Litecoin came out in 2011 and was one of the first altcoins, which are currencies other than Bitcoin. Even though it was technically the same as Bitcoin, it made transactions much faster. The time it takes to process a transaction with Litecoin is about four times faster than with Bitcoin.
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People who are interested in cryptocurrencies often say that Litecoin is the silver to Bitcoin’s gold in terms of price. But LTC has always been much cheaper than Bitcoin, which is why some investors have chosen it.
Hashing algorithm for Litecoin
Scrypt is the algorithm that Litecoin uses to find the hash value. SHA-256 works faster and needs less memory than Scrypt. But the cryptocurrency community liked it more after the Tenebrix project changed Scrypt in 2011 so that it could be mined on regular CPUs.
It was also hard to make application-specific integrated circuit (ASIC) miners for Scrypt because it needed a lot more memory. In 2016, the world’s first LTC ASIC miner came out, but its setup to keep ASICs out didn’t last long.
How much money would you make if Litecoin reached $100?
The current price of Litecoin is $63.05, and its market capitalization is $4,530,611,712. In recent years, it has lost a lot of value. In 2022, the price of LTC fell along with the rest of the cryptocurrency market, by about 48% in a year. At the beginning of December, LTC was 81% below its all-time high.
Based on the current price of $63.05, you will have about 15.86 Litecoin coins. If the price of Litecoin goes up to $100 in the next few years, your $1000 will turn into $1586.00.
Let’s say that you bought $1000 worth of Litecoin coins today. You will have about 15.86 coins based on the current rate. But if it gets to $100, you could make $1586.
This is not advice on how to invest. Please do your research before putting money into anything.
Source: Google Trend