Litecoin (LTC) is one of the oldest existing cryptocurrencies and launched in October 2011 as a Bitcoin fork. It shares many of the same characteristics as Bitcoin but strives to be lighter and faster and, therefore, has shorter block generation times of around 2.5 minutes. This both speeds up transactions and, in turn, reduces transaction costs compared to Bitcoin.
The team behind Litecoin describes it as a peer-to-peer Internet currency that allows instant and near-zero cost payments to anyone in the world. Litecoin is an open source, mathematically secure, fully decentralized global payment network. The Litecoin team is also looking to incorporate technology that enhances the key functions of the room. Litecoin benefits from sector support, trade volume and substantial liquidity, is a proven means of exchange and one of the most recognized digital currencies and internet expenses. Litecoin aims to facilitate an increase in daily digital transactions and also aims to work in addition to Bitcoin.
Who is behind?
Litecoin was developed by Charlie Lee, a former employee of Coinbase who stopped working at the exchange in the summer of 2017 to focus on Litecoin full-time. Lee planned to create a currency that would be complementary to Bitcoin and would operate as a “digital silver” to Bitcoin’s status as a digital store of value similar to gold. Lee acts as a vocal and transparent front man for the project and can often be found sharing his thoughts on a number of topics affecting the cryptocurrency community in general.
While being responsible for all day-to-day operations related to the operation of Litecoin, Lee is also a member of the Litecoin Foundation, a Singapore-based non-profit organization that strives to advance Litecoin for the benefit of society by developing and by promoting state-of-the-art blockchain technologies. The foundation is composed of:
Board of Directors: Charlie Lee (USA), Xinxi Wang (SG) and Franklyn Richards (UK)
Managing Director: Charlie Lee
Director of Operations: Keith Yong (SG)
Full Time Sponsored Developers: Adrian Gallagher (Thrasher , AU)
Part-time developers: Loshan T. (UK), Fan Yang (CN)
Litecoin is also made up of the Litecoin Core development team which brings together all the Litecoin developers and the Litecoin and Core Foundation teams work closely together and share technical and financial support.
Litecoin is an open source software and is open to independent verification of binaries and their corresponding source code. Litecoin also seeks to implement technological advances that allow it to maintain its leading position in cryptocurrency. These included:
Blockchain – The Litecoin blockchain is designed to handle a high volume of transactions compared to Bitcoin. By implementing frequent block generation, lightening and segregated control (SegWit), the Litecoin network supports high volume transactions without having to modify the software in the future. This makes Litecoin more efficient for merchants and customers who have faster turnaround times and lower fees.
Mining – Litecoin uses an algorithm called Scrypt that determines the process of exploring new parts, and Scrypt allows for higher parallel processing and is generally more accessible to new miners than a more traditional algorithm. Using Scrypt makes it easier to extract Litecoin without using the ASIC data mining hardware needed to extract parts using the SHA-256 algorithm. The miners currently receive 25 new Litecoin per block, an amount that is halved every 4 years or about every 840,000 blocks. The Litecoin network is expected to produce 84 million Litecoin, exactly 4 times the maximum supply of Bitcoin.
Industry Integration – Litecoin was originally a Bitcoin fork and therefore both currencies still share many of the same characteristics. Litecoin is therefore one of the most integrated crypto-currencies in the industry and enjoys wide support throughout the industry. Litecoin is well supported by exchanges, ATMs, online and offline merchants, web casinos and developers. He is also supported by a loyal and passionate community.
Litecoin vs. Bitcoin
Bitcoin and Litecoin are generally considered complementary and Litecoin often acts steam by implementing changes and upgrades that can also benefit the Bitcoin network.
Litecoin has strived to be faster and more efficient than Bitcoin and deliberately aimed at being adopted by merchants and sellers. In addition to implementing frequent block generation, Litecoin also uses the Lightening and Separate Indicator (SegWit) network to ensure that users can rely on a network capable of handling a high volume of high-speed, low-speed transactions. . Cost. Litecoin has also recently been used to perform a cross-chain atomic exchange that allows users to exchange cryptocurrencies directly using a smart contract and without the need for a third party such as an exchange.
