What Is Litecoin? How Does It Work?

Litecoin (LTC) is one of the most popular cryptocurrencies in existence today, with a market cap of over $2 billion

What is Litecoin? How Does it Work?
Litecoin (LTC) is one of the most popular cryptocurrencies in existence today, with a market cap of over $2 billion and an average daily trading volume of over $130 million. It was created by former Google employee and ex-Director of Engineering at Coinbase, Charlie Lee, and started trading back in October 2011, when it was worth around $0.07 per coin. Since then, Litecoin has grown steadily and currently has a market cap that’s more than 5 times bigger than Bitcoin’s.

What is Litecoin

Litecoin is a peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. The creation and transfer of coins are based on an open-source cryptographic protocol and are not managed by any central authority. While inspired by, and in most regards technically nearly identical to Bitcoin (BTC), Litecoin has some technical improvements over Bitcoin, and most other major cryptocurrencies, such as the adoption of Segregated Witness, and the Lightning Network.

Who is the founder of Litecoin

When you think of cryptocurrency, the first coin that comes to mind is probably Bitcoin. However, there are actually many different cryptocurrencies out there, some of which were created as a joke. Litecoin (LTC), however, is one of the earliest altcoins; it was launched in 2011 by Charlie Lee. Litecoin differs from Bitcoin in three key ways: it uses a different hashing algorithm (Scrypt), has a faster block generation rate, and has a higher maximum number of coins.

Guide to buy!

Buying Litecoin is different from Exchanges fiat currency, which you can easily buy on Coinbase or Binance. The process of buying Litecoin is easy to do through either finance or Coinbase. Both sites have very secure methods of transferring your money and both websites allow you to buy Litecoin with credit cards. There are more secure ways to purchase Litecoin such as using a hardware wallet. BitPay allows you to easily buy Litecoin using your VISA credit card and then automatically convert it into Litecoin at their exchange rate.

Where do I store Litecoin?

If you’re holding Litecoin for a long time, or want to buy and hold Litecoin for many years in large quantities, it’s recommended that you store your coins in cold storage. The most secure way to do so is on a hardware wallet—but even then, you should only use devices that have been encrypted with a strong password. For those who are less cautious about their holdings, online wallets can also be used; these have a much higher chance of being hacked and having your funds stolen.

What is the price of Litecoin?

Litecoin is a fork of Bitcoin. In October 2013, Litecoin’s value was $2.38 USD. By November 2017, it had reached $90 USD. As of writing, its price is $52.05 USD with a 24-hour trading volume of $573,611,966. It is also worth noting that on November 2nd, 2017, Litecoin activated SegWit. Litecoin's current price is

What is Litecoin mining?

Litecoin mining is the process of validating transactions in the blockchain, closing the block, and collecting newly minted coins. It requires a large amount of processing power, and therefore can only be carried out with specialized equipment. Many enthusiasts buy dedicated hardware just for mining, while others may choose to rent time on a cloud-based mining service which is the most popular option today.

Future Plans for Litecoin (LTC)

Bitcoin is still far and away from the most popular cryptocurrency, but that could soon change. Litecoin could take Bitcoin’s top spot in terms of market cap. The key to it doing so will be wider adoption. Litecoin has features very similar to Bitcoin, merchants may want to choose Litecoin if they already accept Bitcoin payments.