Litecoin news articles are a strong indicator of the state of the entire altcoin market, as Charlie Lee's fork of the Bitcoin genesis block is one of the oldest and most successful public blockchain and cryptocurrency projects released to date. Launched in October 2011 as a fair coin with no pre-mines and no ICO, the network has grown organically and the community behind the project has steadily emerged.
As opposed to Bitcoin, Litecoin has a more Keynesian approach and tries to function as a liquid token that should be spent. The philosophy revolves around the gold and silver concept, where the former (exemplified in this situation by Bitcoin) is the kind of money that you want to save and store, while the latter is meant to change hands frequently in order to acquire various goods and services.
In order to better secure its network and avoid potential attacks from Bitcoin miners, Litecoin makes use of the Scrypt mining algorithm and is the leader in terms of hashrate. Furthermore, the block time is reduced 4 times, thus issuing new LTC ever 2.5 minutes. This translates in quicker validations and lower short-term fees than Bitcoin's. Also, Litecoin's maximum supply is 84 million coins, four times higher than Bitcoin's.
Though Litecoin has been known for most of its existence as a carbon copy of its older sibling Bitcoin, it has played a significant role in proving the safety of SegWit in 2017 and enabling the first Lightning Network transaction. This testnet quality of LTC makes it more experimental and more willing to try new technologies that can potentially become part of Bitcoin.
In early 2019, new Litecoin news emerged about a partnership with Beam, whose purpose is to deliver a layer of privacy though the Mimble Wimble technology. This is part of Charlie Lee's plan to make Litecoin truly fungible, and part of the roadmap to confidential transactions: if one coin can be refused based on its origins, then the currency isn't entirely fungible and only privacy of transactions can bring a likeliness to money issues by governments' central banks.
For most of its existence, Litecoin has been a top 3 coin, and even during the 2017 bubble it has managed to rank among the first 10 cryptocurrencies in terms of market capital. As opposed to other projects, there's a lot of adoption going on, as local shops constantly accept LTC as a mean of payment. It's all thanks to the enthusiastic community and folks like Jon Moore and John Kim who do grassroots door-to-door campaigns in the United States of America.
Like it or not, Litecoin is going to be around for a long time and it will provide a fast and cheap way to send money and avoid credit card chargebacks. It's also a great mean to get on exchanges and buy low-tier altcoins during Bitcoin's moments of congestion and high fees. And just in case you think on-chain scaling is obsolete, there's always the Lightning Network to enable atomic swaps and instant transactions for negligible fees.
Crypto Insider will bring you the freshest and most relevant Litecoin news, so that you get your fix on the so-called digital silver.