Litecoin Litecoin (LTC), one of the pioneering cryptocurrencies, made its debut in October 2011 as a spinoff from Bitcoin. While sharing several traits with Bitcoin, Litecoin was engineered to be lighter and speedier, thereby achieving block generation times of roughly 2.5 minutes. This efficiency translates into quicker transactions and lower fees compared to Bitcoin.
The creators of Litecoin market it as a peer-to-peer digital currency that enables instantaneous, minimal-cost payments globally. As an open-source, mathematically secure, decentralized network, Litecoin has attracted significant industry support. Thanks to an enhanced focus on incorporating cutting-edge technology, it thrives as a widely accepted medium of exchange in web commerce and digital transactions, complementing Bitcoin's functions.
Who is behind it?
Conceived by Charlie Lee, a former employee who left the company in mid-2017 to devote himself completely to Litecoin, the goal was to create a 'digital silver' counterpart to Bitcoin's 'digital gold'. Lee acts not only as the face of Litecoin but also as a prominent voice on various issues affecting the wider cryptocurrency community. Coinbase While overseeing the daily operations of Litecoin, Lee is also an integral part of a non-profit entity based in Singapore. This organization not only aims to advance Litecoin but also supports blockchain innovation for societal benefits. It comprises a board of directors with representation from the US, Singapore, and the UK, alongside sponsored and part-time developers from around the world. sharing his thoughts The Litecoin development team, which consists of members from both the Litecoin Foundation and the Core team, collaborates closely to offer both technical and financial backing.
As an open-source software, Litecoin welcomes independent validation of its binaries and corresponding source code. Among its innovations are frequent block generation, the Lightning Network, and Segregated Witness (SegWit)—factors that bolster its capability to handle substantial transaction volumes compared to Bitcoin, benefiting vendors and consumers with swifter confirmations and lower costs. Litecoin Foundation Litecoin utilizes the Scrypt algorithm for mining new coins. This choice facilitates a mining process that's more inclusive to newcomers compared to the SHA-256 algorithm used by Bitcoin. Miners currently receive 25 Litecoins per block, with this reward halving approximately every four years. The total supply is capped at 84 million coins, four times that of Bitcoin's limit.
- Born from Bitcoin's foundations, Litecoin enjoys extensive integration across the crypto ecosystem. Sufficiently supported by exchanges, ATMs, and online merchants, it benefits from a vibrant community that is as enthusiastic as it is loyal. Litecoin often pushes forward with improvements that can later serve the Bitcoin network.
- Managing Director: Charlie Lee
- Operations Director: Keith Yong (SG)
- With its focus on swiftness and operational efficiency, Litecoin aims for broad merchant adoption, benefiting from technologies like the Lightning Network and SegWit to ensure robustness in handling numerous transactions economically. Litecoin also demonstrated its potential with recent smart contract-enabled cryptocurrency exchanges that bypass traditional exchanges.
- These advancements provide Litecoin with an edge in efficiency, although it is anticipated Bitcoin will eventually adopt similar features.
Litecoin is also made up of the Litecoin Core Though it ranks among the top five cryptocurrencies, Litecoin still lags behind Bitcoin in popularity. While Bitcoin sits at the top of the market with a price approximately around $7,000 and a cap near $117 billion, Litecoin's value hovers around $60 with a $3 billion cap, as reported on November 15, 2017. However, as cryptocurrencies near widespread adoption, Litecoin's larger supply and lower cost position it to narrow the gap. Litecoin project Various wallets suit the purpose of storing Litecoin. Options include hardware wallets like Trezor and Ledger, besides software solutions available for major operating systems and mobile devices.
Litecoin Features
Among a select group of cryptocurrencies purchasable with fiat currency, Litecoin's accessibility makes it appealing to novices in the crypto space. Learn more through our detailed review.
For first-timers, we advise buying your initial cryptocurrency through Coinbase—known for its user-friendly interface and strict adherence to US government regulations. Here, you can seamlessly acquire Bitcoin, Litecoin, or Ethereum using a card or bank transfer, albeit fees for card transactions are higher but ensure instant availability.
Mining Upon joining, you'll need to verify your identity as part of compliance with strict financial regulations. This process includes providing your name, email, and setting a password.
Once registered, Coinbase will send a verification email. Click the link, and you'll reach a page asking for phone number and ID uploads—your passport or driver's license will suffice. Subsequently, enter your payment details, be it a bank account or debit/credit card. Approval follows shortly, granting you the ability to make purchases.
