In this Article, I will attempt to answer many common questions people have about Litecoin.
###What is Litecoin?###
Litecoin (LTC) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. While inspired by, and in most regards technically nearly identical to Bitcoin (BTC), Litecoin has some technical differences compared to Bitcoin and other major cryptocurrencies. Litecoin also has almost zero payment cost and facilitates payments approximately four times faster than Bitcoin.
###Should I Invest in Litecoin?###
A hot question, with much debate involved. To understand Litecoin's history, let's look at it's price history.
From the graph, we can see that from March 21, Litecoin's value began to rise. After a series of fluctuations, it has arrived at at the $70 USD mark.
It would have been very nice if you invested just before it began rising but we need to critically analyse Litecoin's future. It has undergone large growth, which has been for the most part fluctuations in value. Personally, I like the idea behind Litecoin, but it is definately one of the most volatile cryptocurrencies, meaning it can rise or fall in value greatly in a short time. Nonetheless, I believe that Litecoin has great potential because of its quick transfer times.
For these reasons, I would recommend investing in Litecoin and holding onto it long term.
###Should I Mine Litecoin?###
I do not reccomend mining Litecoin. It uses complicated scripting technology which takes a greater toll on computers. The scripts even take their toll on ASIC miners, meaning that more expensive technology is required in order to mine Litecoin.
Great alternatives to mine include Erethereum, which uses simple mining algorithm.
Thanks for reading, I hope I answering some of your questions. If you have any questions, feel free to comment below :)