’t the standalone winner in the crypto market then there is definitely room for other improvements and increases as Litecoin has shown. Before Bitcoin’s scalability solutions and other technological improvements, Litecoin was setting the path and showing the way behind what to do in order to become a respected and sought after crypto.
Litecoin technology and code
The technology and coding went into Litecoin and its associates was truly impressive and led to its massive boom within the past year. We can acknowledge that this previous Litecoin boom which stemmed from multiple factors such as a solution to scalability options, improved lightning network capability, and faster transaction speed, was the cause of its immense price action that seemed to stem out of nowhere.
There is usually a negative connotation behind price booms such as this which are usually associated with a bubble, and it is sometimes regarded as being artificial increases, however, Litecoin in the eyes of many was simply adjusting to its well deserved spot in the crypto market. It was taking the price that it deserved because of its dedication in coding and such whic was not undertaken by any other crypto, at least at the current moment.
Cryptocurrencies usually have different fronts to which they dominate the market in and this can be different for each one. Certain ones have concentrated areas on technology, development and coding areas, publicity and so on.
Strenght of Litecoin
Litecoin has shown it has some great strength in the PR section of its section. PR is definitely something that must be monitored in the crypto market especially if a crypto or upcoming coin wants to have a solidified appearance in the market. There’s always room for improvement in this area and some other cryptos have shown some huge weaknesses in this area and it has inevitably led to their downfall or failure to grow in the way that they truly potentially can. PR has the power to do many things specifically in the crypto world; they have the power to increase and grow the coin that they are focused on by communicating and keeping in contact with the regular community that grows their volume and overall usage. Litecoin has shown superiority in this area as Charlie Lee and his team have shown integration in their community and has shown that they truly care about their team.
Litecoin and Reddit
Litecoin has had multiple staff members host AMA’s on reddit; for those who don’t know this is a great way to get involved with the community and a great way to look for ways to improve in certain areas. For example, an AMA can help developers look for areas they need to focus explicitly on instead of having certain trial and error events that happen real time, it is a great way to forecast problems that will need solving eventually.
Litecoin’s PR team is great as well because they have great community involvement nad great integration within the crypto market as a whole making them a great asset to have when you’re having problems or technical issues.
If you look at the development team behind Litecoin you can see that the team is very technologically oriented.
The team of Litecoin
They come from a team that has created huge projects before that has been built under great pressure and with great skill in their code and design. With this kept in mind, we have to look at how Litecoin emphasizes on this even in today’s world. Litecoin has developers and people who have coded huge projects on huge scales, but probably nothing as large as the cryptocurrency market. However, nobody truly has had a huge shot at anything like the crypto market, but looking at Litecoin’s team they definitely have the skills needed for this in a technological sense.
Charlie Lee, the main founder behind Litecoin has shown technological superiority in this market however as his skills have shown some great value within the past year or two. Litecoin is truly a technologically complex technology as it even has more advanced features than most cryptocurrencies and was one of the first cryptos that integrated some experimental technologies, such as the scaling solutions and lightning network both included in hopes of making the crypto network faster and easier with transactions and such. However, some people in the Litecoin community are worried that this extreme emphasis on technology and not other aspects may be a downside.
While Litecoin is great technologically, there are other areas that people of the community wish to improve upon as well, such as public integration, coding additions, and more things like that that would allow Litecoin to become easily socially adaptable. It has shown no extreme interest in these areas as of right now, as Litecoin seems to focus at this point in time more so on the technological areas which has shown technological superiority over other technologies.
Just like all other cryptocurrencies, Litecoin runs off of the blockchain technology and is considered to be a technological currency which means that it is not physically tangible in sorts, you can’t physically touch Litecoin however you can obtain access to Litecoin through a hardware wallet.
The best way to obtain Litecoin is by either completing in P2P transactions or going through a cryptocurrency exchange which is easily accessible on the internet. These exchanges allow for usually Debit card transactions or wire transfers straight from your bank. With a P2P transaction you would have to find someone on a site like craigslist or such with an active usable Litecoin wallet and ample Litecoin. You would meet them in person, complete the transaction as they see fit, typically by using cash, and they would usually send the Coin over to your wallet address. It works exactly like other cryptocurrencies as you can send and receive the currencies through a wallet.
Exchanges work how they normally do with Litecoin as well; find a Litecoin supplier from an exchange like Bitdenex and then link either a debit card, or a bank account depending on what they specify and then provide the correct information. Then you can right away access instant transactions and their speed. Litecoin is typically linked straight to your wallet after you make the payment and shouldn’t take longer than a couple minutes to show up confirmed and ready to use.
With the Litecoin in your wallet you basically officially have access to this Litecoin and can then as a result use this for various usages; payments, sending, receiving, and so on. Litecoin utilizes great technology to work fast and efficiently as well so having a problem with it is usually not evident.
So let’s assume that you’ve been acquiring and collecting Litecoin over the course of a couple months and watched your portfolio grow to great amounts due to the power of cryptocurrencies and their immense potential.
Imagine you have gone through great lengths to accept these currencies and have some great amounts sitting in your wallet based on various methods. So you have the Litecoin in your wallet and want to turn it into accessible money like a fiat currency. In other words, you’d like to sell your Litecoin for usable currency at the moment. This can be easily done through various methods. You can either go through lengths of finding an in real life buyer which you can then set up a transaction in a public place, commonly referred to as P2P transaction or you can use an exchange which is the most common method.
The process to sell Litecoins
Exchanges will 99% of the time be willing to buy your Litecoin from you in exchange for your preferred currency typically a fiat base. This is commonly done easily through exchanges like Coinbase. The process works like this; you place the Litecoin in the exchanges wallet that you create and can customize typically. You verify your identity, place of residence, and so on to basically confirm that you’re a human, and then you can typically have an option to sell the Litecoin or whichever cryptocurrency you have in mind by pressing the typical button associated with it.
Depending on the current exchange rate however, Litecoin can be sold for that amount and depending how much of it you actually have multiplied by the exchange rate is usually the amount of fiat you will receive in return for it. Selling Litecoin is quite easy and exchanges make the process rather seamless and fast. You can complete the processes very fast and efficiently and most of the time you can have some great success with it.
If you’re familiar with mining cryptocurrencies you’ve definitely heard of the term of hash rate, but regardless of your knowledge on this subject or not however, you can assume that with increasing hash rate, there can be a somewhat creatable price return and overall value in the currency.
