What is Litecoin
So what is Litecoin? “Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.” Official Litecoin Site
Litecoin was released in 2011 by a former Google employee named Charlie Lee and was actually a fork in the Bitcoin core client. On the surface of things Litecoin is similar Bitcoin. However, there were some significant changes and improvements made.
The most notable changes were that the mining time per block reduced by four times to 2.5 minutes and the maximum supply of coins went up four times to 84 million meaning there will always be a much greater supply of Litecoin in circulation compared to Bitcoin.
Litecoin adopted segregated witness in May 2017 and was the first of the top 10 altcoins to do so, to learn more about segregated witness and the benefits visit our ‘terminology‘ section.
Like Bitcoin, Litecoin is a peer-to-peer payment system and an open source software project. Litecoin has far lower fees than Bitcoin and has been dubbed the digital silver to Bitcoin’s digital gold.
Charlie Lee released the open-source client on GitHub on October 7th, 2011. The Litecoin network then went live on October 13th, 2011. Litecoin is alss one of the pioneers of the lightning network and is leading the way with this new technology. The first lightning network transaction was completed through Litecoin in May 2017.
Where to buy Litecoin
Once again like Bitcoin, Litecoin is very popular and can be traded with most exchanges below are a few of the most popular examples:
Litecoin (LTC) Live Price:
Recent Litecoin News:
What is Litecoin Transaction Speed
Transaction speeds are measured by Transactions Per Second (TPS). Litecoin has a maximum capacity of 56 TPS, which is almost 19 times faster than the 7 TPS Bitcoin is currently capable of. There are other cryptocurrencies capable of much higher, some even claiming to be capable of being faster than the 24,000 Visa can handle!
The current all time high price of Litecoin is $360 which it reached on 18th December 2017. The price 12 months prior was just $4.40 meaning Litecoin realised gains of over 8200% in just 12 months! Litecoin is still in the top 10 in terms of market cap, and there’s an active rivalry ongoing between the Charlie Lee and Roger Ver, the founder of Bitcoin Cash over which one will come out on top.
Litecoin is still widely accepted, used or traded on almost every exchange and wallet. They recently announced the development of their own wallet and cryptocurrency payment card, Litepay, only to cease operations and apologise for allowing it to happen! The solution was to be the equivalent to BitPay which worked wonders for Bitcoin and made its adoption possible in several industries.
There have been rumours online too that Litecoin and Monero may be joining forces to becoming one inter-operable cryptocurrency. The claims are purely preculation based upon tweets made by the leading teams of the projects, so the legitemacy must be questioned, but the move would be exciting for both projects. Monero is a cryptocurrency who’s main focus is purely user privacy.
Litecoin is constantly been added to new exchanges if it’s not available to buy there already, such as Zepay, the oldest cryptocurrency exchange in India. It’s is still and most likely will be for the foreseeable future, one of the most popular cryptocurrencies available.
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