Litecoin vs. Bitcoin
On Coinbase, navigate to the 'Buy / Sell' tab, select 'Litecoin', and pick your preferred payment method. You can specify either an amount in USD or in LTC for purchase.
Confirming your transaction may entail an additional verification step with your card provider if paying with one. After finalizing the transaction, your Litecoin will reflect in your account. We advise transferring them to a wallet where only you control the private key. cross chain atomic swap Historically, Litecoin mostly traded between the $3 to $4 bracket, maintaining a market cap that seldom exceeded $200 million. A notable spike occurred in late 2013, although prices stabilized shortly after. By March 2017, it lingered around $4, but prices exploded later, reaching an all-time high of over $80 in September, with a $4.2 billion market cap and $1 billion in daily trade volume.
Positioned to gain from burgeoning global interest in cryptocurrencies, Litecoin capitalized on market maturation in places like Japan and China. Its recent surge also owes to adopting technologies like the Lightning Network and SegWit, enhancing transaction capabilities for online goods and services. With its substantial progress in 2017, many are eagerly anticipating Litecoin's trajectory in the coming years.
Exploring Litecoin: A Detailed Guide to LTC and How to Purchase It
Discover everything about Litecoin with our comprehensive beginner's guide - from acquiring Litecoin and setting up a wallet to understanding its features and reading a review
Litecoin Wallets
A Newcomer's Guide to Litecoin: Could It Be the Silver to Bitcoin's Gold? Introduced in October 2011 as a Bitcoin fork, Litecoin ranks among the earliest cryptocurrencies. While it shares several features with Bitcoin, Litecoin has been engineered to offer a more nimble experience, allowing for quicker transaction approvals at lower fees, thanks to its 2.5-minute block generation time. support Litecoin. You can also download a number of wallets Litecoin positions itself as a rapid, low-cost peer-to-peer digital currency. It's an open-source, secure, and global payment network that operates entirely without centralized control. The developers aim to enhance the ease of frequent digital transactions by incorporating robust technology, resulting in strong industry backing and seamless integration into the digital economy. It's often used in tandem with Bitcoin to boost virtual commerce operations.
How to Buy Litecoin
Spearheaded by Charlie Lee, an ex-Google engineer, Litecoin was created with the vision of being the \"digital silver,\" complementing Bitcoin's \"digital gold.\" Lee dedicated himself fully to the project after departing from his crypto exchange role in mid-2017, regularly lending his voice to address wide-ranging issues within the crypto community. Coinbase Overseeing the daily functions of Litecoin, Charlie Lee also contributes to a non-profit based in Singapore that seeks technological advancements for societal benefit. This organization includes a dynamic team comprising: full review of Coinbase here.
Register at Coinbase
Board Members: Charlie Lee (US), Xinxi Wang (SG), and Franklyn Richards (UK)
Full-time Developers: Adrian Gallagher (thrasher, AU) our link to signup Part-time Developers: Loshan T. (UK), Fan Yang (CN)
This foundation, alongside the Litecoin Core team, collaborates closely on technical and financial matters to propel the currency forward.
As an open-source initiative, Litecoin allows full transparency in verifying its binaries and source code. It is committed to technology adoption that keeps it at the cutting edge, supporting a higher transaction volume than Bitcoin by leveraging innovations like Lightening and Segregated Witness (SegWit). This ensures swift and cost-effective transactions for all parties involved.
Purchase Litecoin
Using the Scrypt algorithm, Litecoin simplifies the mining process, encouraging wider participation by enabling more parallel processing than its counterpart Bitcoin. This makes it possible for miners to engage without relying on specialized ASIC hardware, with each newly mined block rewarding 25 Litecoin, halving every four years until 84 million Litecoin are produced.
Due to its origins as a Bitcoin fork, Litecoin maintains a high level of compatibility and support from exchanges, merchants, and developers, fostered by a dedicated following. Even as it focuses on speed and efficiency, Litecoin serves as an experimental space, often pioneering upgrades that could eventually enhance the Bitcoin network. .
Market Performance
Its commitment to speed, paired with tools like the Lightening Network and SegWit, means Litecoin is fully prepared to manage heavy transaction loads swiftly and economically. Notably, it was recently utilized for an atomic swap, eliminating the need for intermediaries, further asserting its technological leadership.
Litecoin enjoys a substantial efficiency advantage for now, but it's likely that Bitcoin will adopt comparable features in the future.