Secure and safe blockchain
With this in mind, we can look at the fact that factually Litecoin is the second most secure and safe blockchain to mine upon. With this, we can disregard all other cryptocurrencies on the overall market and look at Litecoin as being one of the most secure. Now look at the world of miners and the amount of trouble that they sometimes must go through to ensure their profitability. They want the most profitable, secure, and safe way of mining and obtaining the cryptocurrencies. We’re looking at this with the assumption that people are going to act in their rational best self interest to which they look for the most profitable and available possibilities. Miner’s are going to look for the most profitable areas to find mining opportunities.
With increasing hash rate there is usually an accommodating difficulty adjustment which would make the incentive for mining Litecoin more difficult and have to require more expensive and sort of advanced technology to attain these levels. Although this may seem like it is more dissuading for Litecoin, more people have been mining Litecoin instead because it means security and stability in the crypto network rather than wavering rates and such. There is a definite outcome that one will receive rather than a varying result that is not exactly guaranteed.
Growing hash rate usually means more difficulty, but also means there is a rising price as if people are willing to mine at higher prices and higher difficulty it is positive for the crypto. If there are people willing to mine at high hash rates is a good reason for doing so as miners act self interested in profitability typically.
Litecoin has shown some extreme promise in various aspects; from its unmatched form of technology to incredible impressive speed capabilities, there are some portions of it that show extreme promise.
Implement in society
Litecoin has shown that it has begun to implement itself into everyday society in various forms that range from instant transactions to speedy payment systems. In today’s world we live in an almost entirely complete technological society which means there’s a lot of areas to which we need to make adjustments to and it’s not just in the basic areas of communication that many believe is necessary. Litecoin is a step into the future in many aspects; for starters, the near instant transactions that have been proven shows that there’s some extreme promise in the technology behind Litecoin. In todays society we want fast transactions, instant payments, and to be able to use money nearly instantly and we don’t want to wait.
Wire transaction vs Litecoin transaction
Take for example, wire transfers. Wire transfers take an excessive amount of time and many of these payments that do allow for very fast transaction speeds have insane fee amounts. By the time we’re done with the transaction, it doesn’t even matter what the payment was, there’s such an excess of fees that it might not even be worth it. Litecoin will slowly but surely integrate itself into society as you can send and receive payments to people halfway across the globe and more, in nearly a minute.
Utilizing lightning network technology, Litecoin has some of the most promising and impressive tech behind payments. Also, online businesses are flocking to Litecoin, as they believe it’s speed and availability to be a safe haven from slow and buggy transactions that we see everyday.
Taking into account the fact that some transactions are in the size of huge payment amounts, and not every single transaction in today’s world is worth only $1, we have to take into consideration huge transaction amounts.
Moving large payments
This moves large payments must be moved eventually. People will want to move large amounts of Litecoin, in essence meaning moving large amounts of money. Many cryptocurrencies face this issue, of moving big transactions. Big transactions, which take up a large amount of the blockchain and must have room on the network in order to complete, are becoming a more interesting factor in the blockchain. This means that cryptocurrencies are going to need to adapt. Litecoin is in essence a solution to this big payment problem.
Technology to move large payments
Litecoin was built and coded with the idea of fast and efficient transactions in mind, people wanted to move money from place to place as quick as possible without facing problems. The main problem that cryptocurrencies may have sometimes is moving large amounts quickly through the network. Litecoin makes itself lighter and easier to move which is a huge plus, especially in today’s day and age where big companies and businesses want to move their money across the globe fast and efficiently. Litecoin’s technology, utilizing the lightning network and a 2.5 block creation rate, is able to move big money faster.
Litecoin is just essentially lighter and easier to move than most cryptocurrencies. It set a standard for cryptocurrencies as well, if you’ve been wathcing the market, many cryptos have had trouble moving large amounts fast, and Litecoin has worked efficiently to improve upon this issue. Litecoin is easier to move as well; it just makes it more efficient to transport from wallet to wallet as fast as possible, making it one of the more reliable cryptocurrencies on the network.
Like any other sort of business online businesses and companies are always looking for the newest and best options as to find easy and efficient ways of transporting revenue or expenses very fast.
Solution of many problems!
Litecoin serves as a solution to many of the problems that online companies and businesses face in the event of trying to acquire and accumulate revenue, the main goal of many of these platforms. When online, there are many fees and licenses that are required in order to just go through the general process of conducting your business; however, with Litecoin, many of these issues are solved.
Benefits of Litecoin
Litecoin is open source, P2P, and decentralized, making it a viable option for many people of different countries to create and enable payments on their businesses. With this option, Litecoin specifically, can be used to enable fast transactions and opens a door of possibilities for fast and efficient transactions in the crypto and online business world. Online businesses are very volatile and very hard to start up. If you don’t have an immense amount of capital, simply being able to distribute your products and such without the right licenses, which also cost a fortune, becomes nearly impossible. Everyday people aren’t able to provide the internet with businesses that they are just as capable of doing as people who have large amounts of money. It simply doesn’t seem fair – however Litecoin enables fast and efficiently monitored transactions to be completed nearly instantly enabled.
Especially with the new abilities and technological developments that it has enabled, Litecoin’s future in the online business world is vast and has infinite potential. Online businesses, with Litecoin will be able to efficiently and speedily enable transactions and payments for their services that would otherwise not be available. In addition, all of these transactions can be completed from around the world, seamlessly.
Litecoin has shown an incredible surge in price action within the past year, specifically 2017, which at this moment showed it was capable of reaching up to over the $50 mark and kept going even after that.
Litecoin keeps growing
Litecoin has been regarded by many as being a bubble and not being able at keeping up at the incredible price action that it has shown at least at this moment. In order for it to keep growing and increasing at the rapid rates that it has shown recently, it must improve upon multiple factors and simply keep improving upon its technology and community involvement like it has been doing as of recently. Litecoin has been regarded by many as done growing, but has been regarded by many as well as being ready for an entirely new wave of growth.
Litecoin is undervalued
Cryptocurrencies as a whole in the recent year have shown that it has some crazy room for growing. So why would Litecoin not be in that area of growth and potential as well? Litecoin is an undervalued currency at the moment if anything; the technology it demonstrated and was capable of showing was more valuable and more advanced than any cryptocurrency in its time during its development. Litecoin literally stood as a model and standard for cryptocurrencies and their ability in maintaining high quality technology.
