History of Litecoin (LTC)
By 2011, bitcoin cryptocurrency was already loved by a number of users who actively used it. One of these people was Charlie Lee from Google. Charlie liked very much the ideology of the first digital currency in the world - BTC. But he wanted to improve it because in his time bitcoin transactions were expensive and the network wasn't working very fast.
So Charlie had the idea of creating his own digital currency, which offered users all the same opportunities as bitcoin but was more user-friendly. The new cryptocurrency was called Litecoin (LTC), which Charlie Lee himself and several enterprising developers from the bitcoin community began to develop. The network is officially launched on October 13, 2011.
What is Litecoin cryptocurrency (LTC)
Litecoin is an open-source peer-to-peer payment system that provides users with the ability to make fast transactions between network members. The main goal of Litecoin's creation was to improve the algorithm of Bitcoin cryptocurrency, and the project's team succeeded in doing that.
The ticker of Litecoin cryptocurrency is LTC.
In the first years of the project, cryptocurrency LTC received support from the companies and confidently took 2nd place in the ranking of cryptocurrencies by market capitalization.
Technical features of LightCoin
- Official website - Litecoin.org
- Year - 2011
- Security Method - Proof of Work
- Algorithm - Scrypt
- Trade ticker - LTC
- Maximum issue - 84 000 000 LTC
Since the Litecoin development team took the bitcoin blockchain as the basis for the development of digital silver, their functionality is no different. However, there are several aspects that distinguish the two projects. The main feature of Litecoin is the encryption algorithm Scrypt. This algorithm was developed in 2009 and indifference from SHA 256 used in BTC allows the network to have big bandwidth. The second peculiarity is in the time of generation of new blocks and consequently in the time of transaction confirmations. The speed of new blocks generation in BTC is 10 minutes, while LTC has 4 times the speed of new blocks generation - 2.5 minutes.
It is also worth noting the maximum number of coins created, which is 84 million LTC.
Where to Buy Digital Silver
Since litecoin cryptocurrency is a rather "old" participant of the crypto market, LTC is traded on all known exchanges without exception. At the moment of writing this article, the average daily trading volume is $3 million. Some of the most active LTC trades occur at Binance, Gate.io, where you can buy digital silver for BTC, USDT and other cryptocurrencies.
Wallet for Litecoin. Where to store Litecoin?
After buying an LTC coin on an exchange, you need to think about storing it. To do that, you can use the digital wallet built into the exchange, or you can use specialized wallets. Now there are many multicurrency wallets, which offer users the opportunity to store LTC. You can use an LTC native wallet, which is available for download on Android, Windows, iOs and Linux at Litecoin.org.
How can I use Litecoin coins?
Litecoin provides increased security, fast transactions and credibility. You can use Litecoin (LTC) in the following ways:
- Mining: You can earn money by mining LTCs on your personal computer.
- International transfers: Lightcoin coins can be easily transferred to family and friends with low fees and high processing speed.
- Online payments: Litecoin is accepted in thousands of stores worldwide, both offline and online.
- Trading: LightCoin can be traded as it is on many cryptocurrency exchanges.
Now, work on the Litecoin project continues, which is carried out by a team of 6 people led by Charlie Lee. The head of this gang sold all his LTC coins at the end of 2017, so as not to affect the community. This event collapsed the exchange rate very much.
Despite the fact that litecoin cryptocurrency was created in 2011, and before its emergence, there was already launched a project called Namecoin, based on the source code of bitcoin. It was lightcoin that became the coin that was called Digital Silver.
This project is a peer-to-peer decentralized payment system with its own currency inside. LTC is the very coin that is used inside the payment system as a payment tool.
Despite the fact that bitcoin and lightcoin are very similar to each other. However, there are several distinctive features between them. The first feature is that the world knows the name of Litecoin's developer, and he can bring down the price of LTC with his statements, as happened in late 2017 when Charlie Lee said that he was selling all his coins. In the face of this news, the rate of this cryptocurrency has dropped a lot.
The second peculiarity of Digital Silver is the hashing algorithm used at the core of the network. If Bitcoin uses SHA256 algorithm, then Litecoin uses Scrypt algorithm.
Frequently asked questions
How does Litecoin cryptocurrency work?
Litecoin involves the creation and transfer of digital coins using an open-source cryptographic protocol. Litecoin works on a blockchain, which makes Litecoin decentralized, immutable and transparent.
How to earn LightCoin cryptocurrency?
You can earn LTC by mining coins on your computer using a specialized video card.
How many LTC coins are in circulation?
There are currently 68 million lightcoin coins in circulation.
Where can I buy Litecoin cryptocurrency?
You can buy LTC coins on any popular exchange like Crypto.com, Binance, Currency.com, Gate.io and etc