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    Litecoin’s Creator, Halving, and Monstrous First Half of 2019

    June 13, 2019
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    Litecoin’s Creator, Halving, and Monstrous First Half of 2019
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    13 December 2018, Litecoin was as cheap as $22.83 per coin or unit, if only we could turn back time and scoop up some knowing what we do today. Today, the price is over $135 USD at press and up more than 500% from the bottom of the 2018/19 correction. Litecoin’s all-time high of $375.29 on 19 December 2017 will likely be broken in the next six months.

    Litecoin is the world’s second eldest blockchain and cryptocurrency. It’s an innovation from computer scientist, Charlie Lee, and was released at a Bitcoin talk forum in 2011. Charlie Lee is a MIT Graduate in Computer Science, where he graduated with a BS and MS. He worked at Google prior to creating Litecoin which has been dubbed digital silver to Bitcoin’s digital gold recognition amongst cryptocurrencies. After working at Google, Lee took his computer science talents to Coinbase, now the most recognized cryptocurrency exchange in the United States. Currently, Charlie Lee is managing director at the Litecoin Foundation.

    Lee’s innovation was coded to mimic Bitcoin, but be a faster, however slightly less secure, counterpart to BTC blockchain. Satoshi-Lite as Lee’s known in the cryptocurrency community, champion’s LTC as more easily used for micro-transactions, such as coffee or everyday purchases. Litecoin’s vast number of supporters are working voraciously along with the foundation to spread adoption to merchants across the world. Litecoin has also enabled the layer-two scaling solution, Lightning Network [LN], which coincides with Bitcoin. LN allows LTC’s blockchain to communicate with Bitcoin’s and provides easy value exchange through cross-chain transactions; this process is known in cryptocurrency as interoperability. 

    Litecoin’s future supply is a finite total of 84 million, 4x the capped future supply of Bitcoin’s 21 million coins. Today there are 62,206,745 Litecoin [LTC] in circulation at press. Litecoin’s an estimated 53 days away from the next LTC halving which will cut the block reward in half again, this time from [25] coins to [12.5]. The Litecoin block mining reward halves every 840,000 blocks.

    Since President Richard Nixon took the U.S. off of the Gold Standard in 1971, the U.S. Central Bank, The Federal Reserve, has inflated the circulating supply of dollars by 30x. The vast increase in fiat paper flooding the market, against less non-money goods, has resulted in an 84% drop in purchasing power since leaving the Gold Standard for American savers and consumers.

    Contrary to fiat dollars [money by decree] which become less scarce and less valuable as central banks inflate supply, Bitcoin & Litecoin’s supply is finite. Based on mathematics and not the whims of central planners, every [X] minutes a new block is mined and the unit reward is lessened. The scarcity aspect is coded in Bitcoin & Litecoin’s protocol, which increases the value of each said scarce block mined and future blocks produced.

    Currently Bitcoin is back over $8,100 and looks like it could be heading higher and again testing $9k in the coming weeks. If the macro trend of Bitcoin continues in the coming months and BTC breaks back into 5 digits, Litecoin could easily cross the $300 per coin threshold in the next two months. Always do your own research, this is not financial advice but for entertainment and educational purposes.



    CDM Staff

    The mission at Creative Destruction Media is to be the catalyst for the "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one."
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