There was lots about it that was faltered, but in the same sense there was an infinite amount of growth that Litecoin had to do overall. When the question arises to whether or not Litecoin is done growing, it is usually accomodated by overall fear and uncertainty in the markets. The overall crypto market has shown that it is not done growing and has some huge potential within the near future. So why would Litecoin not be involved in the growth?
As a whole Litecoin is definitely a great option at least as of right now for an investment opportunity but also as being a great business opportunity.
Businesses can easily integrate payments from Litecoin into their main business core and create opportunities through digital payments that were never able possible. However, Litecoin’s not perfect and like every other cryptocurrency needs to be improved in various fronts in order to be completely socially integrated. Communities as a whole have stated some disagreements in Litecoin’s availability and its main functions. It has a lot of perks and positives, but the community has spoken and stated that there are some things that need to be improved upon as well.
Litecoin need some improvements
Litecoin has a couple of areas that it needs to improve upon in order for it to be completely socially integrated and adapted into our current day society. Some of these things range, but specifically are involved with its involvement in the general public. Something Litecoin needs to integrate in order to be completely socially adaptable is it needs to start building platforms, creating applications, and emphasizing its importance. Right now, it is a great opportunity to create transactions that are very fast and can be completed in very limited amounts of time, but there’s always room for improvement. Communities have stated that the Litecoin development team needs to become more generally involved and provide more insight as to what you can do with Litecoin.
Many people understand that the extremely fast and instantly confirming transactions is a plus and can be very much so improved upon, but many people are wary of what happens when all other cryptocurrencies start to have this ability. The communities are just wondering what else can Litecoin do that makes it special? In popular belief, stating and letting the public know of these items is a great opportunity to increase its popularity.
Altcoins as a whole have shown extreme promise in today’s world and the society as a whole shows that there is a large possibility that these altcoins start to become huge assets to investors and digital users together.
Technological users, like just general people who use the internet daily, are definitely going to start using Litecoin as a means of digital payment and online transaction making. There’s just too much involved in the general world and too many obstacles that are involved when using fiat currencies especially on a global scale that allow it to generally not become one of the most used and widely available currencies on the market.
Positive aspects of Litecoin
Litecoin has a much larger and faster transaction speed including confirmation time that is better than all other fiat currencies and wire transfer availabilities in the modern day world. There’s just too much in the positive aspect of the currency for it to start to dominate the general market in terms of currencies. Litecoin can without a doubt start to become a dominant currency in the general currency market, and to be honest it can definitely become one of the best and most widely used currencies in the entire world. In the next year we have to start looking at possible areas that Litecoin will start to head in and in general we need to start looking at the possible price movement.
Conclusion, can Litecoin become a dominant cryptocurrency in the next year?
It’s definitely possible, as it already has shown an immense increase within the past year alone. There’s a bullish sentiment around it and its possibilities that it definitely can become one of the best and most widely used currencies on the general market? Litecoin has huge potential but in order for it to dominate, it must keep making positive movements in the price action range.
Litecoin has shown immense increase within the past year alone and has shown some incredible potential in the modern world; there’s a lot of availability for it and it can become huge.
Investors like to look at bullish sentiments and like to see that an asset that they are looking at investing in is making huge progress and that it is passing huge milestones. Litecoin can be seen as one of these assets as it has shown incredible ground breaking achievements. When investors heard of a transaction that was made across the entire globe that was settled and confirmed in 3 seconds, Litecoin price shot up. This news was entirely positive and showed the infinite possibilities of it. This is what interests investors and shows them that there’s some huge potential in a currency, or in some cases in the overall market.
Litecoin as investment
Investors have been looking at cryptocurrencies very intently within the past 2 years as they’ve shown exponential increase that no other assets have shown and seem to continue to do so. Litecoin is no different. Investors love to hear ground breaking achievements as the earlier they get in on groundbreaking and jaw dropping technology/companies, the more money that they make. Litecoin is still in very early stages of price action as compared to some other cryptocurrencies like Ethereum and Bitcoin; however its capabilities has shown huge promise in the potential of advancing society and advancing the way that we make payments on a global scale.
This is what intrigues investors, and why Litecoin has potentially shot up to new highs as of recently. Its capabilities seem to keep increasing while other cryptos are focusing on public adaptation, Litecoin keeps on focusing on the technological aspect and keeps focusing on how they can better their capabilities. This is what drives investors, essentially.
One of the greatest factors that attracts people to cryptocurrencies in the modern era seems to be the factor and idea of being anonymous and having the anonymity factor in making payments and such.
There’s a big market for that as in essence most of the time you don’t want people tracking your payments and seeing exactly what you’re investing in and to do what degree. Litecoin for a while did not focus on this aspect. For a while, Litecoin’s sole and only focus was to create a coin that was fast and could confirm in a timely manner. There was a very short amount of tolerance involved with this as Litecoin was only focused on speed, and those who are aware of this sort of focus know that only one side of focus especially in cryptocurrencies can in some cases prove to be a very bad idea. There needs to be a balance especially when focusing on the important factors in a cryptocurrencies lifetime. There’s too much room for error when just focusing on one aspect, so when news came out that Charlie Lee and his development team were creating anonymous payment systems and starting to incorporate anonymity as a major factor for Litecoin, the crypto community became ecstatic with the idea.
Litecoin has been integrating a slowly creating anonymity as a main factor in the development of its coin and overall development. The anonymous factor makes Litecoin a very powerful asset because now not only would there be inclusion of extremely fast and efficient payments that seem to confirm within seconds, but anonymity included as well? This gives the community of Litecoin extreme power and essentially payments could be made anonymously and efficiently within a very timely manner almost instantly.
That is the power in Litecoin, and what the developers have been focusing on now that speed seems to be a factor that they have seemingly mastered. Investors seem to believe this is why Litecoin is a huge player in the current crypto market and has some huge potential.
Litecoin has extreme power and has shown that it can outlast huge dips and can build back and bounce back from some huge dips and losses in price action.
This potential and overall power is extremely valuable especially in this market where the volatility seems to be a never ending wave of price dips and price surges. If you’ve kept an eye out for certain news outlets specifically in the financial community however you’ll have seen that there’s tons of news about cryptocurrencies, and if you dial in specifically to those news releases, you’ll see that Litecoin has shown to be what investors to believe an incredible investment for the next year or two. This gives some huge insight into the potential for the currency but it is very intriguing as to how many bullish sentiments surround Litecoin because of its recent technological capabilities.
