Litecoin(LTC) is a peer-to-peer digital currency that enables instant, secure, and low-cost payments to anyone in the world by leveraging the unique features of blockchain technology.
Created by Charlie Lee, an ex-Google employee, Litecoin was an early fork of Bitcoin Core with improved functionalities like faster block generation time and a new hashing algorithm. The cryptocurrency was released via an open-source client on GitHub on Oct 7, 2011.
The Litecoin cryptocurrency is intended to address the same issues which Bitcoin (BTC) was created to solve. The primary difference is that Litecoin transactions are processed four times faster and costs a lot less to process than bitcoin transactions.
But Litecoin has something more: an open-source code that is accessible and transparent since it has no central organization controlling the system. Anyone can see how transactions are processed, meaning your money cannot be taken by a third party.
Who Are the Founders of Litecoin?
Litecoin (LTC) was co-created by Charlie Lee, a former Google engineer and MIT graduate from Boston. For years, he has been involved with cryptocurrencies and Blockchain technology.
When Charlie discovered Bitcoin in 2011, he was certain that it would be a revolutionary form of currency one day. But he noticed one big problem: It was too slow to act like the kind of everyday currency that can be spent anywhere because transactions take about 10 minutes to process (this can also lead to higher prices). So Charlie decided to create his own alternative cryptocurrency, Litecoin, which has faster transaction times – seconds – for regular purchases. He released his first paper on the topic back in 2011, and today his company, Litecoin.com is one of the most popular places on the internet for current information about cryptocurrencies, which also include Bitcoin and Ethereum.
Charlie’s goal was to create a currency that would address these issues, as well as become more stable over time.
Other notable mentions of the creation of Litecoin include Xinxi Wang, Alan Austin, and Zing Yang.
What is Litecoin (LTC) used for?
Litecoin is traditionally designed as a type of digital money that could be used in web payments and other kinds of transactions. The Litecoin team has embraced this approach and focused on having merchants adopt their currency for online transactions since the currency’s inception.
The Litecoin network provides faster processing times than Bitcoin and it’s cheaper to conduct transactions with smaller charges per operation. If you are interested in receiving coins as payment from merchants or want to send them yourself, you can do so anytime day or night using your wallet or through the LTC website.
Since Litecoin is open-source, you will also be able to use it to create a wide range of applications including but not limited to creating mobile wallets, exchanges, or games.
Litecoin technology, unlike many other cryptocurrencies, has been accepted as legal tender in many countries around the world including Japan, Germany, and some states within the United States. This means that you can use it as currency without having an issue with banks or financial institutions.
What Is the Unique Point of Litecoin (LTC)?
Litecoin is one of the most popular altcoins, which means it is not as widely accepted as Bitcoin, but it is a prominent pioneer in the industry. It is known for being fast and efficient, with low transaction fees.
Although Litecoin was created as an alternative to Bitcoin, it shares many of Bitcoin’s features, such as decentralization, cryptography-focused encryption methods, and consensus mechanism.
Litecoin was introduced in the market at a very low price, and it is still relatively low. As the most important thing about Litecoin is that it strives to be a cheaper and faster alternative to Bitcoin.
Also, it is important to note that Litecoin’s emission schedule is different from Bitcoin’s, which means that its supply will not grow as quickly over the years as Bitcoin’s will. Because of this, its value has soared throughout 2017 and early 2018.
How many Litecoin (LTC) are in circulation?
There are currently 66.245 million LTC mined out in circulation from a total supply of 84 million; However, reports from the Litecoin foundation estimates that it will take more than a century for Litecoin to reach full dilation.
Is the Litecoin (LTC) Network secured?
The Litecoin network is secured through a unique multisig address and new cryptography-based Proof of Work (PoW) called ‘Scrypt’. Scrypt is much different from Bitcoin’s PoW, which depends on a hashing algorithm called SHA256.
Although transactions on the Litecoin blockchain are technically confirmed after two network blocks, the rate of confirmation depends on the size of the amount being sent.
If a recipient sends a transaction that includes less than 8 t/key and insufficient fees, it will be considered “stuck” and unconfirmed for at least 80 minutes.
This is done to prevent sybil attacks and protect against Litecoin’s internal security model.
A common issue with Bitcoin is that new coins generated by mining are effectively worth more than current coins in circulation. This results in each new block generating less total money than previous blocks and therefore greater deflationary pressure over time.
How do I buy Litecoin (LTC)?
Buying Litecoin (LTC) is easy and simple through the following steps:
1) create your account at a cryptocurrency exchange
2) Fund your wallet using a debit card or bank transfer
3) then, buy Litecoin.
There are many different ways you can buy Litecoins, so be sure to do your research before deciding on an option. In addition, make sure you properly secure your LTC after completing this process and never expose them online as they are not insured by any government entity.
Which Cryptocurrency Wallet Supports Litecoin (LTC)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Litecoin. Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their Litecoin wallet because offers a simple and interactive interface making it easy for people to navigate its system.
