Golden Oldie?

in LeoFinance3 years ago

Authored by: @hetty-rowan


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How many of all cryptos do you know?

Sometimes it is difficult to decide which coin or which token I will take a closer look at for that day. There are so many! And it is starting to become a bit of a sport to pick out a completely unknown to me. Not that there are none, on the contrary… I actually think I don't know 90% of all crypto! But to choose an interesting coin / token, with a vision of a good team behind it, a coin / token that has the potential for a significant increase. In short, it is starting to be a challenge to choose a crypto that can lead to nice profits, and preferably in the short term. So one that's on the brink of a race to the moon! Do you see the problem here? Right, I with my limited knowledge… I mainly rely on intuition, and even that I don't always dare to trust blindly. By the way, I should have done that today. However, “I should have done” is very different from “I did”. Well, time to tell which token I chose to watch today.

Twitter again

Again I searched for inspiration via Twitter. Often I believe it all what I come across on Twitter, of course it is not a bible where only truth can be found. Lol ... But it is ideal for inspiration, especially since you get quite a lot of different cryptos thrown around your ears in crypto twitter. And I'm curious enough to want to check them out to see what it is. Especially when I see a lot of people talking about it, OR when I see a well-known Twitter influencer talking about it.



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No concentration

But because my concentration flew in all directions today, except for the good side. My dogs were playing tricks on me. So I just took the first coin that came to my mind, to dive a little deeper. And that has become… An old acquaintance of almost everyone here I think.

The Litecoin!

Charlie Lee

Just because Litecoin is an older cryptocurrency does not mean that this coin cannot be interesting. For example, it is officially the very first fork of Bitcoin! Litecoin was born on October 13, 2011. And not by the least person. I think everyone in the crypto world, but also in the internet world has heard his name at some point. Charlie Lee also worked at Google and Coinbase before founding Litecoin. And as is so often the case, when a big name gets attached to something, it also gets negative publicity. In this case, Charlie Lee was charged with manipulating the Litecoin price. Whereupon he sold all his Litecoins so that no one could accuse him of manipulating Litecoin's price anymore.

Some differences with Bitcoin

So that's some background. Then one of the main differences between Bitcoin and Litecoin. That is the speed of the transactions. Due to a change in the original Bitcoin code, Litecoin's transactions are on average 4x faster with the same tax. Okay, I admit it, even 4x faster might be a bit outdated nowadays because there are newer blockchains that easily surpass this. But compared to Bitcoin's original transaction speed, Litecoin has made a nice improvement in this. Where the Bitcoin blocks take 10 minutes, the speed per block with Litecoin is 2.5 minutes.

Much cheaper

Another important point is that Litecoin's transaction costs are much lower than Bitcoin's transaction costs. For these two reasons alone, many people prefer to use the Litecoin to move their value from one network to another.

Another mining technology

Litecoin also differs from Bitcoin in mining technology. Bitcoin is mined with the SHA-256 algorithm, and Litecoin is mined with Scrypt. The biggest difference is that it doesn't make much difference to Litecoin whether you have a large mining company ... and that is the case with Bitcoin as we all know.

The last Litecoin to be mined in 2142

In total, 84 million Litecoins will ever exist, and the last Litecoin is expected to be mined in 2142. Can you imagine? Another 21 years before the last Litecoin will be mined. Expected then… and then? Will the price of Litecoin boom?

This makes me wonder some things

Facts like this always make me think, and automatically questions arise like "Will Litecoin still exist in 21 years?" The cryptocurrency seems so new, and yet this Litecoin has been around since 2011! Of course in terms of currencies, an 11-year existence is still new. But you could say that the technology has already proven itself here. So rather the question… what will a Litecoin be worth in 2142?

Far away from the ATH

At the time of writing, Litecoin's price stands at $ 141.88. This is up 2.12% in the last 24 hours. But at the same time, I know that Litecoin is nowhere near the ATH. The future will tell.

Atomic Swaps

Litecoin also uses another great technology. The Atomic Swaps. This offers interoperability to the blockchain can be exchanged between different cryptocurrencies WITHOUT actually having to go through an exchange. This is of course a very welcome addition to the Litecoin blockchain that makes it much easier to exchange your cryptos.

safety.