The future of cryptocurrencies!
Certain outlets that are bullish about it aren’t just third party and unknown outlets either; it seems like huge outlets seem to be releasing bullish ideals about the upcoming crypto. This ranges from SeekingAlpha listing Litecoin as the future in cryptocurrency, and as a great long term option. SeekingAlpha has shown to be correct a lot of the time in terms of looking at long term positive growth, and has some huge heads that are heading it, so to publish an article like that it means that Litecoin has positive sentiments. Nothing is guaranteed but still; it’s intriguing.
Also, other outlets that give news such as CoinTelegraph, and even TheStreet have released all positive news about Litecoin and the future it holds. When news outlets as big and as watched as these are observed and release articles about Litecoin, it means there’s something brewing in the Litecoin price action world; they don’t just release random articles about these technologies and picks.
Usually, when a cryptocurrency emerges it tends to focus on certain aspects that becomes appealing to the audiences and seems to have its focus set on improving upon those aspects.
Ethereum vs Litecoin
If you’re unfamiliar, take for example Ethereum with smart contracts – when Ethereum saw how many developers and companies focused in and zeroed in on the technology and in creating smart contracts, they immediately began to push for development on that end. The Ethereum team, Vitalik Buterin included, seemed to shift over their attention entirely over to creating and working on the technology and scripting languages associated with developing and establishing smart contracts. These smart contracts seemed to be proven as a major area in which there was interest and so as a result, the Ethereum team focused their attentions there. It was generally a smart move and worked very well for them as both developers and users were able to create a mutually beneficial relationship that furthered both price action and the ability to which you were allowed to add Ethereum to platforms.
Litecoin focus on transaction
Litecoin seems to be focusing their attention on the global aspect of the transaction making. Litecoin can be sent and received around the world almost instantly which gives it a huge advantage in the crypto world and in general just in the entire world; the fact that it can globally be used makes it a huge and valuable asset that is envied and wanted by many.
Litecoin has focused its attention on this aspect because now it can be used globally and can attract global users and investors. Have a business partner in Egypt but you’re on a business trip in New York? Send a payment fast and almost instantly with litecoin all the way around the world. This is the global aspect of Litecoin that makes it so valuable.
So like many people, there are speculations about holding electronic currency and not actually having the physical currency in your hand or even in your possession.
Future of payments
Like other digital currencies, Litecoin is very convenient and poses as a definite potential for the future of payments and the future of how things are bought and sold on the internet and even sent and received. Litecoin is typically held in an electronic wallet that is created and maintained on an online wallet system or online exchange system. These exchanges allow you to digitally possess these currencies and manage them on the internet, all virtually. Of course however, this depends on your faith in the actual currencies.
For example, on exchanges the Litecoin that you are holding in your wallet is actually just a promise from the exchange that you own this Litecoin or any other digital currency. It’s not like you physically own the digital currency, however in some cases this is not the case. For example, in the event of owning a hardware wallet which is your private and public keys, you physically and actually own and have possession of your Litecoin.
Hardware wallets, which are wallets that can be physically downloaded to your hard drive are typically the way to go if you are skeptical about exchanges owning your Litecoin and you not having physical access to your coins. Downloading a hardware wallet for Litecoin will enable that you physically own and have control of your coins so that in the event that an exchange were to lose coins or experience an exit scam, you would not lose a dime in actuality.
Litecoin Hardware wallets can be accessed through quick google searches and can be almost instantly accessed. It doesn’t take a lot of knowledge to get this set up and is great for people who don’t trust exchanges entirely.
Litecoin like many of the other cryptocurrencies that are available on the open market is open source which allows for people to take a look at the actual coding and development that is gone into processing Litecoin and its framework.
Litecoin on open source basis
Litecoin has enabled or a very integrated and overall involved community by releasing Litecoin on an Open source basis. This allows developers and others to real time add to the code and point out certain aspects that could be improved or maybe even changed. Litecoin has released its development notes and other information through its Github profile, specifically under Charlie Lee, the head of the project who undergoes and makes sure all releases are up to par.
This opens a whole new world for Litecoin and creates a community involvement that has never been seen in the overall market for any cryptocurrency; it is definitely a regular process for many technology companies as it allows for great involvement and advancements. Open source definitely enables technological advancements as people can real time see what they do and don’t like about the code, get inspiration, or ideas, and then re submit their ideas to the pool of submissions. This allows communication between developers and users, and allows advancements and bugs to be fixed quicker than they are even discovered. It is a great practice and Litecoin by enabling a large plethora of open source access means that they have set the bar for other cryptocurrencies.
They are creating a community as well as a successful technology framework. Litecoin has some great aspects and inclusions that were either discovered or created by everyday users rather than their core developers which is near genius. In addition rewards and bug bounties are sometimes set for Litecoin as it emphasizes community involvement even further as if it wasn’t already.
Protecting your funds is very important, however in the world where everything is digitalized, including your actual individual money, protecting these funds becomes 10 times as important because it can be a lot easier to take the money if you’re not taking the correct precautions.
Let’s take for real life example. If you have a wallet that you carry around and it gets stolen, your debit card can be taken to an ATM and cash can be withdrawn; however a PIN code is required so therefore you have a large amount of protection associated with the position so that even if it your digital payment forms are indeed stolen, you have some protection behind it. Electronic wallets become important in the similar aspect and Litecoin takes extreme emphasis to make sure that you have this protection and insurance on your currencies. Litecoin emphasizes a highly encrypted online wallet that ensures you have the correct payments included so that you’re covered no matter what.
The encrypted wallet is also established through a series of authentication matters. This varies from, for example, a 2 factor authorization method. This creates an importance that is placed on verifying things, 2FA is usually supported by the creation of an inclusion in either a phone or email address. This way no matter what you log in and where, you have to provide extra verification. This is important so that if a hacker gets hold of your exchange login they don’t have your email address login as well and can’t get into the account.
Litecoin holds large importance on this idea so that you don’t lose your funds almost instantly and you always have control of your funds in a scary situation and there’s always an insurance included like 2FA. Encrypted wallets are essential for Cryptocurrencies and surprisingly not all of them are included.
