Introduction to Litecoin

Introduction To The World of Litecoin

Within the past couple of years, public interest in crypto-currencies has become much more recognized and increased dramatically, with increased interest towards Litecoin after the introduction of Bitcoin and Ethereum. Litecoin was never intended to replace Bitcoin, but to complement it like the silver to Bitcoin's gold. Lite-coin (LTC) is a cryptocurrency and open-source project that was released in 2017. Lite-coin is similar to Bitcoin in many ways, although it has features which are much quicker and cheaper to use as an alternative to bitcoin (BTC). It's community is less toxic and less volatile during the market crashes and it's supported on all hardware wallets. The same open source crypto-graphic protocol which Bitcoin was built was authorized and adopted by Charlie Lee, a former Google engineer, to build Lite-coin. Lite-coin is a peer to peer cryptocurrency and complete open source software project released under the license MIT/X11. Lite-coin is intended to be the replacement of our current world currencies. Think of anything you can do with money and Lite-coin will eventually be able to do as well with adoption.
Cryptos will allow individuals the ability to mange their own money without banks being the gatekeeper.

Unfortunately in it's current state I wouldn't trust the average consumer with their own money as they would probably lose their private key and lose everything. We still have a ways to go to make cryptocurrency very user friendly. While Bitcoin has recently had a series of gains and losses, which grabbed attention on media headlines in the process,
Lite-coin hasn't gained as much notoriety yet, despite it's roller-coaster price fluctuations. Nevertheless, it was adopted by digital currency exchange “Coin-Base” as one of the few cryptos available to the general public with options to purchase and invest. There are definitely some great advantages of using Lite-coin such as more efficient and quicker transaction times; Faster to adopt new technology and it offers increased storage efficiency due to script usage in the LTC proof-of-work algorithm. Lite-coin became a desirable alternative to the high fees and slow confirmation of the Bitcoin network. When the market is booming, the rising tide lifts all ships. It definitely seems that as if price increases drives speculation, many smaller crypto-currencies benefit more than the larger ones and the
opposite tends to be true for the bear markets.

Lite-coins are made through a unique and intricate process called mining, which is created by converting and processing Lite-coin transactions. Mathematics ensures completely security of the network and empowers the people to control their own finances. Unlike traditional currency, the supply of Lite-coins is fixed. Eventually there will be exactly 84 million issued Lite-coins in global circulation and not a single one more. Every 2 ½ minutes compared to 10 with Bitcoin, the Lite-coin network generates what is called a block (a ledger entry of recent Lite-coin transactions throughout the world.
Lite-coin has been on a wild ride in the past few months and is gaining more attention. There have been a large number of incentives increasing the value of virtual currency as a whole. Making the top of this list is the creation of block-chain technology. Think of this as the layer on which these virtual coins were built upon. It is the digital, distributed and decentralized ledger that records all dealings without the need of any third party involvement. In 2017 Lite-coin skyrocketed along side many of it's digital currency peers, hitting highs of $400 before retreating from regulatory pressure from many other countries.

Recently prices have fluctuated up and down, meaning select figures can definitely change by the time you read this. Lite-coin is one of several alternative cryptos that have been introduced to it's competitor and rival Bitcoin. Ethereum, dash and ripple are some others. Lite-coin is much smaller though. The total combined value of all the Lite-coins in circulation is an estimated $18 billion, compared to nearly $300 billion for Bitcoin. It is also created, or mined by people solving complex mathematical puzzles on computers. Many people believe that Lite-coin and rival crypto-currencies will continue to rise in popularity for making investments or random purchases.

There are definitely some great reasons to get excited about this currency in the coming future. Although this feature hasn't really been widely discussed among the people; Covenants will play a major role in the ecosystem moving forward. By being able to select your LTC coins to be lumped and kept together is a fascinating approach. This would allow users to keep their coins together without interfering or getting lost with other transactions on the network. Covenants are vitally important because they pave the way for colored coins on top of Lite-coin. Soon there will be a way to introduce “vaults” in order to lock up LTC balances in case of someone successfully trying to steal currency. It will allow users to build in delays for transactions potentially created by a would be thief or assailant and create a “master key” enabling users to spend funds faster than the assailant would ever be able to. This offers peace of mind and long term security in the essence of everything. It's a slightly complicated situation, which could explain why it's not something many developers are rushing to release either.

Another exciting thing to look forward to with Lite-coin is MAST. Mast is working on bringing privacy to already established crypto-currencies. This technology is increasing it's development quietly without public notice. Some fantastic features include added privacy by screening “lumped” transfers through a Merkle root. Sooner than later, they will introduce smart contracts to Lite-coin, although there is no official fixed date for this implementation. Another exciting feature to look forward to is more atomic swaps. It's noted that Lite-coin has remarkably set the tone when it comes to cross-chain atomic swaps. Being able to trade currencies across block-chains in real time or something close to it- is a major development and accomplishment that could make centralized exchanges become obsolete. When these developments ever fully become implemented and put into use, the entire cryptocurrency world is going to look much different. Moving into the future it appears there some other recent developments in the world of Litecoin- enabled atomic swaps. Recent successful tests with Vert-coin and Bitcoin prove this venture to be successful for the coming future of Lite-coin implementing this new technology.

The key to finally determining whether a crypto-currency can survive is the public's confidence in it, which primarily comes from long-term and stable use in the marketplace. Bitcoin is the earliest and most popular high-priced virtual currency. Litecoin (LTC) is the most promising after the Bitcoin. Though it's currently facing some sluggishness similar to the majority of the industry, it will re-enter the next powerful cycle with a definitive road-map for ascending. That itself is a huge advantage. The people will soon begin to see groups of developers and investors start to utilize Litecoin, creating a rotation of resources that will initially drive up Litecoin current market values even higher.
Since you'll be able to purchase and invest in Lite-coin directly from the source with; exchanges such as Coinbase, you no longer need to first purchase Bitcoin.

Invest in Litecoin here> Coinbase