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Litecoin (LTC) Profit Calculator
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What is Litecoin (LTC)?
Litecoin (LTC), crypto, is a currency founded in 2011, two years after Bitcoin. It was started by Charlie Lee who was a former Google engineer. Litecoin's platform is an open-source, global payment network. This is unlike Bitcoin. Litecoin offers advantages over Bitcoin such as a faster block generator rate and the use Scrypt in a proof of work (PoW).
It is considered one of the first altcoins. This is a result of Bitcoin's original source code.
Initially, it was a strong competitor in the Bitcoin market. Litecoin's popularity decreased slightly as the cryptocurrency marketplace has become saturated and more competitive in recent decades with new offerings.
Litecoin has been viewed as a positive reaction to Bitcoin. Litecoin's debut was announced by Lee on a Bitcoin forum. He called it the "lite edition of Bitcoin".
1 LTC (one Litecoin), currently valued at around $215, is the 14th-largest crypto, with a capitalization below $15 billion.
Understanding Litecoin
Litecoin is different from other decentralized cryptocurrencies in that it is not issued by a central bank. This has historically been the only government that society trusts with money. Instead of being regulated and issued by the Bureau of Engraving and Printing as a currency, Litecoins instead are created using an elaborate cryptocurrency process called mining. This involves processing transactions for Litecoin.
Unlike other currencies, the supply for Litecoins can be regulated. There will be no more Litecoins on the market than 84,000,000. Every 2.5 minutes the Litecoin network generates a block - a ledger entry containing recent Litecoin transactions all around the globe.
The block is then verified by mining software and made visible to anyone (called a miner), who requests it. Once a miner verifies the block, it is added to a chain that contains all transactions made with Litecoin.
There are incentives for miningLitecoin. 12.5 Litercoins will be awarded to the first person who validates a block. As with Bitcoin, the number of Litecoins given for such a task decreases with time. It was halved in August 2019 and will continue to be halved until the 84 millionth mining of Litecoin.
LTC dates have been halved as follows:
Aug. 25, 2015 (50 -> 25 LTCs)
Aug. 5, 2019 (25 -> 12.5 LTCs)
Aug. 23, 2023 (expected) (12.5 -> 6.25 LTCs)
Extra Considerations
To mine cryptocurrency at a rate that is worthwhile for miners, it takes a lot of processing power thanks to specialized hardware. Most cryptocurrency mining is not possible using the central processing unit (CPU), found in personal computers. Litecoin can still be distinguished from many other cryptocurrencies, as it can be mined by personal computers. The more a machine can mine, the better it has a chance of earning something of value.
Any currency, whether it's the U.S. dollar or gold bullion - is only worth as much as society perceives it to. The dollar's value could plummet if too many banknotes were circulated by the Federal Reserve. This phenomenon extends beyond currency. Any good/service becomes less valuable when it is more easily or cheaply available.
From the very beginning, the creators of Litecoin recognized that it would not be easy for a new currency like Litecoin to gain a reputation in the market. The founders of Litecoin were able to limit the number of Litecoins available for circulation to at least alleviate fears about overproduction.
What's the Difference Between Bitcoin and Litecoin?
The most significant difference between Litecoin Bitcoin and Bitcoin is the different cryptographic methods they each use. Litecoin uses the SHA256 encryption algorithm while Bitcoin uses Scrypt.
Litecoin comes with some unique advantages over Bitcoin. It was designed to speed up transaction processing, which is the main reason it's so popular. The Bitcoin network's transaction confirmation time averages just under nine minutes per transaction. Litecoin takes about 2.5 minutes. Because it has a shorter block generation time, Litecoin is able to handle more transactions.
Bitcoin has a significantly larger market capitalization than Litecoin. As of August 31, 2019, the total value of all bitcoins are in circulation was around $1 trillion. Litecoin, however, has a much smaller market capitalization at $11.9 billion. Bitcoin's market capitation dwarfs all digital currencies.
Both Bitcoin, as well as Litecoin, have fixed reserves. Bitcoin's supply can only hold 21 million coins, while Litecoin holds 84 million coins.
Goals for Litecoin
Like all digital currencies, Litecoin also acts as a form of money. Litecoin can both be used to purchase goods or transfer funds between accounts by individuals and organizations. Participants can conduct transactions using Litecoin independently of any intermediary, such as a bank, credit, or payment processing company.
What is Litecoin and what does it do?
Litecoin is a peer-2-peer virtual currency that is independent of any central authority. Litecoin offers instant, low-cost payments that can either be done by individuals or institutions anywhere in the world.
Bitcoin, Litecoin (and many other cryptocurrencies) use the proof-of-work (PoW), a method to secure their networks. PoW simply requires that one party shows that they have spent the necessary amount of computation to secure their network. Litecoin is not like Bitcoin, which uses SHA256 PoW hashing, but uses the more resource-intensive Scrypt PoW algorithms.
What can Litecoin be used for?
Litecoin allows you to pay anyone in the world directly without any intermediary.
What is Litecoin’s most expensive price?
On May 10, 2021, Litecoin reached an all-time high of $410.26. Its lowest point, $1.15, was reached on Jan. 14, 2015.
What was LTC's original cost?
1 LTC was approximately $4.30 in 2013 when it was first introduced.
What year was Litecoin's most recent halving event?
Mining is used to create Litecoin coins. Mining is a process that rewards miners with Litecoin. A Litecoin halving means that miners get a halving in Litecoin rewards per block.
Litecoin halvings were intended to preserve Litecoin’s purchasing strength. Aug. 5, 2019, was the last Litecoin halving. On this date, mining rewards were reduced from 25 LTCs a block to 12.5 LTCs a block. The next halving of the mining reward (from 12.5 LTCs in a block to 6.25 LTCs in a block) will occur around Aug. 23, 20,23.
How many Litecoins remain?
The final number of LTCs in circulation will be just 84 million. 2 As of November 2021, there had been just over 69,000,000 LTCs. With that in mind, less than 15 million LTCs can be mined.
PureCalculators assumes no responsibility or liability for any errors or omissions in the content of this site. The information contained in this site is provided on an "as is" basis with no guarantees of completeness, accuracy, usefulness, or timeliness.
Article author
Parmis Kazemi
Parmis is a content creator who has a passion for writing and creating new things. She is also highly interested in tech and enjoys learning new things.
Litecoin (LTC) Profit Calculator English
Published: Mon Mar 14 2022
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