Review of Litecoin Cryptocurrency: Forecasts, Advantages and Disadvantages

The abundance of coins on the cryptocurrency market makes it multifaceted and diverse. Currently, there are more than a thousand different coins and tokens that perform completely different functions. In this article we will review a high-capitalization coin; at the time of writing, it occupies an honorary sixth line in the rating of Coinmarketcap – we are talking about Litecoin.

Contents:
(please, click the topic to scroll down to it)

  1. What is Litecoin? History of the coin
  2. How to create a Litecoin wallet?
  3. Advantages and disadvantages of Litecoin
  4. Mining of Litecoin
  5. The rate of Litecoin and forecasts for the second half of 2018
  6. Conclusion

1. What is Litecoin? History of the coin

First of all, Litecoin is a cryptocurrency, based on the technology of blockchain. That is, it is absolutely decentralized, no intermediaries, institutions or central firewall are needed for its operation. The functioning of the system is provided by all members of the community, each of which has absolutely equal rights. Each member of the community acts both as a user and as a server. This is similar to the peer-to-peer network used for downloading and distributing files (uTorrent).

Anyone who has access to the Internet can store his/her money in Litecoin (as well as in any other coin). At the same time, users have the opportunity to control their own funds independently, without supervision of banks and other financial structures. Litecoin is a digital currency, which can help you to receive and send transactions  almost instantly and with a minimum commission.

History of the coin

The main developer and creator of LTC is the American programmer Charles Lee. The coin was first launched on the 13th of October, 2011. It was the fork of Bitcoin, which solved some of the flaws of the world’s #1 coin. Litecoin gained popularity in the first quarter of 2013, and then the first significant jump of its rate happened, which led to the appearance of a coin in the top-10 cryptocurrencies of the world.

2. How to create a Litecoin wallet?

As we mentioned  above, this coin is the oldest altcoin, which was formed back in 2011. Litecoin is quite a popular coin, it is even called “digital silver”, so the overwhelming number of wallets support it. There are several variations of cryptocurrency wallets:

  • hot desktop or mobile;
  • cloud;
  • cold.

You need to determine what actions you will be making with the help of this coin to choose a wallet that will meet your requirements. Let’s say that if you decided to make a significant long-term investment in Litecoin, a cold wallet is best suited for such purposes. But if your interaction with the coin occurs several times a day, then an online or a hot wallet will be perfect for you. We recommend you to read this article in order to find out more about cryptocurrency wallets and decide what exactly you need.

3. Advantages and disadvantages of Litecoin

Let’s go over the advantages of LTC:

  • the main virtue of Litecoin cryptocurrency is its work speed (if you compare it with the classic Bitcoin, then the closing speed of the blocks is four times faster (10 minutes for BTC, 2.5 minutes for LTC);
  • it has open source code;
  • the basis of its work is the Scrypt algorithm;
  • transactions have a minimum commission.

The main disadvantage of Litecoin is its absolute anonymity, which creates a bad image for the coin, as it is often used for illegal things in DarkNet.

4. Mining of Litecoin

It should be noted that the profitability of mining any coin is far from permanent. The amount of profit obtained depends on many factors:

  • equipment capacity;
  • complexity of the system;
  • coin rate, etc.

Before proceeding to the mining of any coin, not just Litecoin, you should analyze all the abovementioned factors. The complexity of the system usually grows in direct proportion to the number of miners.

Let’s remember how much Litecoin cost in the March of 2017, at that time its rate quickly rose to $30 per coin. Then mining on ASICs became profitable. This led a large number of miners to the market, because of this, the system complexity increased a lot and it became unprofitable to mine Litecoin.

If we talk about the situation with the mining of Litecoin as of mid-2018, then it should be said that there are no big players in the market. This opens up opportunities for private small enterprises to try themselves in this field. However, we want to point out that the rate leaves much to be desired so far.

5. Litecoin rate and forecasts for the second half of 2018

Litecoin currently (end of June, 2018) costs $79 per coin. The peak of the rate was fixed on the 19th of December, when it reached the price point of $364.54. Many analysts still consider investing in Litecoin a rather promising occupation. The average positive outlook of analysts is as follows: $500 by the end of 2018. But the development team led by Charles Lee will have to spare no efforts to make this happen.