A big factor of cryptocurrencies that has seemingly been emphasized on as of recently is the inclusion of these cryptocurrencies into applications and web applications that developers work on.
This is very important because it basically determines whether or not it can be easily adapted into public society and for public usage. Integrating Litecoin into applications is a huge step to have the currency available to the general public and allowing it to generally and more commonly used. If you look at the main crypto that has begun being invested into public applications you can see that Ethereum seems to be at the top of its game at least with this sort of ideology. Ethereum wants to integrate itself into many applications so that business owners and companies can easily allow for this sort of payment system. Integrating Litecoin into your coding systems is essential for Litecoin’s mainstream adaptation.
Naturally, Litecoin has finally started to focus on this within the recent couple of months as to include it just faster into certain applications and such. This way Litecoin can be used in certain applications and therefore just be overall easier to have access to. With these implementations Litecoin will be able to make its social spreading and have an easier time of being able to be added to coder’s programs and such. Litecoin works hand in hand with Bitcoin’s API and therefore makes it easy to create some great applications that have easy access to the blockchain technology. With this integration and API connection the bridge to blockchain applications and including Litecoin in the mix of this becomes essentially easy.
You can also easily sign up to be included in Litecoin’s site index for sites that support Litecoin. This is great for upcoming developers who don’t have complete access to huge financial licenses and don’t have time to register their sites and such.
As an online cryptocurrency, Litecoin has the immediate access and connection to hundreds of different merchants that can immediately accept your Litecoin in exchange for various products and services.
This ease of transaction is made possible through the integration and availability of the blockchain, however many merchants have begun to exclusively accept Litecoin and Litecoin only. This is revolutionary because some merchants have switched only to Litecoin so this begins to not only increase the value of Litecoin but essentially make fiat currencies less valuable. For example, if all merchants in the world switched over to Litecoin and Litecoin only then the overall value of the US Dollar begins to depreciate because people don’t want dollars, because all merchants accept Litecoin.
Litecoin as payment
Litecoin has a plethora of merchants associated that have begun to accept the cryptocurrency in form of payment for their services. Just some for an immediate example are online website development services including your very own domain and website hosting all through Litecoin. This makes it easier to get your exact product as you don’t have to go through hundreds of different fees and contracts with one another. With Litecoin everything is essentially inclusive so you don’t have to access a bunch of third party brokers that will hound you with fees. Also, the video game industry has gained interest in attaining Litecoin as a main method of payments, following after Ethereum as Litecoin in video games as a currency would actually allow for real time payments and sales of in game items and such.
This would truly revolutionize the industry in terms of fast instant cryptocurrency payments as you would be able to literally make payments in real time to wherever the video game company is located as it would be quite easy as well; this is the future of microtransactions in video games.
A common question that is asked in the cryptocurrency oriented world and that is associated with obtaining these cryptos is whether or not the cryptocurrency in question is available and accepted as a legal currency in wherever I am located.
The question isn’t uncommon and isn’t a bad question to be asking at all as in reality there are serious limitations in obtaining and spending cryptocurrencies and having them as legal forms of payment. For example, one of the only countries that accepts Bitcoin and recognizes the cryptocurrency as a legal and acceptable payment method is Japan – this makes the Asian market for Bitcoin extremely bullish and makes the demand for Bitcoin in the Asian hemisphere of the world extremely wanted and sought after.
No legal currency yet
Litecoin currently is not a valid and recognized currency at the moment at least in the United States and anywhere in North America. Although it does give it a volatile atmosphere and should serve as a wary reminder that since it is not actively and legally recognized by some of the major countries that provide currency, it could also be a good buying sign if you are bullish about Litecoin. When Bitcoin surged in price over a couple thousand in price action, it was because Japan legalized and recognized it as a valid form of payment. Now imagine if this were to happen in the near future for Litecoin except in areas like North America? Price would jump to extremely new highs and reach unprecedented volume if Litecoin were to be in the same position that Bitcoin was during that time.
It’s best to look up the cryptocurrency laws in your location however. There are different laws depending on where you are located and depending on your taxation status and your government there may be different laws to which you will have to abide in paying and using Litecoin.
Litecoin is definitely a cryptocurrency that appeals to Entrepreneurs and has some really bullish tendencies when looking at it from a small business owner or simply someone who would like to create a business in the near future.
Easy to integrate
Litecoin is different from other cryptocurrencies in the fact that it is extremely easy to integrate and add into your site. With this in mind you can label immediately that your site accepts Litecoin and then after that you can initiate a spot in the site index of the official Litecoin area. Now keep this information in mind and think about new business owners for a second; these are people who don’t have huge advantages in the market and don’t have positionary status to be able to manipulate the markets to their liking.
Globalization of money
They are new starters in an industry and they are looking for ways to stand out from the crowd. This is the point at which Litecoin can make its way to the forefront of the crypto market and appeal to those who don’t have huge initial capital; by accepting Litecoin as a usage of payment you are basically creating a statement that says you support the globalization of money and that those who are coming to your small business are welcomed from all areas of the globe with no restrictions.
Accepting Litecoin as an entrepreneur on whichever service you are looking to incorporate is a bold statement and serves to be a great form of service as you’re basically saying “Hey, using our business is a decentralized belief; regardless of belief and such, we want you to begin to use our business as we are nondiscriminatory.” As an entrepreneur, Litecoin is a very attractive asset to obtain and start to incorporate into your daily business endeavors.
Without a doubt one of the greatest features about Litecoin is the fact that it is completely decentralized and has no main governance or controller in a sense.
This is a bold statement to all, and serves as almost like a form of saying that you don’t care about who is visiting your site, all are welcome and the decentralized currency is what we accept making us a very friendly person to speak and do business with. Litecoin and establishing it as a form of payment in your site shows that you are about your business and that’s it, you don’t have biases of race or country, because in essence you don’t have complete knowledge over who is even giving you business, you just know that someone is giving you business anonymously and that’s a beautiful thing.
It decentralizes ecommerce and decentralizes business on a global online shopping experience. People will not have to feel reclused to go on and not be able to spend their currency on a certain product as they immediately have a global currency that is widely accepted from outlet to outlet. This, from a regular online merchants perspective is genius and will without a doubt increase business. This way you increase your business in a way that you don’t segregate where the payments are coming from. And, in essence, you’re basically being paid in a growing living and breathing technological investment.
