Posts about Litecoin
Hi guys, as you know I'm Venezuelan living here crypto enthusiast, weeks ago I posted my experience going to a supermarket where crypto is accepted here in Venezuela paying with Bitcoin, it was good.
I went again this time to buy some things I needed and this time I used Litecoin (encouraged by a fellow redditor that wants to remain anonymous), in theory it should be fast and cheaper and it was!
The cashier screen, after I told my I wanted to pay with Litecoin:
And the transaction:
The fee was 0 (Yes, 0 USD). It was really fast, less than 1-2 minutes for the 1st confirmation, they showed me a QR code, wait 1-2 minutes and done.
I would totally recommend it!
I couldn't hodl the LTC, anyway I was going to exchange them to Bolivares or USD to purchase the items shown in the picture, so if LTC goes to 1K that would make me feel better.
As always, inflation here is crazy (anything under 10% MONTHLY is like a miracle) and since 2007 , 14 zeroes have been removed from the currency (last time 6 zeroes in 2021).
Any question, suggestion or request let me know!
Litecoin halving is on countdown.
As many of you know, Litecoin is one of the earliest cryptocurrencies to enter the market. It was lanunched in 2011, and since then Litecoin network was never offline, not even the upgrades/updates. After more then a decade on a market, Litecoin is on position #13 based on market capital with the price of around $84.74 at the time of writing.
It is a peer to peer currency that enables almost instant, near zero cost payments, it is an open source, decentralized currency.
Only 84 million Litecoins produced.
Creator of Litecoin, is Charlie Lee, published on Reddit, that he is selling all of his LTC because he has so much impact on the network, price etc.
"Litecoin has been very good for me financially, so I am well off enough that I no longer need to tie my financial success to Litecoin’s success. For the first time in 6+ years, I no longer own a single LTC that’s not stored in a physical Litecoin. (I do have a few of those as collectibles.)
Litecoin, really is a great project, great network and you can read more about it by quick google search. So far it is holding strong, and if we take a look how many top10-20 coins from 2011 are gone, we can understand why.
When LTC was launched, block reward was 50 Litecoins. Right now it is 12.5 LTC and afther the next halving in August it will be reduced to 6.25 LTC.
| Date of halving | Block reward |
|---|---|
| October 7, 2011 | 50 LTC |
| August 25, 2015 | 25 LTC |
| August 2, 2019 | 12.5 LTC |
| This year in August 5 | 6.25 LTC |
As any halving, this one can also make an impact to the price of LTC.
The difference between BTC and LTC halving is that people are saying that "usually" you cash out before the halving event.
If we take a look at it historically we can see why are they saying that.
Litecoin's first halving event
Litecoin's second halving event
Two times after Litecoins halving event, the price was not moving a lot. Actually we can see that the price would fall. It is almost as halving does not have a lot of impact on LTC.
That is why predicting what can happen next is ungrateful.
Litecoin does not have an impact on the crypto as BTC. It also has more coins in circulation and in overall.
Litecoin's price during the years
It is possible that LTC price depends on previous trends, an halving won't have a lot of impact on it. That is just my opinion, based on my research, feel free to share yours.