6. Conclusion

Litecoin is the first fork of Bitcoin. It was launched back in 2011. It uses the Scrypt algorithm, which allows it to be more efficient in a number of ways than the original Bitcoin. The coin is completely anonymous. Transactions in Litecoin run four times faster than those of BTC, and commissions in the system are almost nonexistent.

According to analysts’ forecasts, the coin has a promising future, but you should not listen to all the statements that you find on the Internet. Do not take them for real, as practice shows, not all of them turn out to be true. As for Litecoin, all the news are rather neutral, and there are no fundamental reasons for it to drop. Litecoin should go up together with the whole market, when the latter comes out of the hole which it fell into in 2018. We are all looking forward to it.

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Malware From The Pirate Bay May Hijack Website To Steal Crypto

The movies downloaded from The Pirate Bay bring a malware to the user’s computer. That was the conclusion reached by a security researcher, with the nickname  0xffff0800 in Twitter. He told that when he downloaded a movie ‘The Girl In The Spider’s Web’ from TPB, a .LNK shortcut with CozyBear malware got to his computer.

However, the Cozy Bear malware is just a decoy, the real thing that brings damages is Powershell commands. Once the malware reaches the computer, it carries out malicious actions, like disabling Windows Defender and installing viral extensions in Firefox and Chrome browsers. Moreover, it edits the appearance of the website on the user’s computer.

The movie is an application itself which links the computer to the external malicious servers.

Source: Bleeping Computer

Moreover, the newly installed viral extensions can modify the JavaScript code and add some advertisements to the main page, like it is shown below.

Source: Bleeping Computer

What is the most dangerous is that the malware can edit the appearance of the web page and add or change the information without the user’s awareness, this ability allows the malware to steal the crypto. For example, if the user open Wikipedia page on a compromised system, he/she is likely to see the message saying “Wikipedia now accepts donations in form of bitcoin” and a ‘DONATE’ sign. All the donations will go to the hacker.

Source: Bleeping Computer

In addition, the malware is able to change crypto wallet addresses provided on the pages. Unfortunately, you will not even notice how the hacker stole your money.

We remind you

YouTube Will Remove All Videos with Dangerous Pranks and Challenges

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Cryptocurrency Prices Today, January 18: Cryptocurrencies Are Relatively Stable

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coingecko online platform, Bitcoin (BTC) added 1% over the past 24 hours. The price at the time of writing is $3611 per coin.

Cryptocurrencies are demonstrating both slight increase and decrease:

Bitcoin Cash added 0.61% over the past 24 hours and costs $129 per coin;

Ripple grew by 0.21% and costs $0.32;

EOS increased by 2.72%, and its price is $2.51;

Litecoin gained 1.1%, and its value is $31;

Cardano added 1.62%, and its cost is $0.046;

Stellar gained 2.44% and costs $0.10;

IOTA increased by 5.41%, and its cost is $0.31;

Dash grew by 2.21%, and its price $72;

Monero became more expensive by 0.35% and costs $45.

Over the past 24 hours, Ethereum added 0.66%. The rate of the coin is $123.

The total market capitalization is $122 billion. Bitcoin accounts for 52.4% of the total volume. In monetary terms, this is $64 billion.

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BitPay Transactions Surpasses $1B in 2018, B2B Payments Records 225% Increase

BitPay is a US-based bitcoin payment provider which has recently announced its financial results of the past year. The company has processed over $1 billion in transactions alone. Moreover, its B2B payments record 225% increase in compare to 2017.

The main reason of such a lift-off is that Bitpay added a lot of new clients, like Dish Networks, HackerOne, and the State of Ohio, as well as many other law firms, data center providers, and IT vendors.

The CEO of BitPay, Stephen Pair, commented on this development:

“BitPay’s B2B business continues to grow rapidly as our solution is cheaper and quicker than a bank wire from most regions of the world. To process over a $1 Billion for the second year in a row despite Bitcoin’s large price drop shows that Bitcoin is being used to solve real pain points around the world.”