Although depending on your personal preference and whether you would even like this sort of technology or not is completely up to you as there are some limitations to accepting this sort of payment and you do have restrictions. There’s definitely a beauty in this though, as it basically says that the business and online merchant world is decentralized.
One of the greatest qualities of Litecoin, that in addition gives it a huge advantage over some of the other establishing cryptocurrencies that are just not yet as developed as this one, is the fact that transactions can literally go through, be confirmed, and be settled within a matter of minutes.
Online digital payments
Although this is near genius and shows extreme importance in the general world in terms of sending money to friends and family, think for a second in the aspect and perspective of a merchant at a global standpoint. Take for example, the idea that people need constant and reliable services of online digital payments and take for example the fact that Litecoin can be sent globally around the world and be settled and verified within minutes. This gives so much power to online merchants who previously did not have that large of amount of power in the overall market. People who host online businesses usually have a plethora of business licenses and fees that they must face when establishing their company as it is just a way of the online business world.
However, what if that did not have to be a way of the online business and merchant world and you could instantly just go to accepting and receiving global payments? Is that not a regular given right that you deserve as a merchant or business owner? The idea behind is quite genius and shows that there is a varying importance that is differing depending on who it is.
Instant purchases can now, with Litecoin be made to people in China or Africa, no matter where you are, instantly, and the utilization of the lightning network has made this possible in a way that no one before has ever thought to be possible. Online merchants and businesses have found new great technology.
Litecoin is an incredible invention and shows that there are truly no limits on the online world what you can truly do when technology speaks and you allow technology to work for itself.
There is an infinite amount of possibilities in the crypto world, and Litecoin refines these possibilities to an entirely new era of things that can be incorporated into everyday life to make things easier. The ideology behind Litecoin seems to be associated with being able to make completely decentralized and free payments that are not enforced or regulated by anyone; in essence, look at how Litecoin acts for merchants of a kind.
No delay in payments
Merchants are instantly able to receive payment from anyone for any service that they require or see fit. By doing this, merchants essentially are enforcing a political belief associated with Litecoin that states that no matter who you are or where you’re from, I’ll accept payment from you and enable you to partake in the purchase of whatever I’m selling. In a sense it is very poetic and has a very positive and great connotation to it because it enforces a sense of tranquility and peace associated with the online markets and shows decentralization in a very good light. It shows the general public that generally you don’t need to be licensed or have an insane amount of accolades just to vend a product.
Litecoin is in itself, by just existing a political belief in general equality in the online marketplace and equality in sending and receiving payments. It doesn’t matter who you are, if you have Litecoin you can make a purchase on a Litecoin supported outlet, if you have Litecoin you stand as a symbol of purchasing power in a free online market, which is in itself a very incredible concept to even think of.
If you have knowledge of the blockchain you should know that one of the most common references and comparisons between the blockchain and other technology seems to be like a comparison of an online ledger that has an infinite amount of transactions that seem to go on forever and ever.
This ledger in a sense is much like a public ledger like an accountant’s ledger. Imagine a very big ledger that records every payment that is sent and received, and shows its status. It tells you at what time the person made the transaction and at what time the transaction was considered to be settled and finished. This is all made available to the general public and this is a great comparison to the blockchain. Now, if we look at Litecoin through this perspective of public availability of the general public’s spending habits and how they look at certain aspects of it, we can see a very interesting scope.
Litecoin transactions are broadcast on the blockchain making all transactions available in the public ledger, however anonymity can be enforced optionally due to Litecoin’s great new additions that states that Litecoin can be anonymous. Now if we look at Litecoin as a decentralized public ledger of transactions, we can start to see the possibilities that it poses. With a global internet aura going on for our world and a mostly technology associated platform that we live upon, truly what we need is a public ledger of all transactions. The blockchain and the Litecoin transactions that are broadcast upon this blockchain are the key to a future decentralized network.
This is a network of transactions, so no one can ever lie about something, no one can ever lie about an amount received, and no one can ever lie about an amount sent. Extortion becomes nonexistent. When we think of Litecoin in this light, the possibilities associated with Litecoin start to open up.
If you look at Litecoin and how it is sent and received you will definitely notice that there are some complexities that at first glance may seem a bit confusing.
Let’s start out with the confirmations that are associated with a transaction. Confirmations are basically checkpoints for a transaction. Each time a confirmation is hit, a checkpoint is essentially hit for a certain transaction – you are one step closer to officially receiving and settling this transaction.
In order for a Litecoin transaction to be considered and fully verified it must go through a plethora of different conformations and essentially these “Verifications”. Once these are verified and complete, the transaction is considered to be set in stone and is not reversible. This is a big positive but also a big negative as well depending on the situation. In most cases, you’ll be excited to know that people can not extort you or claim they didn’t send a payment. If they provided a transaction ID since the beginning of the transaction’s lifespan you could have tracked it all the way through to its confirmation and verification and made sure the other person was not lying about a certain transaction. Verification processes are completed once all of the checkpoints, or conformations, are hit and verified.
These are essential to monitoring your transaction and basically gives you a progress update by simply checking the Litecoin transaction ID. This applies for any transaction – whether you are around the globe, or right next to each other you will always keep track of your transactions and the verifications that it undergoes to its process of being acquired as a complete, verified and “Set in stone” transaction upon the blockchain.
The beauty behind this is that transactions can always be monitored now; and instead of praying your check hits, you will have complete access to your funds and its progress/movement.
Like any good service, if you didn’t have to pay transaction fees, chances are there is something in fine print that you’re not reading.
One of the biggest advantages of Litecoin and utilizing it as a payment system in the modern era is the ability of using it and having a considerably low transaction fee associated with it. This means when you send and receive transactions (typically none are associated with receiving, but still there are some cases in which fees will be charged), you will have to pay a considerably low amount of fees associated with it. Low fees in the crypto world is definitely essential.
One of the biggest problems with the other cryptocurrencies and some that are promising in terms of popularity and overall potential is the fact that you typically end up paying huge transaction fees for relatively small transactions. So imagine paying for a coffee with a cryptocurrency where the coffee was a total of $4 in that said cryptocurrency. With that cryptocurrency the fee that is associated with it is typically high depending on the orders that are waiting on the network. If there is a large amount of space for transactions to come in on the network there can end up being a relatively low transaction fee. These fees that are associated can typically be lower relative to how much space is available. Take for example, a situation in which the network is extremely crowded. Chances are you’ll have to pay a huge fee for a space on the transaction.
