One of the most prominent and well-known cryptocurrencies.
is one of the weirdest cryptocurrencies
, but there's nothing really strange or fishy going on with it. It was clearly inspired by Bitcoin
, and remains very similar to BTC
, acting almost as a test network for upgrades to Bitcoin. For example, Litecoin instituted Segregated Witness (SegWit) in May of 2017, making it one of the first to do so. Litecoin is advantageous for buyers for a number of reasons. First, it has very low transaction fees, generally costing 0.001 LTC, but it's worth noting that Bitcoin also
once had low transaction fees. Additionally, the cost of Litecoin is substantially lower (usually staying between 5% and 10% of Bitcoin's value), so a purchase of 500 USD will acquire a much larger quantity of Litecoin than Ethereum
. Those hoping to purchase a cryptocurrency
at relatively low values and watch it climb to 5000 USD are more inclined to go with Litecoin than Ethereum. It also helps that Litecoin is one of the three cryptocurrencies on offer at Coinbase
Unlike many of the newer cryptocurrencies, Litecoin itself remains Open Source, as well as boasting Open Source wallets. For the most part, the wallet issue is unimportant, since holders are more likely to use Coinomi, Jaxx, or Coinbase to store their cryptocurrencies than a currency-specific wallet. Being so similar to Bitcoin, the costs of mining Litecoin are also fairly high, requiring specialist hardware known as "ASICs" in order to do effectively. It's probable that Litecoin will always have a substantially lower value than its big brother Bitcoin, though, as its total run is scheduled to produce 84,000,000 units (eight-four million), which is four times the amount of Bitcoin that are scheduled to exist.
Coin Market Cap: Litecoin