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Cryptocurrency Litecoin (LTC)

Litecoin(LTC)

Litecoin, much like Bitcoin, is a cryptocurrency that is a digital payment method using blockchain technology to allow investors to transfer and trade "coins." Litecoin is like bitcoin in many ways, it has a faster block generation rate and hence offers a faster transaction confirmation.

Why was Litecoin created?

Litecoin was not made to compete against Bitcoin, but instead to act as a complementary payment solution alternative. Think of Litecoin as the silver to Bitcoin’s gold. Litecoin was designed to complement Bitcoin by solving problems like concentrated mining pools and transaction timings. 

Who created Litecoin?

Charles Lee in 7th Oct 2011

Which Technology is used?

Litecoin is based on blockchain technology, the same as Bitcoin. Litecoin is based on an open-source global payment network that is not controlled by any central authority and uses "script" as proof- of- work, which can be decoded with the help of CPUs of consumer-grade. It borrows the main concepts from bitcoin but has altered some key parameters (e.g., the mining algorithm is based on Scrypt instead of bitcoin’s SHA-265).

How does Litecoin work?

  • Unlike traditional currencies, the supply of litecoins is fixed. There will ultimately be only 84 million litecoins in circulation and not one more. Every 2.5 minutes (as opposed to 10 minutes for bitcoin), the litecoin network generates a what is called a block – a ledger entry of recent Litecoin transactions throughout the world. And here is where litecoin’s inherent value derives.
  • The block is verified by mining software and made visible to any “miner” who wants to see it. Once a miner verifies it, the next block enters the chain, which is a record of every Litecoin transaction ever made.
  • Litecoin is an online network that people can use to send payments from one person to another. Litecoin is peer-to-peer and decentralized, meaning that it is not controlled by any entity or government. The payment system does not handle physical currencies, like the Dollar or the Euro, and instead, uses its own unit of account, which is also called Litecoin (symbol: Ł or LTC). This is why you will often see Litecoin categorized as a virtual currency or digital currency. Litecoins can be bought and sold for traditional money at a variety of exchanges available online.

What problems does Litecoin solve?

Litecoin came from Bitcoin’s core code with some modifications. Charlie Lee modified the code and protocol in the way he considered best in order to achieve large-scale adoption of the currency.

Litecoin has a higher frequency of block generation, which means that the network supports more transactions and benefits from quicker confirmation times.

Is Litecoin anonymous/safe?

Litecoin (LTC) is decentralized money, free from censorship and open to all. Send low cost private, secure, borderless payments to anyone, anytime, anywhere. If it happens that your coin is stolen or lost then the money's gone and you can do nothing about it, the client code is not maintained properly and is based on an obsolete Bitcoin version.

What makes Litecoin special?

Litecoin transactions take around 2.5 minutes while it takes 10 minutes to complete a Bitcoin transaction. This is the reason that it is called the “Lite” coin. Average Litecoin transaction fees are around $0.179 against $1.8 of Bitcoin. time of 2.5 minutes. Litecoin is 4x faster than Bitcoin in this respect.
The maximum number of Litecoins is set at 84 million. That is exactly 4x as much as with Bitcoin.
Mining algorithm Scrypt. Litecoin also uses Proof-of-Work (PoW), but the algorithm is programmed differently. Litecoin Mining (Scrypt) requires more memory than Bitcoin Mining(SHA-256), so Litecoins can often be profitably mined with fast graphics cards instead of highly specialized ASIC miners.

In addition to these core features, active further development at Litecoin is of particular interest. The development is faster and less political than at Bitcoin. SegWit was already activated on Litecoin in May 2017. This step was not as necessary for Litecoin as it was for Bitcoin, as the block size limit for Litecoin was far from being reached. Many advanced technologies connected to Segwit such as the Lightning-Network can now be tested live on Litecoin before they are implemented on Bitcoin.

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