What is Litecoin?
Litecoin (trading symbol: LTC) is commonly described as the silver version of Bitcoin Gold. After the incredible rise of Bitcoin, the cryptocurrency market saw the introduction of numerous alternative cryptocurrencies, commonly called Altcoins. Many Altcoins slowly faded away after their ICO (Initial Coin Offering), however we are confident to say that Litecoin is there to stay.
Differences between Bitcoin and Litecoin
Like Bitcoin, LTC uses a peer-to-peer technology to execute its transactions; this framework takes place in an open source system, exactly like Bitcoin. Also like Bitcoin, individuals can mine Litcoin, however this process is different (and considerably simpler) than Bitcoin. Many improvements (namely segregated witnesses and lightning technology) have been introduced when Litecoin came to light.
The result is that these technological changes, aimed at reducing production costs and time, have enabled LTC transactions to be executed at none or very small costs and are able to operate up to 4 times faster than most other crypto currencies, especially Bitcoin.
The LTC network can produce up to 84 million Litecoins, instead of only 21 million which is what the Bitcoin Network is able to deliver.
Importance of Litecoin
After the incredible growth of Bitcoin in the whole 2017, speculators started to believe LTC would be next.
Analysts believe the 2 currencies will move in the same direction for the foreseeable future; therefore we recommend
you always buy both coins or sell (or short) both assets at similar times. Another interesting earning avenue is offered by mining LTC,
which costs considerably less (up to 20 times) than mining Bitcoin and can be done with regular computer processing power,
which nowadays is impossible with Bitcoin.
It is commonly agreed that unlike many Altcoins recently introduced in the crypto currency market,
the ICO of Litecoin was not a mere speculative operation, but it has been created with the purpose of fixing the main issues around Bitcoin,
clearly linked to its high costs of productions, environment pollution due to high energy consumption and frustratingly slow production times.
Litecoin in 2018
As most experts say, Bitcoin and Litecoin aren’t a business, the real value behind cryptos is the technology, namely Blockchain.
Litecoin Blockchain is particularly important as it has enabled LTC to increase massively in value; its Blockchain was developed
with much more advanced technology which allows Litecoin to be particularly effective, efficient and valuable.
LTC was trading at almost $300 by the end of 2017, however analysts expects LTC to be the highest growing crypto currency for 2018,
some believe it will hit $3,000 by the June 2018.
How to Trade Litecoin
Various exchanges allow LTC trading nowadays, however we do not recommend to trade with them for reasons linked to the lack
of regulation of these and the need of opening a wallet which can be tricky at times. We thus suggest you to trade LTC with one
of the regulated brokers available and carefully reviewed on top10cryptobroker.com. If you are a newbie and/or do not have enough
time to study Litecoin or follow its trends on an hourly basis, you might as well decide to trade with a crypto auto trading softwares
such as Bitcoin Code. If you are an experienced trader and have enough capital to invest in Litecoin, we recommend you to trade
with a broker offering leveraged trading, which is riskier than traditional (non-leveraged) trading but can exponentially increase your
earning opportunities. In case you’d go for a leveraged trading (or CFD) broker, we suggest not to have a leverage higher than 1:5.