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Obviously, if the resistance holds still, the support level at $93.46 is crucial. This is a price where Litecoin has found strong demand in the past, suggesting that if it falls to this level, buyers may step in to push the price back up. A dip below this, however, and the next substantial support is down at $86.20.

In comparing various financial products and services, we are unable to compare every provider in the market so our rankings do not constitute a comprehensive review of a particular sector. While we do go to great lengths to ensure our ranking criteria matches the concerns of consumers, we cannot guarantee that every relevant feature of a financial product will be reviewed. However, Forbes Advisor Australia cannot guarantee the accuracy, https://www.tokenexus.com/ completeness or timeliness of this website. LTC is simply another cryptocurrency that just so happens to prove its use-case as a low-cost decentralized peer-to-peer payment method. Litecoin’s founder, on the other hand, has been publicly available and active in the community. After working at Google and founding Litecoin, he also worked on the engineering side at Coinbase, one of the largest cryptocurrency exchanges in the world.

The Low-Down on Litecoin

It was proposed as a solution to some of the bottlenecks and scalability issues with Bitcoin, most notably the number of transactions that could be processed within a given time frame. The edge Litecoin has over Bitcoin is that the What is Litecoin payment transaction costs are extremely low, and it is capable of facilitating payments around four times as fast. Litecoin (LTC) is one of the earliest “altcoins,” or alternative versions of Bitcoin, that rose to prominence.

LTC can be purchased through most cryptocurrency exchanges or via LTC-based wallets. Litecoin can also be purchased and sold through payments apps like PayPal. After purchasing, it’s important to store crypto in a secure wallet, like the paper, hardware, or desktop/mobile options, for example. Litecoin is a virtual currency that operates on a peer-to-peer network, which means it’s not controlled by any central authority.

Is Litecoin Better Than Bitcoin?

Released to the public in 2011 by former Google engineer Charlie Lee, Litecoin is an open-source global payment network not controlled by a central authority. On this date, the mining reward was reduced from 12.5 Litecoins per block to 6.25 Litecoins per block. MimbleWimble is a privacy protocol that builds on confidential transactions that encrypt or obscure information like transaction amounts. It is argued that MimbleWimble can decrease blocksize and increase scalability.

These advantages technically make Litecoin a better coin for the vast majority of small transactions. Litecoin (LTC) is an alternative cryptocurrency created in October 2011 by Charles “Charlie” Lee, a former Google engineer. Litecoin was adapted from Bitcoin’s open-source code but with several modifications. Like Bitcoin, Litecoin is based on an open-source global payment network that is not controlled by any central authority. Litecoin differs from Bitcoin in aspects like faster block generation rate and use of Scrypt (pronounced es-scrypt) as a proof of work scheme. As one of the first altcoins, Litecoin improved upon Bitcoin’s code to increase its scalability for faster transactions and lower fees.