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Litecoin (LTC) guide
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What is Litecoin (LTC) - Simple Explanation for Beginners

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    Litecoin (LTC) guide

    This well-known cryptopcurrency with the acronym LTC has become one of the most popular digital coins based on peer-to-peer system.

What is Litecoin (LTC) - Simple Explanation for Beginners
Cover image via u.today

This well-known cryptopcurrency with the acronym LTC has become one of the most popular digital coins based on peer-to-peer system. Entirely decentralized open-source network under MIT/X11 license allows everyone easy mining and coins transfer. The cryptocurrency was inspired by Bitcoin and created in order to improve BTC’s shortcomings. It has no central authority and, being BTC fork, features 4 times faster block generation rate - 2.5 minutes against BTC’s 4 minutes: “lite-” the name talks!

Litecoin Main Features

But not only higher speed makes difference between Litecoin and Bitcoin. When mining LTC the adaptive cryptographic key generation function (scrypt) for primary hashing applies. For Bitcoin it is SHA-256, and Litecoin uses the special proof-to-work algorithm competitive to Bitcoin.

Litecoin’s proof-to-work scheme is based on scrypt adds algorithms that work more intensively with memory, new energy efficient graphics processors have been able to enforce the hashing of the network. A transparent process facilitates independent verification of binary files and their corresponding source code.

The operation is fully confirmed only after 6 blocks since confirming after one block mining the network can be vulnerable. Due to this delay, intruders are out of topic: the network would require accumulating at least 10% of the network processing capacity. In 2009 Colin Percival of Tarsnap Inc. developed this scrypt that shows the contrast with Bitcoin’s SHA-256d. Inhibiting the hardware scalability LTC calculation requires a plenty of memory.

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The hardware that could be adopted for any purpose turns to be not reasonable to “collaborate” with Litecoin. The need to develop ASICs is completely eliminated due to scrypt use. Litecoin follows the policy of decentralization in mining. A decentralized currency still remains so valuable and resilient! The 2.5 minute creation of a new block is one more important feature. It is 4 times faster than the BTC transaction confirming (when waiting for a couple of hours is often recommended as reasonable security measure). LTC users can enjoy faster access to their earnings especially when they suffer with the lack of time.

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Other parameters of Bitcoin are the same in Litecoin. We mean the number of years between block reward halving events. The number of blocks between difficulty changes is the same too. As for summer 2017, Litecoin miners are currently being awarded with 25 new Litecoins per block. This amount would be halved approximately every 4 years (or every 840,000 blocks). The total emission is expected to be 84 million coins - 4 times more than Bitcoin units of currency.

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About the author

George Shnurenko is a Bitcoin and cryptocurrency enthusiast, financial analyst and writer. He's majoring in history but he believes that the digital currency which has taken the world by storm will bring about change to all us humans. 

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Bitcoin Price to Hit $250,000 Due to Lightning Network Use by 2023: Tim Draper

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    World-famous investor and Bitcoin bull Tim Draper explains what reasons will push Bitcoin price to $250,000 by 2023

Bitcoin Price to Hit $250,000 Due to Lightning Network Use by 2023: Tim Draper
Cover image via en.wikipedia.org

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

While speaking to the audience at the Malta AI & Blockchain Summit last week, the billionaire and prominent Bitcoin supporter Tim Draper confirmed his previous forecast for the BTC price hitting $250,000 in the near future.

This time he explained that this high price per one BTC will be achieved through the growing use of the Lightning Network and explained how it will happen from his point of view.

Bitcoin still to hit $250,000

The Bitcoin permabull Tim Draper again stated that the Bitcoin price is going to hit $250,000 by 2022-2023. He said this will happen due to the growing use of the Lightning network which allows conducting payments in BTC easily.

Being a major global investor, he nevertheless shares the opinion of many crypto enthusiasts that BTC is not only a store of value but it can also be used to pay for things in everyday life – micropayments, the retail sector, etc, i.e. is perfect for adoption.

Previously, Tim Draper stated that his forecast of BTC reaching $250,000 was actually a quite conservative prediction.

Will Bitcoin get to be worth $1 mln?

As reported earlier on Wednesday by U.Today, the crypto asset manager and a trader Marius Landman tweeted that before Bitcoin hits $1 mln, it is bound to go through ‘super hyper inflation’, in which price drops by $20,000 will be considered insignificant.

He also expects Bitcoin and Litecoin to show ‘subito motus’ (Latin for ‘sudden movements’) soon, saying that this will leave uninformed investors and technical analysts at a loss.

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Smaller bullish BTC forecasts

Other traders and analysts seem to think more vaguely when they are looking at technical analysis graphs. They are bullish, nevertheless.

The @crypto_rand trader with over 216,000 followers on Twitter simply posts a chart, saying that Bitcoin ‘still looks bullish’.

Another analyst and trader PlanB has published a chart of the way the changes in the Bitcoin mining difficulty have impacted the BTC price. People in the comment thread agree that this data at the moment is bullish for the Bitcoin price.

At press-time, Bitcoin is sitting at $8,823.

BTC price CMC
Image via CoinMarketCap

 

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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