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Does Litecoin Have A Future? (LTC Analysis) How to buy LTC?
Payment with Bitcoin takes about ten minutes - too long, according to the inventor of Litecoin. He developed a currency that should be faster and cheaper. Is Litecoin better than Bitcoin? Litecoin is an open-source cryptocurrency based on the blockchain system. This was created from the Bitcoin blockchain, so it is a kind of decoupling. In circles, this process is called a hard fork. An example of another hard fork in bitcoin cash for example. With a hard fork, the blockchain of a cryptocurrency is changed. The old blocks no longer allow the blocks of the changed blockchain for the old network. If enough users accept the new blocks, a new currency is created. This shares the past with the actual currency.
What Can Litecoin Do Better Than Bitcoin?
Litecoin is faster and cheaper than its big brother when it comes to processing payments. There are several reasons for this, including:
More transactions
better scalability
easy algorithm
A criticism of Bitcoin is its lack of scalability. Put simply, this means that the cryptocurrency cannot adapt well to increased demand for payment processes. Scalability includes aspects such as how much information can be processed in a certain period, how long a payment takes and how secure your payment is.
This Is How The New Money Works
Litecoin promises the solution here: The blocks of the cryptocurrency are smaller and a new one is created every two and a half minutes - so the currency is four times as fast as Bitcoin.
What Are The Advantages Of Litecoin For Users?
The modification makes Litecoin more user-friendly for everyday use. The currency is faster in the payment and can better absorb higher transaction volumes. In addition, it offers you as a user another great advantage: Due to the less difficult structure behind the currency, the fees are significantly lower than with Bitcoin.
This is difficult to predict with medium-sized cryptocurrencies. Litecoin is one of the ten most important currencies and as the top one, was able to benefit from the uncertainties of the pandemic.
Some analyzes from the sector also expect Litecoin to grow strongly in the future. By 2025, an LTC is said to be worth between $ 450 and $ 950, depending on the forecast. Such statements are very difficult to evaluate in the crypto world. With Litecoin there are both factors that could speak for growth, but also some bad development opportunities. Chances for Litecoin are;
Mining is easier than with Bitcoin. This way, more people can get actively involved in the platform. Founder Lee is well respected in the crypto market. Lee is said to have given up his job for Litecoin and also retired as the technical manager of the large exchange Coinbase.
Litecoin is traded on all major and major exchanges. All hardware wallets for storing the currency offline - also support Litecoin. PayPal recently opened to Litecoin as well.
More and more users pay with Litecoin than with Bitcoin. This market had also made Bitcoin more widespread, as many bought the currency in order to pay anonymously online. The low fees now make Litecoin more attractive for these customers.
The year 2021 has been very exciting for the entire crypto world so far. News about PayPal, crypto ETFs, and the increasing adoption made many prices soar. So far, the year has also been successful for LTC. Every month the bulls were able to raise the price to a new annual high. The whole thing culminated in a new all-time high in 2021.
With a price of just over 400 dollars, the new ATH trumped the previous one by quite a bit. As a result, however, the price collapsed due to negative headlines that hit the entire industry. But Litecoin is still one of the most popular assets among investors.
Often the LTC price increases many times more in the event of a Bitcoin increase. Nevertheless, Bitcoin's little brother managed to break away in recent years. Partnerships with smaller and larger companies kept investors paying attention. The project's roadmap is still complete of adjustments that should find their way into the log in the future.
Many experts in the field of long-term price forecasting also consider LTC a good investment. According to the Litecoin forecasts we have examined, the price will rise this year. Litecoin is one of the oldest cryptocurrencies and has always established itself among the largest currencies by crypto capitalization. A look at the Litecoin forecasts of leading experts for long-term price forecasting shows that they also consider LTC a very good investment. The correlation to the rate is now there, although it is no longer as strong as in the past.
Litecoin is still lacking the acceptance of its big brother Bitcoin, but LTC can also have some exciting partners. Above all, the fast platform and the low fees make Litecoin so interesting. Therefore, from our point of view, the coin is definitely a suitable candidate for a long-term investment. Interested parties who want to buy Litecoin today could therefore benefit in the long term, provided that the expert's forecasts come true.
Adoption And Data Analysis Play Major Roles For Litecoin
Litecoin is digital money based on peer-to-peer technology. It is one of the first and most famous modifications from BTC.
In 2011 the open-source client Litecoin Core by C. Lee was published. From then on, anyone could check the code and use it without restriction. At its core, LTC is a decentralized booking network that verifies every transaction in the system, immortalizes it in a block, compares it with the rest of the system, and updates it. Litecoin is also limited in its number and follows a predefined inflation rate.
Development
LTC is constantly changing and not only has changed fundamentally over the past few years but will continue to do so in the future. The platform is decentralized, but updates and changes to the platform take place much faster than with Bitcoin. Nevertheless, here too, the decisions are weighed up in advance and checked several times. A possible implementation can still take several years since system security also plays an important role at LTC. This long-term process increases security and minimizes possible errors that can occur during a new version. The last update was in 2017. This increased the number of possible transactions without changing the actual size. In addition, it made the connection to the second layer possible.
The Next Big Update Is MimbleWimble
The update aims to make Litecoin more anonymous by obscuring the identities of users. Above all, this is intended to increase privacy in order to protect the user even better. The use of the new update will remain optional. The last tests are currently running on the Litecoin network. The last update was in 2020. An exact date for the completion and implementation is not known. Still, many expect the update to come this year.
Which Factors Influence The Litecoin Forecast
For our Litecoin forecast 2021-2022, we are evaluating both the charts and the fundamental situation of the plan. This is a qualitative assessment that considers factors such as adoption or the data tests of the digital currency. In contrast to the analysis, which follows a time of about 1 month or less, the fundamental evaluation is used for a long-term forecast.
It is important here that Litecoin is an open-source network without a central instance that can be freely used by everyone. Therefore, there are no partnerships or a dedicated development team at Litecoin.
Demand and Market Development
Litecoin takes a strictly scientific approach to development and implementation. Any changes to the platform are secured by so-called Litecoin improvement proposals, for example, scientific reviews by independent developers.
With this approach, the plan above all guarantees security. Building on this, the interest of various entities is increasing in order to protect themselves from the current uncertainties of the regular market and to flee from the inflation of the currencies.
We rate the growing interest in an independent, censorship-resistant store of value and means of payment as decisive, which ascribes a positive chance to the platform itself and the demand for LTC. Therefore, our Litecoin forecast is positive here.
How to buy Litecoin?
Author: Emre Ata Author LinkedIn