Litecoin offers a number of ways in which it helps to ensure the safety of its coin holders. For example, it protects against so-called Flood Attacks, where spammers with a large number of small transactions try to crash the network. Litecoin achieves this by making it financially impractical to carry out such an attack. Litecoin charges an individual fee for each trade, however small, making such attacks potentially costly efforts.

SegWit Technology

The use of SegWit technology also helps to prevent attacks on users' transactions. Segwit works by extracting the digital signature data from the captured transaction, preventing hackers from accessing it.

Litecoin has NEVER been attacked or hacked

These precautions seem to be enough. In the 11 years that Litecoin has existed, the Litecoin network has never been attacked and has not been hacked via an exchange. You could therefore conclude that the security of the Litecoin network appears to be sufficient.

Because Litecoin is already an older acquaintance, I was doubting whether I still wanted to discuss the team. But okay, no review is complete without really thinking about the team. So, don't be silly and dive in.

Litecoin foundation

They are a development team working on Litecoin. Their stated goal is to "advance Litecoin for the good of society by developing and promoting the most modern blockchain technologies". They partner with a number of companies to further integrate the use of Litecoin into society. Such as partnering with BitcoinRewards to help people earn Litecoin when shopping online, or with Meconcash to facilitate fiat withdrawals via Litecoin ATMs in South Korea.

Litecoin Core Development Team

These are the main developers for Litecoin itself and they work together with the Litecoin Foundation, which also provides financial support to its core development team.
Atari

Atari

On May 19, 2020, Atari entered into a partnership with Litecoin. Through this partnership, Litecoin will be implemented as a payment method to purchase Atari games and consoles, with more to come hopefully in the future. Litecoin is eager to settle into the gaming industry and Atari was an obvious nostalgic choice for the developers. From Atari's point of view, the Litecoin partnership opens up a modern revenue stream used to purchase new consoles or Atari tokens.

Which financial institutions have interests in Litecoin?

The Litecoin foundation bought a 10% share in WEG Bank AG in 2018. As part of the deal, the WEG bank agreed to use Litecoin for transactions. The deal allowed WEG customers to acquire cryptocurrencies through an established bank and also use these new currencies to pay for products.

The WEG bank was of course only too happy to take advantage of the fast transaction times that Litecoin offers. Litecoin was also delighted to be able to leverage the legitimacy that comes with partnering with an established bank like WEG. A partnership like this was therefore seen as a big step in helping to bridge the gap between crypto and traditional money systems.

Is Litecoin still worth it?

Although Litecoin has never been able to match the popularity of Bitcoin in my opinion, this does not mean that Litecoin could not be a good investment. Litecoin is a bit more innovative than Bitcoin, and has also proven over the past 11 years that, just like Bitcoin, they really will not simply disappear from the market. In fact, Litecoin is currently emerging from a long dip. And while the ATH is still a long way off, I still see no reason why Litecoin couldn't get back there. The moment Bitcoin will really start its big Bullrun, I immediately believe that Litecoin will go into Bitcoin's slipstream.

Litecoin has a maximum stock limit of 84 million coins and more than 64 million have already been put into circulation. With a limited supply of coins, Litecoin is a safe haven against the depreciation normally caused by inflation. As such, it could be used by its investors during future turbulent economic times as a store of value, as well as an option for making limitless payments on a daily basis.
If investors adopt the idea that cryptocurrencies are the future of money, Litecoin would be right with this ethos one structure. It has been specially created for fast and cheap online transfers and could therefore also be one of the most important cryptocurrencies in use worldwide. Especially considering the fact that more and more large companies are now getting into Bitcoin, it may just be that they will use the Litecoin network to move their value because this is simply cheaper and faster via the Litecoin network. . And even moving millions of dollars in one sitting doesn't mean you can't keep an eye on the little ones. After all, they all started out small and grew big. This could also happen for Litecoin.

Start small and grow big.



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This is not financial advice ... Do your own research before investing!

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I use Litecoin to transfer my crypto when I don't have a better option (like Hive) due to the low transfer fees. It is often far cheaper to swap my Eth to Litecoin, then transfer the litecoin. I could see it having a lot of upside.

