It is undeniable that the Indian cryptocurrency area has completely expanded in terms of growth over the past few years. Different types of digital currencies are coming right into the market over the last few years and some of these have turned out to be more popular for India. The idea of cryptocurrency is well-spread all over the world, and there are more than 9000 altcoins in the market at the present moment. Most of these have not made their mark in the entire world. Some have truly left an impact because of easily accessible features and usability in the market. Stellar Lumen or the provider of Litecoin is just one example of this.
What Do You Mean By Stellar?
Stellar can be described as a kind of digital network which runs on the internet platform to design online representation. The span of this kind of currency is not limited to local use. Different types of usages can be availed of this kind of coin. It cannot be denied that there are certain risks to this kind of system as well. When the team of Stellar realized that the risks were too high to ignore, they decided to bring in some changes.
The designers began to introduce a kind of token that might prove to be helpful in terms of transactions. The token was known as Lumen, and that is why, when one refers to Stellar, they refer to it as Stellar Lumen. There are various prices on the types of lumen that are available in the market. Smaller amounts of Lumen can also bring in changes to one’s account. The people who have just started their venture into the world of cryptocurrency can also try to use Lumen as it is safe and conducive for use.
Litecoin (LTC) is considered to be the very first successful altcoin (alternative cryptocurrency). It was created by modifying the Bitcoin source code; that's why in terms of its working mechanism, both cryptocurrencies are pretty similar. It's important to note that it's not the first altcoin that copied the Bitcoin source code. However, historically it's the first most successful and significant altcoins that currently flaunts the status of one of the best cryptocurrencies in the whole world.
Ecosystem Of Lumen
There are certain ways in which Stellar Lumen is quite similar to the other forms of cryptocurrency systems that are present on the internet platform. There are many changes in each of the systems but they are all built on the same foundation as blockchain. The ecosystem of the platform is quite similar to the other types of systems that are used regularly in blockchain technology.
While the working mechanism of Litecoin is similar to Bitcoin, it also offers some revolutionary ideas and features such as Segregated Witness and the Lightning Network. Because of its innovative features, Litecoin, over the years, has positioned itself as a separate entity and a friendly altcoin that focuses on achieving different goals. In this article, we’ll discuss in detail “what is Litecoin” and whether it’s worth buying or not.
What is Litecoin ?
Litecoin (LTC) is a cryptographic currency that, just like other mainstream cryptocurrencies, allows users to perform P2P (Peer-to-Peer) transactions in a decentralized environment. The native token to the Litecoin network is known as LTC, and it's used to perform trade and perform all the transactions on Litecoin. The developers of Litecoin say if Bitcoin is gold, then Litecoin is silver. It means that it's a less complicated version because of its light hashing algorithm. That's why it can process each transaction within 2.5 minutes, which is a lot faster than Bitcoin's initial version.
A major amount of technology is based on the mining of lumen. You cannot hope to work on the Stellar network if you have no idea about mining the lumens. The lumens are assigned to different network systems as well. They are also available in the open market areas in case of the users who are trying to buy them in. It is believed that about 20 billion lumens are now available in the market for mining. The function of this kind of system is to assist the promotion of the Stellar Lumen network among the users.
Should You Buy Litecoin?
The total supply of Litecoin (LTC) coins is 84 million, and currently, 79 percent of them are already in circulation. Because of its limited supply, it's considered to be a safe harbor, and many people consider it a store of value. If cryptocurrency actually becomes the currency of the future and replaces the current traditional government-issued currency, then undoubtedly Litecoin (LTC) coins will be of great value. Despite the criticism and losing the status of a unique cryptocurrency, Litecoin is still known to be one of the most significant digital currencies out there.
On the flip side, it’s important to note that multiple cryptocurrencies are performing better than Litecoin but were created after years of Litecoin's inception. But because of its rapid price fluctuation and overall high volatility in the crypto market, Litecoin can generate great ROI (return of investment. In any case, it’s critical to perform your due diligence in order to make sure whether buying Litecoin (LTC) is the right option according to your financial goals or not.
There are several ways in which one can try to dig out the lumens from the core of the Stellar network. It can be tough, but if you have the patience and capability, you can easily bring it out. It will be worth your time if you can mine them out!