BitPay mostly supports Bitcoin transactions, however, it also supports payments with Bitcoin Cash, Gemini, and Paxos. During that year a lot of companies had to lay off their employees due to the market situation, yet, Bitpay conversely increased its manpower by 78 percent in the past year.

In addition, BitPay is attractive to the investors, in 2018, it raised $40 million in Series B funding round taking the total raised capital to $70 million.

We remind you

Two European Finance Regulators Urge the EU To Adopt Crypto and ICO Rules

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Cryptocurrency Prices Today, January 17: Cryptocurrencies Are on the Border of the Red and Green Zones

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the online platform Coingecko, Bitcoin (BTC) lost 0.8% over the past 24 hours. The price at the time of writing is $3582 per coin.

Some cryptocurrencies slightly decreased, others added in price a little:

Bitcoin Cash lost 2.6% over the past 24 hours and costs $126 per coin;

Ripple dropped by 1.1% and is $0.32 in rate;

EOS added 0.34%, and its price is $2.44;

Litecoin decreased by 2.66%, and its value is $30;

Cardano grew by 1.3%, and its cost is $0.044;

Stellar fell by 1.73% and costs $0.10;

IOTA lost 3.42%, and its value is $0.29;

Dash dropped by 0.52,% and its price is $71;

Monero became more expensive by 1.21% and costs $45.

Over the past 24 hours, Ethereum lost 2.17%. The exchange rate of the coin is $121.

The total market capitalization rose to $121 billion. Bitcoin accounts for 52.4% of the total volume. In monetary terms, it is $63 billion.

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Crypto Exchange Bittrex Partners With Bitsdaq To Conquer Asia Market

One of the biggest US-based cryptocurrency exchanges, Bittrex, announced that it was partnering with Bitsdaq to open a special trading platform in Asia. This platform will provide different digital assets to the Asian investors.

Moreover, Bitsdaq will operate on Bittrex technology and will be built based on Bittrex’s experience in the blockchain.The platform will allow users to trade various digital tokens, including tokens a available on the Bittrex exchange.

The Chairman and CEO of Bitsdaq, Ricky Ng, said:

“We are honored to bring Bittrex’s extensive cryptocurrency options to the Asia market.….It takes a unique combination of advanced technology and financial expertise to launch an efficient, reliable and secure platform for trading digital assets in Asia. We found the ideal partner to help provide a safe environment for our customers and the entire community.”

In accordance with the statement, the Bitsdaq platform will control a lot of things connected to the management of the platform, such as customer support, marketing, sales and customised development. In addition, it will take care of customer operations.

The day of the launch is yet to be announced, though customers can pre-register for an account on Bitsdaq’s website.

We remind you:

Cryptopia Got Hacked, Crypto Exchange Is Suffering “Significant Losses”

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Coingecko Publishes Its Annual Crypto Report for 2018

The online platform Coingecko published it crypto report for the passed year of 2018, where it analyzed the most important events in the crypto industry, including the market trends, crypto thefts, ICO news, stablecoins, Bitcoin Cash wars etc.

As for the market tendencies, there is no doubt that 2018 was the year of collapse. The total market capitalization decreased by whopping 78.85%, with the main period of decrease falling onto Q4. Meanwhile, the trading volumes remained quite stable.

Regarding the top-5 coins in the rating, they decreased as follows:

  • BTC – by 73%;
  • XRP – by 82%;
  • ETH – by 84%;
  • BCH – by 93%;
  • EOS – by 66%

The largest crypto exchange by the end of 2018, according to the trading volumes, turned out to be Bithumb, followed closely by ZB.com and Binance.

As for stealing cryptocurrency, the estimated money loss from criminals and scammers amounted to around $867.45 million. The biggest crypto theft was Zaif hack which took place in September and resulted in the theft of $23.5 million.

The most popular blockchain platforms for creating decentralized apps became Ethereum, EOS, Steem and Tron.

The synopsis of the stablecoin development in 2018 looks the following way:

Thus, we can definitely see that though 2018 was a hard year for crypto and there were much more downs than ups, the industry is still afloat and developing. Hopefully, 2019 will be a better year.

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