Litecoin (LTC) has the potential to make you rich in 2022
Cryptocurrency investing is slowly gaining popularity in the modern world. Although cryptocurrency investing is still relatively new, it has made a few smart investors millionaires. To spread your risk when investing in crypto, it is wise to diversify your portfolio.
There are many digital currencies available today, other than Bitcoin or Ethereum. Many investors don’t know about the alternative coins and altcoins they can add to their packages.
Litecoin is one of these coins you can consider adding to your investment. It isn’t as well-known as ether and bitcoin, so you might not be aware of it. Here are a few reasons to buy Litecoin if you’re looking to diversify your portfolio.
1. Litecoin is quicker than Bitcoin
If you’re already interested in cryptocurrencies, then you likely know the process of transactions on the blockchain. The main reason most digital coins are available is peer-to-peer money transfers. This allows individuals to send money to one another without the need for intermediaries such as a bank or money transfer agent.
Bitcoin has been facilitating such transfers hence its popularity, but transactions on its platform are slow and expensive. To counter the slow transaction rates of bitcoin, developers created alternative coins.
Litecoin has been among many coins that have increased the speed of transactions and attracted many users. Users can process transactions on its platform four times faster than on the bitcoin blockchain. Although Litecoin may not be the fastest cryptocurrency currently, it has some promising technological developments that make it a worthwhile investment. It is worth investing in a project that continues to innovate and evolve.
2. Litecoin has a big market capitalisation
Market capitalisation is the value of a commodity at a given time. This value is calculated by adding the current price to the total number in circulation and multiplying it by the total coins.
Litecoin is currently trading at about $147 at writing this article, with a circulation of more than 69.3 million coins. Thus, its market cap is approximately $10.1 billion, placing it at number 20 in the cryptocurrency circles. High market caps indicate that a coin can withstand sudden market shocks.
The high market capital provides the currency with an insurance policy that protects it from becoming volatile. This means that only a few whale investors can drive the price to their will. These coins can be kept for the long-term, so you don’t have to worry about their price fluctuating.
3. Litecoin has a high liquidity
The liquidity of a digital currency is a crucial factor to consider when buying a coin. Liquidity refers to the ease at which an asset or commodity can be converted into liquid cash. It is important to choose a coin you can easily sell when you need liquid cash. This is particularly important if your goal is to quickly make profits on price fluctuations and enter into short-term trades.
Litecoin has the highest liquidity in the digital coin market. If you want to determine a coin’s liquidity, you can check its 24-hour volume. This volume is the number of coins investors have bought or sold in the last 24 hours. This volume included more than 7.8 millions coins worth more $1.1 billion in the case of Litecoin. It shows that you could have moved as many as 100,000 units in just 24 hours.
4. Litecoin has a strong team of developers
There are many digital currencies in use at the moment. Research shows that they could now be more than 10,000 coins in the industry today. These coins should be avoided as they are often temporary pumps and dumps. The coin’s future prospects are assured by a solid development team. This also means it can be easily adapted to technological advances to maintain its market presence.
Litecoin is one of the most serious projects in this sector. To ensure its continued success, it has a team that includes skilled and experienced developers. Coinbase and Google engineer, was the main developer. His team has helped Litecoin surpass Bitcoin in speed and efficiency. The team was the first to use the Segregated Witness update and also featured Lightning Network. These developments make it a worthwhile coin to invest in knowing that it could become something valuable in the near future.
5. Large corporations use Bitcoin
Large corporations have identified certain useful features in a digital currency. These large corporations inspire confidence and increase the value of digital coins as they are demanded more.
Litecoin now works with UFC (Ultimate Fighting Champion), Atari gaming giant and Overstock.com. These companies permit their clients to use Litecoins to pay for goods or services. This acceptance has facilitated the growth of this digital currency. This has fueled its demand, allowing it to grow in value over the past few years. Blockchain technology is gradually changing the gaming industry. Litecoin is a part of this change. It is wise to invest in such an exciting future.
Want more information on how to safely invest Litecoin in your portfolio? Check out our comprehensive Litecoin buying guide here or purchase from our recommended platform below!
Bitcoin Mining Difficulty Drops to 4.33%, Largest Reduction in 10 months
It’s now 4. 33% easier to mine bitcoin over the next two weeks as the difficulty adjustment algorithm (DAA) dropped from 31. 25 trillion to today’s 29. 85 trillion. It’s the largest DAA drop since July 17, 2021, when the difficulty dropped 4. 81% at block height 691,488.
