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Litecoin Price and All You Need to Know

Yayın Mohamed Saber Farrag - Oct 17, 4:00 AM

Summary

  • Litecoin is one of the cryptocurrencies built using blockchain technology

  • It is a peer-to-peer internet currency that supports near zero cost payments

  • Litecoin is next to Bitcoin in terms of success because of its simplicity and the utility benefits it offers

  • Litecoin price history has had a lot of ups-and-downs since its launch. (You can learn more in this article, so keep reading)

  • Rain is a licensed and trusted Litecoin exchange in GCC and Turkey where you can buy, sell, and trade Litecoin

  • You can get the best Litecoin price through Rain

  • Using the Rain app makes it easy for users to safely transfer, buy, sell, and store Litecoin on their secure wallet

Litecoin or LTC is one of the cryptocurrencies based on blockchain technology. You can use it to trade other currencies or to buy goods and services. If you are looking for a cryptocurrency trading platform to buy Litecoin in the Middle East, you are at the right place. Rain offers you a reliable cryptocurrency exchange platform with the best Litecoin price for different local currencies in GCC and Turkey. Rain makes it easy and safe for you to buy Litecoin in GCC and Turkey.

What is Litecoin?

It is a peer-to-peer internet currency that supports near-zero cost payments to anyone anywhere in the world. Litecoin is a global payment network, fully decentralized (i.e., not subject to any central authorities). It is an open-source cryptocurrency, that empowers users to operate their finances. Litecoin is a complementary currency to Bitcoin. You can store it in your digital wallet and use it anytime.

Litecoin is a currency based on the BTC (Bitcoin) protocol but differs from bitcoin in the hashing algorithm used, block transaction times, hard cap, and other factors. The transaction fee for Litecoin is very low, and the block time is just about 2.5 minutes. Likewise, the Litecoin price is lower in comparison, though it is subject to change based on the market conditions. This makes it suitable for point-of-sale payments and micro-transactions.

Litecoin launched on 7 October 2011, and the Litecoin Network was live five days later i.e., on 13 October 2011. Since then, it has constantly been a success and accepted by merchants. Today it is one of the top 10 cryptocurrencies in the market.

Who Are the Founders of Litecoin?

The creator of Litecoin is Charlie Lee, also known as "Chocobo" (previously an employee of Google). 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 was the director of engineering at Coinbase from 2015-2017. Today, he is an advocate of cryptocurrencies and managing director of the Litecoin Foundation. Alongside Lee, other accomplished people are part of the board of directors at the Litecoin Foundation, and these are Zing Yang, Alan Austin, and Xinxi Wang.

What Makes Litecoin Unique?

Litecoin is next to Bitcoin in terms of success, which is largely due to its simplicity and the utility benefits it offers.

By January 2021, this is one of the widely accepted and used cryptocurrencies across the globe. Reportedly more than 2000 stores and merchants accept LTC worldwide.

Litecoin Price History

The Litecoin price or LTC price evolved from 2011 to 2013, going from a few tens of centimes to 3 dollars. After the bull market, the LTC price multiplied more than 10 times and reached a market value of about $50.

However, after the bear market of 2014, and due to the Mt. Gox exchange scandal, the Litecoin price suffered a fall and went down to $1 by January 2015. Soon, in the same year by spring, Litecoin entered a two-year consolidation period which stabilized the LTC price at $3.

By the end of 2017, Litecoin started its second bull market or bull run and its price rose from $3 to $50 by July 2017. It did not stop there but went on to $80 by September 2017.

Litecoin took advantage of the cryptocurrencies bubble by November-December 2017, and the LTC price was soaring. It set an absolute record at $371 on 19 December 2017, which meant a 500% increase within 2 months.

By 2018, LTC price suffered a crash just like all other cryptocurrencies in the market. The LTC price fell to $25 by December 2018.

However, in 2019, Litecoin started the bull market and the LTC price rose to $145 by June 2019, and dropped to $50 by the second half of 2019, and has been almost steady at this price since then.

Benefits of Litecoin

The major benefit of buying Litecoin and using it is its cost-effectiveness and speed. Litecoin transactions take just minutes for confirmation. Moreover, transaction fees are almost negligible. This makes Litecoin a very attractive substitute to Bitcoin in developing countries. Generally, the Litecoin price is lower than that of Bitcoin.

How is the Litecoin Network Secured?

Litecoin uses incredibly strong cryptographic defenses based on blockchain technology that makes it impossible to crack. It uses the PoW consensus algorithm, which helps to ensure quick transaction confirmations without errors. In addition, the Litecoin mining network avoids double-spends and removes the risk of other forms of attack. Thereby ensuring that the Litecoin network has a 100% uptime.

Where to Buy Litecoin in GCC and Turkey?

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 clients the best Litecoin price in the market. Moreover, Litecoin is a widely used cryptocurrency that you can exchange with a variety of fiat trading pairs, including the USD, TRY, BHD, AED, SAR, KWD, and OMR.

Buy Litecoin at the Best Price

At Rain, you can use your credit card and your bank account to instantly buy Litecoin at the best prices available. As soon as your card verification is complete you can proceed to buy Litecoin. Rain makes the process straightforward. Additionally, customer support is always available to assist.

Rain – A Reliable Litecoin Exchange

In the Middle East, Rain has made its place the best Litecoin exchange where you can get this and other cryptocurrencies at the best price. The Central Bank of Bahrain (CBB) has granted Rain the license to serve as a Crypto-Asset Brokerage in the Middle East.

To sell or buy Litecoin in GCC and Turkey, all you need to do is connect your bank account with your secure wallet.

In addition to this, Rain implements encryption and bank-grade security protocols to keep your wallet safe. Moreover, this cryptocurrency exchange platform complies with CCSS requirements. Rain.bh is the custodian and licensed cryptocurrency exchange in the region.

If you have any questions about the Litecoin price, or if you want to trade Litecoin for other local currencies in GCC and Turkey, feel free to get in touch with us.

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