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It is a peer-to-peer internet currency that supports near-zero cost payments to anyone anywhere in the world. Litecoin is a global payments network that is fully decentralized (i.e. not subject to any central authorities). It is an open-source cryptocurrency that allows users to manage their finances. Litecoin is a complementary currency to Bitcoin. You can save it in your digital folder and use it anytime.
Litecoin is a currency based on the BTC (Bitcoin) protocol but differs from Bitcoin in the hash algorithm used, block transaction times, hard cap and other factors. Litecoin transaction fee is very low and block time is only around 2.5 minutes. Likewise, the Litecoin price is lower in comparison, but may change depending on market conditions. This makes it suitable for point-of-sale payments and microtransactions.
Litecoin was launched on October 7th, 2011, and the Litecoin network was launched five days later, i. H. Am thirteen. October 2011, went live. Since then, it has been a constant success and has been accepted by traders. Today it is one of the top 10 cryptocurrencies on the markets.
Litecoin’s creator is Charlie Lee, also known as “Chocobo” (formerly a Google employee). He invented it as a “lite version of Bitcoin”. It has many similar properties but is lighter. He was a bitcoin miner and computer scientist and former software engineer at Google LLC. Additionally, Charlie Lee served as Director of Engineering at Coinbase from 2015 to 2017. Today he is a cryptocurrency advocate and executive director of the Litecoin Foundation. Besides Lee, other accomplished individuals are part of the Litecoin Foundation board and these are Zing Yang, Alan Austin and Xinxi Wang.
Litecoin stands alongside Bitcoin in terms of success, largely due to its simplicity and the useful benefits it offers.
As of January 2021, this is one of the widely accepted and used cryptocurrencies around the world. More than 2000 stores and merchants around the world are reportedly accepting LTC.
Litecoin price or LTC price evolved from 2011 to 2013, going from a few ten centimes to three dollars. After the bull marketing. The LTC price multiplied by more than 10 times, reaching a market value of around $50.
However, after the 2014 bear market and due to the Mt. Gox stock scandal, Litecoin price suffered a decline and fell to $1 by January 2015. Soon, the same year through spring, Litecoin entered a two-year consolidation period that stabilized the LTC price at $3.
At the end of 2017, Litecoin started its second bull market or bull run and its price went from $3 to $50 by July 2017. It didn’t stop there but climbed to $80 by September 2017.
Litecoin took advantage of the cryptocurrency bubble from November to December 2017 and LTC price surged. It set an all-time record on December 19, 2017 at $371, which was a 500% increase in 2 months.
By 2018, LTC price suffered a crash just like all other cryptocurrencies in the market. The LTC price dropped to $25 by December 2018.
However, in 2019 started the bull market and the LTC price rose to $145 by June 2019 and fell to $50 by the second half of 2019 and has remained rapidly constant at that price ever since.
The main benefit of buying and using is its cost-effectiveness and speed. Transactions only take a few minutes to be confirmed. In addition, the transaction fees are almost negligible. This makes Litecoin a very attractive substitute for Bitcoin in developing countries. In general, price is lower than Bitcoin.
Litecoin uses incredibly strong cryptographic defenses based on blockchain technology that makes it impossible to crack. It uses the PoW consensus algorithm that helps ensure fast transaction confirmations without any errors. In addition, the mining network avoids double spending and eliminates the risk of other forms of attack. This ensures that the network is 100% available.
You should buy Litecoin from a licensed and registered cryptocurrency exchange in the region. Rain is proud to be one of the best exchange platforms in the Middle East.
As a cryptocurrency exchange, Rain offers its customers the best price on the market. Additionally, Litecoin is a widely use cryptocurrency that you can exchange with a variety of fiat trading pairs, including USD, TRY, BHD, AED, SAR, KWD, and OMR.
At Rain, you can use your credit card and bank account to buy Litecoin instantly at the best prices available. Once your card verification is complete, you can proceed to purchase. Rain makes the process uncomplicated. In addition, customer support is always available.
In the Middle East, Rain has emerged as the best exchange where you can get this and other cryptocurrencies at the best price. The Dominant Bank of Bahrain (CBB) has licensed Rain to act as a crypto asset brokerage in the Middle East.
To sell or buy in GCC and Turkey, all you have to do is connect your bank account to your secure wallet.
In addition, Rain implements encryption and bank security protocols to protect your wallet. Additionally, this cryptocurrency exchange platform is compliant with CCSS requirements. Rain.Bh is the custodian and licensed cryptocurrency exchange in the region.
If you have any questions about price or want to exchange for other local currencies in GCC and Turkey, please feel free to contact america.
Using the Rain app makes it easy for users to securely transfer, buy, sell and store in their secure wallet
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