What is Litecoin?

Litecoin Explained

Following the launch of Litecoin in 2011, many recognise Litecoin as the first successful “alternative cryptocurrency”. It brought in a flurry of developers who attempted to expand the cryptocurrency user base by altering Bitcoin’s code and repurposing it to create other networks. The founders built  Litecoin using Bitcoin’s open-source technology, with a few modifications. Like Bitcoin, Litecoin is based on an open-source global payment network that is decentralised. Litecoin differs from Bitcoin in many aspects, including a faster block generation rate and other characteristics discussed in more depth later in this article. Litecoin was not the first cryptocurrency to copy Bitcoin’s code and change its features, but it is historically significant and has a vibrant market even today.

Litecoin was a significant competitor to Bitcoin at the time and has long been seen as a Bitcoin counter-measure. Litecoin’s technology would set itself apart at first by reducing the time it takes to add new transaction blocks to its network. The notion was that this would appeal to merchants who previously had to wait for six confirmations (which could take an hour depending on transaction traffic) before acknowledging Bitcoin payments as complete. As merchant interest in cryptocurrencies declined in the mid-2010s, Litecoin would adopt a more aggressive approach to development, pioneering new features like the Lightning Network and other cutting-edge technologies now accessible on Bitcoin. Rather than sparking network competition, the market has seen chiefly these activities as being in line with Litecoin’s goals. Unlike many other cryptocurrencies, the project has always been intended to work as a complement to Bitcoin. Consequently, Litecoin has many similarities with Bitcoin at time of writing  1 LTC is worth around $116 and has a market capitalisation of just less than $8.5 billion.  maybe you can put something about the ATH here? 

Who Made Litecoin (LTC)

Since 2011, Charlie Lee, a computer scientist and alumnus of the Massachusetts Institute of Technology, has been closely identified with Litecoin. Lee would go on to work at Google before founding Litecoin and pursuing a career in technology. In 2013, he became Director of Engineering at Bitcoin exchange Coinbase. Lee put the development of Litecoin on hold after he joined the company, claiming in 2017 that his most important objective at the moment was to assist consumers in purchasing and retaining Bitcoins securely. The cleanest approach is to acquire crypto from a trusted site like Altalix and transmit it straight to a secure wallet, not subject to brokerage trading fees. However, Lee left Coinbase in late 2017 to focus solely on Litecoin development. Lee is presently the managing director of the Litecoin Foundation, a non-profit organisation devoted to cryptocurrency.

How Does Litecoin Work?

Litecoin is a fork of the Bitcoin code with numerous similarities. So, if you understand Bitcoin, you’ll probably understand Litecoin. Litecoin employs encryption to secure ownership and trade of its currency, LTC, and its software sets a hard cap of 84 million LTC. Like Bitcoin, Litecoin uses proof-of-work mining to allow anybody with processing power to contribute new blocks to the network and earn Litecoin. Litecoin utilises a new mining algorithm and seeks to finish transactions more quickly. Every 2.5 minutes, Litecoin adds new blocks to the network (instead of 10 minutes on Bitcoin). Litecoin’s mining algorithm was designed to reduce the efficiency of specialist mining equipment. However, this strategy failed. (Today, small-scale miners dominate the market, although hobbyists may still mine Litecoin.) There are perks to mining Litecoin. For example, the first person to verify a block gets 12.5 Litecoin’s. 

Now, Litecoin serves as a crucial testing ground for new cryptocurrency features such as Segregated Witness, implemented in 2017. With Segregated Witness, Litecoin can fit more transactions per block. Later that year, the first Lightning transaction on Litecoin was executed, demonstrating its layered network concept. Like Bitcoin, the number of Litecoin’s given to people who do a job like this gets smaller over time, like with Bitcoin. In August 2019, it was halved, and the halving will keep going until the 84,000,000th Litecoin is mined. They say that it will be around 2142 when the maximum number of Litecoin’s will be reached.

How Can I Buy Litecoin?

As a P2P payment method, Litecoin can be used to pay people anywhere globally without a third party having to process the payment. It’s not a good idea to keep your digital assets in an exchange wallet for a long time because there are more risks than if you held your crypto in a secure wallet. There are no hidden fees or crazy limits on what you can do with your money once it’s in your wallet, and with Altalix, they send your purchased crypto directly to your wallet without it sitting anywhere other than with you.