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Interesting. I knew about Litecoin but I didn't know of the business dealings they have. They have an interesting model and it is nice to know they have never been attacked. I wonder if it will become similar to Bitcoin in the future due to whales HODLing. If prices go up so much, will transaction fees still be worth it? There are alot of questions that will take time to figure out.

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That the Litecoin chain was never attacked is a really nice thing to know for me. If whales will start HODLing I think the price will go up, and so will the transaction costs. But still they will be cheaper if you compare it with Bitcoin. That's how this chain is designed.

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The higher the price and usage, the more it will get attacked I think :)

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I love LTC! It was the first crypto I ever bought. I have moved so much of my LTC into other things by now, but I really wish I had picked up some more of it when I had the chance. For all of the reasons you listed above it is just so nice to use. It didn't help that Charlie sold his stake. I understand why he did, but it still didn't help the coin. I have a lot of faith that LTC can still be the Digital Silver to BTC's Gold.

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I have had a few Litecoin too when it was really cheap, but sold them all to cash out for daily needs. And at that moment I was happy with the low transaction costs, it saved me a lot of money to do that with Litecoin instead of Bitcoin.

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Yes, that is one of the things that really drew me to LTC to begin with. The speed, the transactions costs, and the fact that I could buy a whole LTC with less money that just buying a portion of a BTC. Looking back now I see how unimportant that last point was, but mentally it just felt better at the time!

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Same here with that last point. I didn't understand that one portion of a bitcoin could be worth more. And 1 whole litecoin felt ss a great accomplishment.

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maybe when Litecoin does something funky with Defi I will gain back some of it's popularity, you have to go with the fads in crypto if you want to stay on top :)

That's something we'll find out in the future I guess. The DeFi thing is not the only way for crypto to go I think. Bitcoin has no DeFi for what I'm aware of, and still is very popular.

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bitcoin plays in another league than the others :)

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Maybe yes, but what do you think is the reason for that?

There are many cryptocurrencies that actually have more to offer than Bitcoin. Bitcoin's technology is actually outdated if you compare it to other technologies. Yet Bitcoin is high on the top there, and everyone knows the name Bitcoin.

Just take to the streets, ask the average person if they know Bitcoin. The answer will often be ... "Yes, that's that internet money, isn't it?" In short, the masses have not yet adopted cryptocurrencies, but they do know the name Bitcoin.

Ask an average person, "What is Litecoin?", And they'll look at you with a look that makes it clear they don't know. The group of people who have not yet embraced crypto is larger than the group of people who have. But 99.9% knows the name Bitcoin. The people who are not in crypto don't know that there is so much, and for someone who is just getting in, or wanting to get in, a thing like DeFi is even more difficult to understand.

When the masses adopt crypto, this will change I think ... and I also think a lot of people are getting on Bitcoin because it is the only one they know by name. You even hear from stock market traders that they find crypto unreliable, too volatile, but that they want to get their share ... OF BITCOIN. Not all other crypto. Simply because they have not yet proven themselves for them.

Crypto is an adolescent for them, on the way to adulthood. And how that will be in the future ... no one knows yet.

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Bitcoin is the locomotive to the crypto hype train, simple as that. There are tons of coins with more use, better technology but as things stand right now bitcoin is still the king

My first miner was build for LTC. It was a nice and interesting endeavour and after cashing 300% on it, it was donated to a school so that kids can learn something. Btw, there is something of in the article it is either 2042 or if not, than we need 121 years till all coins are mined. :)

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Thanks for the correction ... you're right. I guess I was living in the future today. But it really has to be 2142, so I will never know when all Litecoins are mined, whether it still exists and what the value of 1 Litecoin will be by then.

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We might have a chance to see it. With the tech advance we experience today there might be a very small chance to live another 121 years :)

But, like you said, it is to far in the future to think about it.

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Not too sure if I even would want to... The world is going crazy and too many things going on.

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:) I would only to spend more time with my dear ones and see my son getting old,that would be the only thing why.

