Litecoin Price Prediction INR India 29 March 2022
The current price of Litecoin on 28th March 2022 (10:55 AM IST) is INR 8742.26 with a change in +0.51% in the last 24 hours. Litecoin price forecast for 29th March 2022 will be between INR 9940.30 and INR10,054.36.
According to crypto trade analyst Michael Van De Poppe the crypto market is showing good strength and is worth investing besides Cash and Commodities as assets. It is especially positive for Bitcoin as Bitcoin breached the $45000 mark. Both BTC and ETH had over 5% surge. Other cryptos witnessed gains. Yet it’s recommended to buy the dips as long as it is profitable. Meanwhile crypto taxes will be implemented in India from April 01 2022.
What is Litecoin?
Hailed as a ‘sliver’ to the bitcoin ‘gold’, Litecoin is an altcoin that was conceived as a spinoff of Bitcoin. Many such coins have been created and called ‘Altcoins’. Technically Litecoin very much resembles the Bitcoin sans some key differences. Bitcoin takes about 10 minutes to generate a block, which is quite energy consuming. On the contrary, Litecoin is blazing fast and takes a mere 2.5 minutes to generate a block! Litecoin uses a scrypt algo named s-crypt as opposed to Bitcoin that uses SHA-256 Hashing algo. Scypt’s a bit hard on RAM and consumes lot of RAM power.
The Litecoin cryptocurrency is denoted by Ł and abbreviated as LTC. The smallest unit of a Litecoin is called a Litoshis.
Like all cryptocurrencies Litecoin is also very much in a developmental phase. The latest update was LTC 0.18.1 on 1st June 2021.
As opposed to Bitcoin’s total supply of 21 million coins, Litecoin released a whopping four times larger supply of 84 million coins. The last of which is expected to be mined in 2142.
Who created Litecoin?
Former Google computer scientist Charlie Lie conceived Litecoin in 2011. It was the same year he chanced upon Bitcoin and fell in love with the crypto. In October 2011, Lee released Litecoin as an altcoin of Bitcoin on Bitcointalk. He did this all in his spare time whilst still an employee at Google. In 2013, Lee left Google to work at Coinbase, a leading crypto exchange. Currently Lee is working at the Litecoin Foundation as a fulltime contributor.
According to Lee, there were many precursors to Litecoin. Those early alt-coins failed and simply vanished. Lee tried to adopt the very best from those altcoins and blended it all together to launch Litecoin. He purchased Litecoin’s domain from godaddy(dot)com for $38.85 bucks in Oct 2021!
Since the project is forked from Bitcoin, the coding wasn’t hard, remarks the Litecoin founder, the hardest part was creating a genesis block. He achieved that with some reverse engineering.
The current logo for Litecoin was designed by Robbie Coleman who is also currently the Creative Director of Litecoin Foundation.
How Litecoin works?
Technically, Litecoin is a replica of Bitcoin, however with some improvement. Users can transact over the blockchain via a public key attached to the end user’s digital wallet. Since Litecoin uses Scrypt algo, it is much feasible for a lay person to mine using a consumer grade hardware. A good CPU and GPU configuration can get you started. However with time this would evolve and it would get virtually impossible to mine (any crypto) with a normal personal device.
Litecoin has integrated a SegWit or Segregated Witness protocol in its blockchain in 2017. Read more about the SegWit protocol here. Bitcoin followed suit. Litecoin has also adopted the Lightning Network. It’s an extra layer created over a blockchain to enable seamless and fast transactions with bare minimum fees and fuss.
How to use Litecoin?
For starters you can buy LTC from crypto exchanges like Binance or Coinbase too. These exchanges will enable you to open a wallet with them. Once your account is set up, you can buy as many LTC via wire transfer. Viola! It’s that simple. And you don’t have to be a crypto miner to mint the coin of your choice.
Litecoin can be used for payment of goods and services wherever LTC is sanctioned. According to Coin ATM Radar there are about 50+ Crypto ATMs globally that tender Litecoin.
Top platforms and apps in India to trade Litecoin
What’s So Special About Cryptocurrencies? Cryptos are global, highly secure, private and irreversible. About 20 million Indians currently hold cryptocurrency. 60% of the total crypto investors are between 18-34 year old.
India is also the second in fastest adoption of cryptos followed by Vietnam. Although the Indian government has introduced 30% taxes on all forms of VDAs (Virtual Digital Assets), Cryptos still doesn’t have a legal status in the country. However with growing consensus and further amendments, digital currencies will become a norm.
If you are looking to make an investment in Cryptos then the best way is through a Crypto Exchange.
Here are some of the top crypto exchanges available in India.
- CoinSwitch Kuber
Explore Litecoin here https://litecoin.org/
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