Litecoin (LTC)

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Litecoin (LTC) in a nutshell

The Litecoin network is a full-fledged blockchain that runs using the Proof of Work (PoW) consensus model. Litecoin was essentially created to improve the Bitcoin network and has several advantages such as an improvement in block generation time and faster speed of transactions. 

It is widely used as a payment currency and has been incorporated by many points of sales terminals and even PayPal. 

However, it is one of the older cryptocurrencies and does not offer many of the new and innovative features such as DeFi that are offered by new cryptocurrencies.

Tokenomics

The total supply of LTC is fixed at 84 million tokens. 

Litecoin tokens can be earned by mining. 

Has LTC Token been audited and doxxed?

No. The LTC token was not formally audited but has been doxxed. The team behind the LTC Token publishes regular documentation via press releases and is active on social media channels. 

Trust & Fairness: 4

Exchanges & Swaps: 5

Tokenomics: 4

Community: 5

Overall Rating: 4.5

Detailed Review of Litecoin (LTC)

The LTC token is used as a payment currency and has been supported by many payment portals across the globe. It was launched to provide a better version of Bitcoin and is a fork of the BTC network. 

The Litecoin network has several advantages over the original Bitcoin. It supports faster transaction times and generates new blocks every 2.5 minutes as opposed to 10 minutes for BTC. Litecoin also uses the Scrypt algorithm for mining that is faster and lighter than other Proof of Work protocols. 

The Litecoin network charges fewer fees as compared to BTC.

It shares other similarities with Bitcoin and can be mined with users being rewarded in LTC tokens for securing and validating the blockchain. Litecoin is also halved and the current rewards are 12.5 LTC per block which are shared by the miners. 

Where to Buy Litecoin Token?

The Litecoin token can be bought on almost all popular exchanges such as OKEx, Binance, Digifinex, Coinbase, Nominex, WazirX, Gate.io, FTX, Huobi Global, KuCoin, Bithumb, Kraken, Crypto.com, Gemini, Bitfinex, Coinone, Poloniex, Phemex, LBank, Upbit, Paribu, CoinDCX, LATOKEN, and BitForex. 

You can buy LTC either through cash via P2P (peer-to-peer), credit or debit cards, or through other cryptocurrencies. 

If you already hold some crypto, then you can use the coins to purchase LTC directly through supported decentralized exchanges such as PancakeSwap. All you need to do is connect your wallet such as Metamask and select the appropriate coin pair that you wish to use for purchasing LTC (for example BNB/LTC). The decentralized exchanges are a quicker and easier method that guarantees anonymity as you do not have to deposit fiat currencies or complete a KYC process before purchasing the Litecoin token. You can also use LTC for purchasing other altcoins through the decentralised route as explained above. 

What Can you do With the Litecoin Token? 

Hodl as a long term investor: The developers of LTC have plans to include the token as a form of payment on NFT marketplaces all over the world. You could also simply hodl it and gain from its price appreciation in the long term. The token also generates passive income for its holders as it can be staked. 

Swap LTC to other tokens: You can use LTC and directly swap to other altcoins on a decentralized exchange. The process is quick and simple and is described below. 

How to Swap LTC to other altcoins

Simply head over to a decentralized exchange and connect your wallet. Then, select the amount of LTC you wish to spend (factoring in transaction fees) and swap it for another crypto token. You will receive the tokens in the same wallet. 

How to Buy LTC?

In order to buy LTC, you will need to use a centralized exchange or a decentralized exchange. Decentralized exchanges (DEXs) are simple and easy to use and do not require any registration. The process of token swap on DEXs has been explained above. 

For purchasing LTC on a centralized exchange, you will need to register and create an account with the exchange and then deposit fiat currencies or crypto assets that can be used to buy LTC. You will need to complete the Know Your Customer (KYC) procedure to open an account on a centralized exchange.

Steps to open an account on a centralized exchange:

1. Go to the exchange site where LTC is listed and click on the Register button. 

2. Then select your country of residence and proceed to the registration interface. Here, you will need to provide your email ID/phone number and a password that will be used to login into the newly created account. 

3. Click on the agree to terms and conditions button and wait for the verification mail or message. 

4. Clicking on the verification tab will take you to your new account. You will need to provide documentation such as a driving license, passport, or other government-issued IDs to confirm your identity and address. A utility bill and national ID may also be accepted in some cases. This process is known as the KYC regulation and it is in place to prevent the risk of fraud and to ensure that the site is safe for all users. 

5. Once this additional step is completed, the exchange will activate your account and you can deposit funds to start trading. You can select fiat currencies or cryptocurrencies supported by the exchange to deposit funds to buy LTC. 

6. Most exchanges support multiple payment methods including credit/debit cards, bank transfers, third-party payment processors, and P2P transfers. 

Upcoming Events/Future Roadmap

The LTC network plans to incorporate further privacy measures through its MimbleWimble update. It allows the masking of identities of both the sender and the receiver in a transaction. 

As for future price predictions there are different views on the subject. Priceprediction suggests that in 2030 Litecoin will trade for $1,485.50. Whereas WalletInvestor predicts the token to reach price of $143.99 by the end of 2025. When looking at muiltiple different predictions they all indicate that the value of Litecoin is in the rise for future. Eventhough the estimations are bright it is important for everyone to do their own due dilligence.

Token Price

The all-time high price of one LTC was $410.26 on May 10, 2021. It is currently trading at $153.84 at the time of writing (Source: CoinGecko). The all-time low price was $1.15 on January 14, 2015. Comparing the all-time low and all-time high prices, we get returns of about 13254.1% which are very impressive returns. The LTC token is slowly establishing its position as a leading cryptocurrency. The LTC price can be checked on sites like CoinGecko and CoinMarketCap.