With Litecoin you can actually skip the line in sorts. Litecoin allows for extremely low transaction fees and allows for a very low transaction space. This means larger transactions can be made with lower fees; a huge advantage of Litecoin that miners and consumers have taken as a very big positive for.
In this digital age, corporations have taken the incentive to look for the most profitable ways of providing electronic and credit card payments for those who are not in power.
Credit Card payment processors can be relatively slow and have rather hefty fees. When you’re looking at credit card payment processors, and just general digital payment processors – whatever kind of transaction this generally could be – you should just generally take note of how much control you actually have of your money. Credit Card and digital payment processors alike don’t have actual money, it’s essentially a promise for your money and a promise that this money will essentially be paid off in the long run. These digital payment processors also act, rationally in their best self interest, as most companies essentially do. With their technology they’re not providing groundbreaking technology that will revolutionize your processing and such, they’re just providing with a bearable technology that will allow you to complete whatever you’re seeking out in a fashionable manner.
Litecoin vs other processors
Litecoin on the other hand comes into this financial game, and seriously breaks some boundaries. For starters, Litecoin is your own money; you control your money, you have the say in it and there is no central organization behind it unlike credit card payment processors alike. This way, there aren’t huge fees, and there isn’t a huge debate over who actually owns your money because at the end of the day it is your money and you decide what to do with it.
In essence, this is why many people swear by Litecoin as being a better option in comparison to digital payment processors and credit card companies alike. There aren’t huge fees that you generally will have to complete, there aren’t long waiting times, there aren’t corporations who control your money, it’s your money and you deserve to have a say in where it is and how it is processed, which Litecoin gives you respectively.
One of the biggest advantages to cryptocurrencies and overall one of the best advantages that cryptos have over the general fiat currency market is the fact that cryptocurrencies, Litecoin especially, will never suffer from an inflationary price increase.
Maximum 84 million Litecoins
This is when Litecoin basically becomes inflated and the price becomes worthless in a way due to the fact that there only be 84 Million Litecoin ever in circulation, once all of the miners are completed with their processes and they complete their mining. With this in mind, let’s look at general fiat currencies.
Fiat currencies can start to suffer from inflation when they begin to be produced and generated at alarming rates and end up producing huge amounts of fiat currencies and don’t have the value to truly back up this worth. So take for example, a situation in which an excess of US dollars are produced, but there ends up being no value to these dollars. At this moment, 100 dollar bills are extremely useful; but one day if there is ever an influx in the production of these dollars, the 100 dollar bill will start to decrease in value and its overall worth tend to decrease. With Litecoin, this will never happen because there will only ever be a certain amount of Litecoin ever in the world.
This means that the value will shift and if Litecoin ends up being more and more successful, there will be only purchases of fractions of Litecoin to an extent and Litecoin value will end up soaring up to an extent. This can be seen in the same respect that Bitcoin has started to increase similarly. The value seems to be shooting up and becoming deflationary, rather than inflationary in the slightest bit.
Being a cryptocurrency, generally it is pretty hard to find a platform or general software operating system that doesn’t support Litecoin considering it is blockchain technology and it would generally be foolish not to support its technology on your platform.
Platforms support Litecoin
Most platforms support Litecoin and support cryptocurrencies as a whole and considering on which way you like to access your coins, whether it be through a mobile device, through a computer, or through a Linux system, chances are that you are allowed to access Litecoin on your desired platform. At the moment Litecoin is supported on Windows, Macintosh OSX, Linux systems, virtual machines, Blackberry, through Electrum, and also through Litevault, which is Litecoin’s very own operating system and very own way of obtaining and securing larger amounts of Litecoin at one time.
Electrum is a great platform that supports Litecoin in a way that most other platforms don’t and can be seen as a great way of maintaining your coins to be in your own possession and keeping the coins at your very own side. Litecoin is supported on most exchanges now a days as well. Litecoin can be seen on many exchanges that range from Coinbase to Kraken, to Bitstamp to GDAX and Bitdenex.
Almost all support Litecoin
Most currency exchanges now offer Litecoin support as the future of Litecoin is very bright and there is a lot of room for growing and exchanges would generally be ignorant not to adapt to this growing market. Cryptocurrencies seem to be supported on mostly all platforms, and Litecoin in today’s world is matter of fact even supported on Blackberry interface devices and shows huge development on Linux systems as well – a perfect solution for those who are running Linux only systems.
All in all, it is very hard to find a platform that is not supported by Litecoin and does not allow Litecoin transactions.
When you’re running a huge technological monster that is supported on major exchanges and is traded on a global sphere, all having the potential to change world monetary transactions, you have to take certain steps to ensure the exposure is right and timed well.
Charlie Lee, the developer and main boss behind Litecoin seems to have the community coming together through a series of live video conferences allowing input from various developers and having Community members input certain features that they might wish to see in the new updates of Litecoin. Litecoin tends to have a growing community member forums which is its efforts at creating an interactive societal integration. This is great for exposure as Litecoin’s growth methods involve having to adjust to the general public and start listening to the public.
Who runs Litecoin?
Litecoin is ran by an organization that is adjusted by a huge combination of different people that ranges from the general developers to the general users of the currency. Litecoin involves needing a huge community backing and this is definitely the start of it. Charlie Lee has also been hosting recent events that involve video conferences with the community and has been inviting heads of different banks and organizations like the crypto world organization, and so on. This allows for huge Litecoin exposure and general information boosts that can be beneficial for Litecoin’s exposure and can seriously change the game in terms of how people view Litecoin and its overall adaptation to society.
Litecoin is seeing very beneficial news in terms of getting out and showing out to the communities around itself. Litecoin has some growing to do – that’s a definite, however there are some huge milestones that it has been hitting as of recently that involve its overall community involvement and community joining.
As Litecoin grows in exposure and general usage, it also grows in its ability to be adapted into the general public and the usage of applications that are used by the general public.
Knowledge of Litecoin
So let’s take for example the fact that not a large amount of people really know what the Litecoin network is based about and don’t really have profound knowledge on the Litecoin subject and how the blockchain works, and all that. However, if they were utilizing applications that were built on Litecoin technology and the overall blockchain, it wouldn’t matter whether or not they understood how it worked, they would simply see the power that it held and the potential that it could give out to the public. For example, Litecoin technology is great and has extreme potential in the ability to send payments halfway around the globe in literally seconds. However, the public doesn’t really know how that works.