Bitcoin Mining Difficulty Drops 4. 33% — The Largest Drop Since July 2021
- Mining bitcoin is a lot less difficult than it was before May 25, 2022, as Bitcoin’s difficulty adjustment algorithm (DAA) saw a 4. 33% reduction in difficulty.
- Prior to the drop, Bitcoin’s difficulty was approximately 31. 25 trillion and today, it’s approximately 29. 85 trillion after the largest drop since July 2021. The DAA change occurred at block height 737,856 on Wednesday.
- Bitcoin’s USD value has been lower in recent times, so a downward difficulty adjustment helps miners recoup some of the losses by making it 4. 33% easier to find bitcoin block rewards. Currently, a Bitmain Antminer S19 Pro+ Hyd. with 198 terahash per second (TH/s) in hashpower can get an estimated $9. 24 per day in BTC profits.
- Bitcoin’s global hashrate has been consistent and above the 200 exahash per second (EH/s) region for quite some time now. On May 2, 2022, Bitcoin’s hashrate tapped an all-time high at 275 EH/s at block height 734,577.
- Right now, there are 1,864 bitcoin (BTC) blocks left to be found until the next DAA change on June 8, 2022, and 101,992 blocks left until the next reward halving. There will be roughly 51 consecutive DAA changes every two weeks before the block reward halving occurs.
- Bitcoin’s current difficulty, the USD value, and a cost of $0. 12 per kilowatt-hour (kWh) makes it so machines that produce 30 terahash per second (TH/s) are not very profitable, unless the miner pays less than $0. 12 per kWh. For example, the Innosilicon T3+ (52 TH/s), gets around $0. 21 per day in BTC profits if electricity costs $0. 12 per kWh.
- Three-day mining pool statistics indicate that there are 12 known mining pools today dedicating SHA256 hashpower to the BTC chain. Around 1. 44% of the global hashrate is operated by unknown or stealth miners with roughly 3. 04 EH/s of hashpower.
- Metrics over the past 72 hours show Foundry USA has been the top bitcoin mining pool in terms of global hashrate and blocks found. At the time of writing, Foundry’s hashrate is approximately 24. 28% of Bitcoin’s global hashrate or 51. 10 EH/s. The pool found 101 BTC block rewards out of the 416 blocks found during the past three days.
- Bitmain’s Antpool managed to find 61 blocks out of the 416 found in three days, making it the second largest pool in terms of computational power. Antpool’s 30. 86 EH/s of hashrate equates to 14. 66% of the global aggregate.
- With BTC‘s difficulty running at 29,850,529,410,160 estimates currently show another reduction is in the cards, but 13 days can change the estimation a great deal. The DAA has a reduction of 0. 16% lower.
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What do you think about the downward difficulty change on May 25 at block height 737,856 on Wednesday? Please comment below to let us know your thoughts on this topic.
Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
LimeWire signs major deal with Universal Music Group to provide music-based NFTs
LimeWire, the new NFTs marketplace that sprung from the discontinued popular music app of the early 2000s, has scored a huge deal with Universal Music Group (UMG). LimeWire’s continued rise into the spotlight is due to the partnership with UMG. UMG is a global leader in entertainment and music. Per a press announcement released on…
LimeWire, the new NFTs marketplace that sprung from the discontinued popular music app of the early 2000s, has scored a huge deal with Universal Music Group (UMG).
LimeWire’s continued rise into the spotlight is due to the partnership with UMG. UMG is a global leader in entertainment and music.
Per a press announcement released on Tuesday, the deal with Universal Music allows the firm to offer its digital collectibles marketplace to several iconic record labels and revered artists.
UMG to license artists to LimeWire’s NFT marketplace
Labels could tap into LimeWire NFT Marketplace to increase fan engagement through digital music NFTs. These include Virgin Music, Virgin Music and Republic Records.
Paul, LimeWire coCEOs, commented on the collaboration. Julian Zehetmayr and Paul, LimeWire coCEOs, stated that the partnership was “true evidence of the speed at which the music business embraces Web3”.
“We’re thrilled to open up the LimeWire NFT ecosystem to Universal Music Group artists and fans and can’t wait to see the first creative projects being launched on the marketplace,” they added.
Important milestone reached! We’re thrilled to announce our partnership with Universal Music Group @UMG, opening up opportunities for music NFTs to all artists signed to Universal and UMG labels.
