Litecoin is a peer-to-peer cryptocurrency project that is fully open source and released under the MIT/X11 license. The project was inspired by and is nearly identical to Bitcoin (BTC) in terms of its technicalities. However, the creation of Litecoin and the transfer is based on an open-source protocol without management from a central authority.
Founded two years after Bitcoin (2011), this cryptocurrency has been popular on the coin market and is in the top ten biggest cryptocurrencies in terms of their market cap. It is often referred to as the little brother of Bitcoin, litecoin is used to transfer funds directly between individuals or companies without the need for an intermediary as a bank or a payment processor.
Because of its advantages, LTC is able to generate a block in less than 3 minutes and make a faster transaction compared to Bitcoin. This is very important for the miners because they use hardware to mine on the Bitcoin network so it is very hard to switch to Litecoin. This is good because there won’t be large groups forming and mining Litecoin so it will be easier to keep Litecoin decentralized.
Many experts believe that the adoption rate of LTC will increase this year which will lead to a growth in price. Of course, we can never know how big of a jump that would be. The adoption rate should increase because the cryptocurrency has a lot more coins in circulation so it is more affordable. Also, both the lightning network and SegWit are activated so Litecoin has a great chance of dealing with scalability problems.
This cryptocurrency is a favorite among experienced crypto traders mainly because of its steady growth, amazing partnerships and true dedication.