These improvements give Litecoin the advantage in terms of overall efficiency; However, it is almost inevitable that these features are incorporated by the Bitcoin blockchain.
Despite its status as a top 5 cryptocurrency, Litecoin still remains in the wake of Bitcoin when it comes to popularity. Bitcoin is currently trading around $ 7,000 and has a market capitalization of around $ 117 billion. It is also capable of recording 24-hour transaction volumes, up to four times more than any other cryptocurrency. Litecoin currently has a market capitalization of $ 3 billion and is trading around $ 60 (as at November 15, 2017).
Bitcoin is considered the top value store and the Bitcoin network can never exceed 21 million pieces. Litecoin can accommodate up to 84 million pieces and its lower price makes it more suitable for the purchase of goods or services at low prices, and as crypto-currencies get closer to massive adoption, Litecoin can help narrow the gap with his older brother.
There are a number of different wallets that you can use to store your Litecoin, you can store them in a hardware wallet: Trezor and Ledger support Litecoin. You can also download a number of portfolios from the official website for Windows, Mac, Linux, Android, iOS and so on.
How to buy Litecoin
Litecoin is one of three cryptocurrencies that you can currently buy with Coinbase’s currency, making it one of the easiest and most attractive purchases for newcomers to cryptocurrency. You can read our full review of Coinbase here.
Registration at Coinbase
For first-time buyers of crypto currency, we recommend using Coinbase to make your first purchase – it’s easy to use, fully regulated by the US government, so you know it’s one of the safest places and most reputed to buy cryptocurrency. Coinbase offers the possibility to buy Bitcoin, Litecoin and Ethereum with a credit or debit card or by sending a bank transfer. Charges are higher for cards, but you will receive your currency instantly.
You will need to perform an identity verification when registering as they must comply with strict financial guidelines. Make sure you use our link to register, you will be credited with $ 10 in free bitcoin when you make your first purchase of $ 100.
To begin, click on the “Register” button where you will be redirected to a registration form where you will have to enter your name, your e-mail address and choose a password.
Coinbase will then send you a link by email to check your email account, once you click on the link in the email, you will be directed to a verification page. You must then add your phone number and upload a photo of your ID card. This can be a passport, a driver’s license, etc. You must also add your payment information to add your bank account or a debit or credit card. after a short period, your account will be verified and you can make your first purchase.
In Coinbase, visit the “Buy / Sell” tab at the top, select “Litecoin”, choose your payment method and enter the amount you wish to purchase – you can enter an amount in US dollars or a LTC number.
You will then be asked to confirm your transaction. If you pay with a card, you may need to check with your card provider. Once done, your Litecoin will be added to your account and we recommend that you move them from the exchange to a wallet where you control the private key.
For most of its life, Litecoin generally traded around the $ 3 to $ 4 mark with a market capitalization that was generally not more than $ 200 million. LTC experienced an increase in value in the winter of 2013, but quickly returned to normal levels. It remained stable for a long time and was still trading at $ 4 by March 2017. However, Litecoin would soon raise its prices and set new high prices at all times. In September, LTC’s shares traded at over $ 80 and had a market capitalization of approximately $ 4.2 billion, with 24 trading volumes of approximately $ 1 billion.
Litecoin was well positioned to benefit from a global increase in cryptocurrency as cryptographic markets in countries like Japan and China became more developed. However, part of the current popularity can be attributed to Litecoin’s adoption of features such as Lightning Network and Segregated Witness (SegWit), technology that allowed the network to process more transactions and be used on the web for pay for goods and services. Litecoin’s value increased significantly in 2017 and LTC is currently trading at just under $ 60 while maintaining a market capitalization of approximately $ 3 billion. While 2017 is Litecoin’s flagship year,