— LimeWire (@limewire) May 17, 2022
The partnership will enable the marketplace to access the licenses it needs to partner artists signed up by UMG. The collaboration will translate to original music-based NFT project.
The NFT market continues to grow, as major players, including governments, embrace technology that allows the creation and security of digital items on blockchain.
Monetization possibilities make the industry a great fit for artists and other people looking to improve their revenue streams. LimeWire will offer that opportunity to UMG artists.
Smart Token Labs supports Carla Chan & La Prairie in First NFT drop
Manly, Australia, 17th May, 2022, Chainwire Bringing Art and Beauty Lovers Into Web3 The first NFT art collection by La Prairie, the leading luxury skincare brand in the world, was created with the help of Carla Chan, a world-renowned digital artist. It is more than just the inspiring and innovative art it contains. “Space Beyond”…
Manly, Australia, 17th May, 2022, Chainwire
Bringing Art and Beauty Lovers Into Web3
The first NFT art collection by La Prairie, the leading luxury skincare brand in the world, was created with the help of Carla Chan, a world-renowned digital artist. It is more than just the inspiring and innovative art it contains.
“Space Beyond” by Carla Chan involves 365 + 1 editions of unique, forever-changing artworks generated in real-time with weather and demographic data. Each artwork represents a day in the year of the 31 most populated cities across the globe.
The artwork will be dropped on May 18 at FRIEZE New York and proceeds will benefit the preservation of glaciers around the world.
The drop can be accessed at www.nft.carlachan.com from 11am EDT on May 18.
Smart Token Labs supports Carla Chan, La Prairie and brings the NFT drop to life in order to attract an art buyer audience that isn’t necessarily crypto-native.
“Our TokenScript framework was used to make it simple for people to buy the NFT without having a digital wallet, and then to unlock unique experiences using the La Prairie brand via NFT,” stated Victor Zhang, CEO of Smart Token Labs.
‘ The payment flow allows you to buy the NFT using a credit card. A magic link attestation will be sent to the buyer to prove ownership. The magic link can be used to mint the NFT at a later date via a digital wallet.
NFT holders will have access to exclusive experiences and custom software via TokenScript Brand Connector, which connects the NFT with a La Prairie brand website.
Carla Chan stated : “We are thrilled that holders of Space Beyond NFTs can seamlessly interact with La Prairie brands at locations around the globe via experiences such as events and product reveals. Smart Token Labs has provided world-class technology and support to us in bringing art buyers from all over the globe into our first NFT collection. We are grateful for their help. We couldn’t have been happier with the scope and excitement of this project. Now I’m super excited to launch my collection at Frieze New York and Art Basel Hong Kong. It will certainly bring/attract old collectors into web3 with no hassle “
About Smart Token Labs
Smart Token Labs has set a new standard in tokenized future. Since 2017, it has been building two core bridges to this future: AlphaWallet, a superuser agent for smart tokens and TokenScript, the smart token interface for token composability. TokenScript is a token-centric framework that allows you to build composable smart tokens across all NFTs, PlayFi and DeFi.
About Carla Chan
Carla Chan, a media artist based in Berlin from Hong Kong, is . Her approach to media art is similar to the ever-evolving technology. It challenges conventional perceptions of media interfaces and opens up new possibilities for artistic expressions. Chan’s work has been exhibited at many international venues, including the Hong Kong Museum of Art (HK), ZKM (DE), Art Basel (HK), Frieze New York (US), Today Art Museum (CN), among others. At the Hong Kong Arts Development Awards, she was awarded the Toy Berlin Masters Award in DE and Young Artist Award in Media Arts. Her works are in the Burger Collection (CH/HK), and M+ Museum, (HK )
About La Prairie
La Prairie is the leader in luxury skincare, present in 90 countries around the world. Rooted in Switzerland, La Prairie evokes innovation, performance, high-touch service and Swissness — the purity, precision and excellence inherent to the extraordinary land that saw the brand’s inception in 1978.
About La Prairie and Art
La Prairie is intrinsically connected to the world art from its inceptions. It finds inspiration in contemporary aesthetic codes which fuel the House’s creative approach. Paul Niehans, La Prairie’s founder, has been a tireless pursuer of timeless beauty. La Prairie creates new connections with other art worlds in an effort to preserve beauty for all time.
Chief Marketing Officer, Brent Annells, Smart Token Labs, [email protected]
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