Litecoin: Is LTC Seriously Underrated? My Take!!
👨🏫What Is Litecoin?👨🏫
As the name suggests, Litecoin was designed to be a lighter version of Bitcoin. Whereas BTC is a store of value, LTC is meant to be the sound money that people will use for everyday payments
⛓How Does Litecoin Work?⛓
Litecoin is basically like Bitcoin with a few modifications. For starters, instead of the SHA-256 proof of work consensus mechanism, Litecoin uses a special proof of work consensus mechanism called Scrypt One little-known fact about Litecoin is that DOGE is merge mined with LTC. Without getting into the weeds, merge mining makes it possible to mine two cryptocurrencies without using any extra power
Like Bitcoin, Litecoin has a 4-year halving cycle, meaning the amount of LTC miners get from each block is cut in half. When the first Litecoin block was mined, the reward was 50 LTC The first halving occurred in August 2015, cutting the block reward to 25 LTC. The second Litecoin halving happened in August 2019, which was cut in half again to 12.5 LTC The next Litecoin halving is scheduled to take place in August 2023, and though some websites suggest this reduction in supply is the driver behind LTC’s price action, LTC remains highly correlated to BTC
In contrast to privacy coins like Grin, privacy will be optional on the Litecoin blockchain. This will be possible thanks to another technology called ‘extension blocks’ If you want your Litecoin transactions to be private, you can send your LTC to the Mimblewimble extension chain that runs parallel to the Litecoin blockchain and transact on it instead
📈LTC Price Analysis📈
LTC has seen a lot of investment from both retail traders on apps like PayPal, Robinhood, and Revolut. A lot of institutional money has been flowing into LTC via Grayscale’s Litecoin trust, and various LTC ETPs
🤑LTC Price Potential🤑
If you’re wondering how high LTC could go, this really depends on BTC. If BTC pulls a 2 or 3x, I reckon we would eventually see a similar move for most large cap alts including LTC. This works out to about 1k
👀Litecoin Privacy Pros & Cons👀
When Litecoin implements Mimblewimble, it will become a part of cryptocurrency’s privacy payments niche which has much less competition LTC is one of the easiest cryptocurrencies to get. In addition to being on PayPal, Robinhood, and the Revolut banking app, there are over 15 thousand LTC ATMs around the world Taken together, this means that when Litecoin adds support for Mimblewimble, LTC could unironically become one of the best privacy preserving currency on the planet. Regulators may not like this
Litecoin’s core developers also seem to be quite active on Reddit, and one of them recently noted that they are in the process of putting together a concrete roadmap Flare Network is also scheduled to air drop its SPARK token to Litecoiners in June, and this could turn Litecoin into a hotbed for new decentralized applications In the meantime, The Litecoin Foundation is working on creating new partnerships and expanding LTC’s use cases
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.