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From that point of view I can understand it ... And if I could have a guarantee that my loved ones would be here too, maybe I'd consider it. I don't have children, and my partner has the age as I have, he's 10 months older ... lol. And my dogs, well yeah ... I would say, they're gone long before I'm gone in normal circumstances.

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Haha I was going to comment that we were not in year 2121 yet.

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Lol ... yes, I was 100 years ahead in the future. Unfortunately I couldn't see where Litecoin was going to, what it was going to be. Hahaha

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i didn't know about the deal ltc has! i think i got 2-3 litecoins, hopefully, they gain some value!

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Depending on when you bought them, but it almost doubled from the most low point I saw it. So I hope you're in profit already. If not... Hodl strong and fingers crossed.

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yes i had around 4, i bought with 50$ each, so 200 in total. Then i sold one for 300+ so i am 100$ in profit you can say! Now i will hodl the other 3 for years! who knows maybe some day they reach 1k each

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Litecoin always seems to be on the verge of exploding but then stands still, follows the flow of the crypto tide but we await some good announcements on the project

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Yeah some good announcements could give it the nudge it seems to need to explode. Fingers crossed

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Litecoin is one of the first coins I ever purchased. I like the lower transaction fees and quicker speed. I think it will continue to serve a purpose well into the future!

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I hope it will. For some reason I like it. And so many people started the adventure with litecoin. Same for me...

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Honestly my knowledge of cryptos is little but if I keep reading your interesting and detailed articles soon I will know much more.
Thanks @hetty-rowan
!BEER

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Thank you, nice to hear that someone is learning with me. Often enough I feel that my knowledge is too little. That's why I keep looking at information about all the coins out here in the cryptosphere. And with writing about them, it's a good opportunity for me to double-check what I've learned. Usually there are people here who know a lot more, and they can add their knowledge, or correct me when needed. In that way, we all learn some more.

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It seems LTC just missed the chance few years back (if there was even a chance).
Today it's just stuck being good overall but not being an ace in any category.
Sure it will moon during the bull run, but hey even Doge will moon at that time :D

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Lol in a real bull run everything moons, well almost everything. True that ... Still I think Litecoin has advantages over Bitcoin. Speed and costs for example. So in terms of being a payment system it's better designed. And not that much a value storage as Bitcoin is by now. But if that's enough to drive the price up ... I don't know.

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4x the speed - 4x the supply.

Haven't thought of it by now. Is it related or pure coincidence?

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I think this is related, yes. The way they designed the Litecoin from the start ...

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I do not love LTC. It is another bitcoin copy. I think in a crypto world there are no silver or bronze only gold which is obviously BTC...

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Hmmm, interesting opinion. If you are right, that would leave out almost all the other coins ...

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One thing worth mentioning here is that there will be 5 billion FLR (Flare Networks) tokens airdropped to Litecoin holders at some point soon. Perhaps worth adding to the post? :)

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Oh, true! Yes, forgot about that. What will be the value of the FLR? They drop to the XRP holders too, that I know.

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FLR is already being traded on Bitrue, and its value per token currently exceeds that of XRP (I think it's around $0.3 or so?).

I believe LTC still has a long way to go in term of its price. With Blockchain tech evolving, with some developments LTC will become more better. I sold some at $170 few week back. At the current price, I think it's still a good buy

Nice ... that means you made a nice profit.

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Litecoin fee is also low. The speed of confirmation is also high. That is why the price of altcoin rise over $120. Months before , the price was about $70. I usually use litecoin to transfer to fiat exchange in my country. I sell some hive in blocktrades to ltc and send to my country exchange then transfer to atm. I have never had problem with ltc confirmation.

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Yes because of the low fees and transaction speed many people use Litecoin to transfer their value over the blockchain. It's much more cheap and fast as Bitcoin. So that's making people do exactly that what Litecoin was designed for in the first place. And what Bitcoin also was designed for ... but Bitcoin changed to more of a value storage, and Litecoin hasn't lost it's original function.

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Honestly, I can't keep up with these frantic cryptocurrency births... Haha!

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Neither can I ... so "Hallelujah to Presearch search-engine" ... Lol

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For sure. There is nothing wrong to own and accumulate some LTC ;-)