Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin. How will this affect LTC price?
Litecoin has one of the most active community in the crypto ecosystem with hundreds of thousands of followers across various social media platforms.
Open Source Software
Litecoin is an open source software project released under the MIT/X11 license. This gives you the power to run, modify, copy and distribute the software. You can also distribute modified copies of the software. The software is released in a transparent process that allows for independent verification of binaries and their corresponding source code.
The Litecoin blockchain is capable of handling higher transaction volume than its counterpart – Bitcoin. Due to more frequent block generation, the network supports more transactions without a need to modify the software in the future.
As a result, merchants get faster confirmation times, while still having ability to wait for more confirmations when selling bigger ticket items.
Wallet encryption allows you to secure your wallet, so that you can view transactions and your account balance, but are required to enter your password before spending litecoins.
This provides protection from wallet-stealing viruses and trojans as well as a sanity check before sending payments.
Miners are currently awarded with 12.5 new litecoins per block. This amount gets halved roughly every 4 years (every 840,000 blocks).
The Litecoin network is therefore scheduled to produce 84 million litecoins, which is 4 times as many currency units as Bitcoin.
Let us review LTC Price.
LTC/USD – Price Prediction
LTC is currently trading close to the resistance zone at $244. If LTC can claim this resistance zone, we could start seeing a move towards $263, $290, $369, $496 and $623. If $244 gets rejected, we could see a pull back towards $211, $190 and $162. These could be good areas to long in case the resistance gets rejected. So you can place your long orders either above $244 once resistance is flipped to support or at the lower support areas of $211 to $162.
LTC is currently trading at $229 with a market cap of $15,320,316,448. Its 24 hour trading volume was $6,107,288,687.
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