Fast lighting technology
In essence, applications are being built that allow for “regular people” to use the extremely fast lightning network at rates that are unmatched. This would allow for huge growth in the overall blockchain technology but would also allow people to use the Litecoin technology without knowing that much about it. So take for example also the fact that applications can now be built upon the Litecoin platform; this allows for even further integration into society as people can build applications with Litecoin almost instantly.
Building applications on Litecoin can be easier than it might seem, and you utilize Ethereum’s solidity networking programming language to integrate Litecoin as well. Checking Github and other free open source outlets you can find great examples of how to integrate Litecoin into your home application. The process can actually be a lot easier than one might seem, and the possibilities it creates are truly endless
Trading cryptocurrencies if you have been watching the cryptocurrency market as of recently is a very profitable and increasing market with increasing volume and market cap that seems to be exponentially multiplying.
Market of Litecoin
The market has shown extreme increase within the past 2 years and has been one of, if not the most, profitable markets in the entire trading industry. Trading Litecoin works just as trading any other cryptocurrency – typically you use trading platforms or trading exchanges to complete the job, but even using plain exchanges works and is considered to be trading Litecoin. If that’s unclear, take for example the fact that if you purchase 1 Litecoin at $10 and sell it at $15, that is considered a profit for Litecoin trading. Litecoin has had a positive graph for the past couple of months so it makes it a very bullish market to trade upon. Trading Litecoin is done from, as stated before, exchanges or trading platforms. Some of these exchanges in which you can purchase at one price and sell at a higher price, is Coinbase. You can complete this almost instantly and it does not take a lot of knowledge to do so, just a simple hooked up wallet and bank account. Additionally, you can use full fledged trading programs and exchanges like Kraken or GDAX for integrated and concentrated trading methods.
With these programs you can create huge profits by utilizing margin in smart amounts and also by using their advanced and in depth trading systems. These systems are specifically coded and customized for trader’s optimization and often have lots of features. Finding patterns in the Litecoin chart can definitely contribute to your profitability and can end up being your best friend when looking for positive peaks in a chart.
All in all though, trading Litecoin is a very profitable business.
Litecoin is a cryptocurrency, and respectively, it can be treated as a traded asset that can be looked at in certain aspects and used to find great trends that aren’t specifically exclusive to just other assets like gold or the forex market.
Price of Litecoin
One of the most general yet predictable graphs in the Litecoin market is the upwards trend that it has been showing for the past 7 months. For the past 7 months, Litecoin has had positive trading months and has had positive increasing months. What this generally means is that 2 possibilities; the price can be artificial and can essentially be a bubble that eventually pops and massive amounts of funds are lost, or it can be a generally respected asset that is adjusting to its well deserved price. Many believe the latter when referring to Litecoin as it has shown extremely positive fundamental analysis. It has featured many positive reviews from financial assets that range from TheStreet to SeekingAlpha and so on.
The possibilities are truly endless with Litecoin as it has shown an extremely positive trend and bullish trendline for the past couple of months. The graph analysis shows that there is a generally increasing support level that increases by each $5 increase. So currently, Litecoin is at $52, and it finds a rather large amount of support at each $5 mark or increase. So for example, it has found support at $50, $45, and so on and on, each $5 denomination. The resistance level for Litecoin seems to be at every $2.5 mark and seems to waver within that levels depending on the day, depending on other analysis features that are going on at the time, and so on.
The general Litecoin graph trend tends to be up trending and shows no signs of stopping. Overall with over 500% increase on the year, there is a great increase.
Another huge advantage to having Litecoin integrated into the general public and could end up being a huge technological asset in the event of a social network being built upon the Litecoin network. Let’s look at a couple of different possibilities.
At the moment, there is no main money sending and receiving application that allows for speedy transactions between bank accounts and fast settlements. We can infer that is because of, as expected, the fees, licenses, and bank agreements that go into developing these applications. So now imagine an application that is built upon the Litecoin network that allows for near instant transactions that goes both ways as well. Litecoin is a network that is built upon the idea that transactions should be near instant and can be sent and received and therefore settled within moments which should be the standard for general transactions. So imagine an application like PayPal built upon the Litecoin network.
How much faster transactions would go through and be able to be transferred to bank accounts
These restrictions are all absent with integration of Litecoin. Litecoin features some crazy features that could be created that would mean eventually, some great rewards. Applications that simulate money transfers in today’s world would literally go extinct because of their lack of keeping up with the transaction abilities that Litecoin essentially possesses in this day and age. These advancements are unlike any we have ever seen and is therefore a revolution of sorts. This doesn’t just go for Litecoin however, this goes for many applications as a whole that could be essentially and eventually built upon Litecoin networks. Things like snapcash, things like this could integrate huge payments that would settle near instantly which means infinite features.
Litecoin is a great technology that is essentially in its baby steps of development and social adoption; it will be interesting to see what happens in the long run with it.
Litecoin is an upcoming altcoin, one that has shown nearly unmatched growth in terms of speed and deployment.
We’ve seen some huge developments in its availability and we have seen that there is a more than ample room for its integration into society. Now take a look at other cryptocurrencies that are available in the market. Many are fragmented, don’t have developed and established backers, have very wary and wavering potential, and don’t essentially show huge signs of positive increases in the long run. Altcoins have their perks and have their advantages over Bitcoin and the big players in the crypto market, but one of the biggest advantages that they usually have are individual capabilities. So take for example Ethereum, it has the main capability of establishing and setting up smart contracts that are created efficiently and very fast; they have even added the capability of programming and creating your own smart contracts upon the blockchain.
Large technological advantage
Looking at Litecoin and its advantages over all other cryptos and altcoins, we see that it has an extremely large technological advantage. The framework behind it is unmatched and literally set the way for integration of the lightning network and eventual Segwit into the eventual integration and inclusion of it in the Bitcoin network. It stood as a standard for other altcoins, and when any entity does this other competing entities, it generally means it has some sort of superiority over it. Litecoin has proven huge milestones in technological advancements and technological capabilities that have been unmatched in recent events.
Litecoin has clear advantages over other altcoins and has unique features that are different from others. Litecoin has clear superiority over a plethora of altcoins, and we are definitely going to see more action from it in the coming years as a developing and everlasting cryptocurrency.