Litecoin includes volatility like all assets. But the essence of cryptocurrencies is that they do not value by a particular group or entity. The supply and demand of these cryptocurrencies will increase or decrease Litecoin price.
"Charlie" Lee, a former Google engineer, created Litecoin (LTC) in October 2011. A number of modifications were made to Bitcoin's open-source code before Litecoin was created.
Similar to Bitcoin, Litecoin uses an open-source network for global payments that is not centralized. Litecoin differs from Bitcoin in aspects like its faster block generation rate and use of Scrypt as a proof of work algorithm.
A derivative of Bitcoin's original open-source code, it is considered one of the first altcoins. As a competitor to Bitcoin, it was initially very strong.
Due to the emergence of new cryptocurrencies in recent years, Litecoin's popularity has waned somewhat as the cryptocurrency market has become less saturated and more competitive.
It is widely considered that Litecoin is a reaction to Bitcoin. Lee referred to Litecoin as the "lite version of Bitcoin" when he announced its debut on a popular Bitcoin forum.
This is why Litecoin has many of the same features as Bitcoin, as well as some changes and improvements that the development team thought needed to be made.
With 150 premined coins, the total supply of Litecoin is 84 million coins. A new block is created every 2.5 seconds on the Litecoin blockchain. Litecoin's supply is designed to decrease over time in order to preserve its value.
When the hash and transaction information within a block are validated, the reward is halved and a new block is created. By halving, the number of Litecoins awarded is cut in half, which slows the creation of new coins.
Halving dates for LTC:
Litecoin is one of the popular pure cryptocurrencies. This success can be largely attributed to its simplicity and clear utility benefits.
LTC is now accepted in more than 2,000 merchants and stores worldwide as of January 2021, making Litecoin one of the most widely accepted cryptocurrencies.
Speed and cost-effectiveness are the main benefits of Litecoin. The confirmation of Litecoin transactions usually takes just minutes, and transaction fees are comparatively small.
Because of this, it is an appealing alternative to Bitcoin in developing countries, where transaction fees may be the deciding factor for which cryptocurrency to support.
Also in late 2020, Litecoin saw the release of the MimbleWimble (MW) testnet, which is designed to test Mimblewimble-based confidential transactions on Litecoin.
Because Litecoin is a blockchain-based cryptocurrency, its cryptographic defenses are extremely strong, making it nearly impossible to crack.
The PoW consensus algorithm ensures that Litecoin transactions are confirmed quickly and without error, like Bitcoin and several other cryptocurrencies.
In addition to preventing double-spends and other attacks, the Litecoin mining network ensures 100% network uptime.
A Litecoin exchange allows traders to buy and sell Litecoin using fiat currencies and cryptocurrencies. An exchange is an online platform that facilitates the transfer of cryptocurrencies between buyers and sellers.
Using an exchange requires users to register and to go through several verification steps to authenticate their identities. Users must transfer funds into their account prior to purchasing coins once their verification is complete.
OMPFinex lets you sell and buy Litecoin. The first step is to create an account on the OMPFinex platform, verify your identity, deposit money, and then place your buy and sell orders.
You can buy LTC in 2 ways:
You can change the Litecoin to Rial at Toman Market by selecting the Litecoin /Rial pair. Enter the desired amount and price. If the market price reaches the price you selected, your order gets filled, and you will receive the equivalent in Rials in your wallet.
Litecoin can be sold or bought in a number of ways: limit and market. The most significant difference between these two is that an order in market order is filled instantly.
As a pioneer in blockchain science, OMPFinex provides a secure environment for storing and holding cryptocurrencies, allowing its users to buy and sell cryptocurrencies at the lowest possible price. Users can also use the OMPFinex application to put their orders.