The 3Commas Wallet will support Litecoin and will be available on all app stores. Buying LTC has will become easier. You will be able to visit our LTC price page and click on “Buy Litecoin”. With the 3Commas LTC wallet, you will enjoy total access and control over your digital assets. Our simple interface design has a zero learning curve and will enable users to send, exchange, and buy different cryptocurrencies.
What is Litecoin?
The brainchild of Charlie Lee, Litecoin was created in 2011 to be a proof of work digital currency. In terms of value superiority, Litecoin was second only to Bitcoin. It was designed for day-to-day use via an online Litecoin wallet, which is true as the average block time of the cryptocurrency is 2.5 minutes (Bitcoin’s is 10 minutes). LTC was basically designed to improve on all the shortcomings Bitcoin posed.
LTC is easily ranked amongst one of the largest digital currencies strictly in terms of market capitalization. However, it is still further and further behind BTC. But it is gaining strength - in March, the total LTC crypto in circulation was identified at being at 66 million.
How does it work?
Litecoin is essentially a p2p (peer-to-peer) digital currency, which means it isn’t regulated by a central authority. The LTC network provides exceptionally fast, virtually zero cost payments that can be utilized by traders and companies around the world. Similar to Bitcoin, Litecoin also incorporates the use of PoW (proof-of-work) algorithms to its network. Proof-of-work requires that one entity shows proof to all involved participants in the LTC network that the required load of computational effort has indeed been expended.
Why is Litecoin Valuable?
LTC is programmed to have a limited crypto supply (84 million LTC). Similar to BTC, the cryptocurrency also minimizes the amount of block rewards miners can get during “LTC halving” events. This effectively lowers the rate of new coins flowing in the market.
Because of limited LTC supply, it is considered as a rare digital asset, which exponentially boosts its value. While scarcity is only a part of why LTC is valuable, other components that fit the equation include the size of its network and usability both in terms of trading and the number of miners on the LTC network.
As Litecoin has a reduced block time frame, it is increasingly more practical to use it for day-to-day transactions and payments. This comes in significantly handy, as we all know it doesn’t make any sense keeping the merchant waiting for 10 minutes just to get confirmation on whether or not they’re going to receive payment.
Using the 3Commas LTC wallet, you can leverage the reduction in LTC’s hashrate intensity to use hardware that doesn’t require increased levels of computing power. However, in today’s tech landscape, several companies have manufactured ASICs. These are powerful GPUs for mining LTC and come at a pretty hefty price tag.
How Is the Litecoin Network Secured?
The LTC network is effectively secured by the sheer volume of its miners. As it’s a decentralized digital currency, different users and trading entities can participate in the block validation process. Moreover, Litecoin developers are very serious about network security and are renowned for never compromising on any security components on the network. These factors make it significantly less likely that the LTC network will ever succumb to malicious activity or network attacks.
How Many Litecoin (LTC) Coins Are in Circulation?
Currently, the total circulation of LTC coins amounts to 66,480,217 LTC. Moreover, miners get a 12.5 LTC reward each time they process an LTC block (which is every 2.5 minutes). However, similar to how Bitcoin’s reward system works, LTC rewards are also subject to halve every 4 years. So, considering this, the next halving will happen in August 2023. Also, keep in mind that LTC has a finite supply (84 million) and once all coins have been mined, LTC will only reward users with transactions fees.
Litecoin’s Upgraded Features
Being second-layer tech for BTC, the lightning network utilizes micropayment funnels to enhance the capability of its blockchain to create transactions. In a way, LN’s implementation was also a testnet, just like SegWit to calculate whether any innovation is possible on the BTC network.
Charlie Lee made a very good observation that as soon as the BTC blockchain is chocked, the fees will start to increase - and it is at this moment you would realize how easy it would be to use Litecoin in a parallel with the Lightning Network.
A privacy safeguard, MimbleWimble was launched as a protocol that enables encrypted private transactions or it can make information obscure - for example, the amount of any transaction. However, users believe the protocol can reduce the blocksize, enhancing BTC scalability. In 2019, Lee announced that LTC will integrate MimbleWimble, as of the start of 2021, the protocol is underway.
Learn more about 3Commas Wallet features
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