About Litecoin (LTC)
Litecoin (LTC) was created in 2011 and is a modification of Bitcoin's (BTC) original code, which has created quicker transactions and cheaper payments. Similar to the scarcity of BTC, a maximum of 84 million LTC tokens will ever be created. If BTC is considered the ‘gold’ of cryptocurrency, then LTC is ‘silver’, according to its creator. It is currently one of the top ranked coins according to CoinMarketCap.
Using Litecoin (LTC) price information
Litecoin price information plays a crucial role in analysing portfolio performance, identifying market trends, and managing investment risks effectively.
Frequently asked questions
How is the price of Litecoin determined?
The value of Litecoin, like other cryptocurrencies, is determined by the ever-changing supply and demand in the crypto market.
What is the total supply limit of Litecoin?
Litecoin has a maximum supply of 84 million coins. When miners work to keep the Litecoin network running smoothly and process transactions, they receive block rewards. These rewards are like a payment for their significant role.
How does Litecoin’s block reward halving work?
Every time 840,000 blocks are mined, the reward given to the miners is cut in half. This means they receive fewer Litecoin's for their work. This process, called block reward halving, controls the number of new Litecoin's entering the market.
Reducing the rate at which new coins are created, it helps prevent inflation and makes Litecoin's scarcer. The idea is that as the supply of Litecoin's decreases, their demand and value will increase.
Where can Litecoin be bought?
You can easily buy Litecoin at BTC Markets, your trusted Australian cryptocurrency exchange. We offer strong security, local support and liquidity in over 30 markets.
What makes Litecoin valuable?
Litecoin is valuable because:
- It offers faster transactions and lower fees than Bitcoin, making it an attractive option for everyday transactions.
- It has an established market presence and has existed since 2011.
- Its ‘Script’ algorithm encourages decentralised mining and resists specialised hardware domination.
- It offers diversification in the crypto market, mitigating risks and capitalising on unique features and market trends.
- Litecoin’s dedicated team, led by Charlie Lee, drives protocol improvements and innovation, instilling investor confidence.
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