For the past few years, people have been showing interest in cryptos such as Bitcoin, Litecoin, etc. With advanced technology, investors are choosing cryptocurrency during payments. “Bitcoin” is the dominant cryptocurrency and first digital currency introduced in the market.
Hundreds of cryptocurrencies have been created so far. Among them, Litecoin stands out from the crowd.
Similar to bitcoin, Litecoin is the popular decentralized P2P digital currency. The transactions processed over the network are powered by the blockchain protocol.
Litecoin made people’s lives easier. They can make their payments from anywhere to anyone around the world.
No more waiting!!! Send or receive payments at high speed. The expressive part of Litecoin is, the transaction cost is cheaper compared to other payment modes and other assets.
Page Contents
What is Litecoin (LTC)?
The short form of Litecoin is “LTC”. Litecoin is the top and long-standing cryptocurrency. Litecoin (LTC) was introduced by Charlie Lee in October 2011. Similar to Bitcoin, LTC is based on a peer-to-peer decentralized network, no third party or central bank is involved.
It’s an open fact that Bitcoin (BTC) and Litecoin (LTC) are popular types of cryptocurrency. Did you know, the crowd over BTC is enormous? Yes!!! Since the value of Bitcoin is increasing day by day, investing in LTC (LTC) could be a good idea. Litecoin is the 9th largest cryptocurrency.
During the initial days, Litecoin was one of the top competitors to other cryptocurrencies such as Bitcoin, Ethereum and more. However, cryptocurrency has become interesting with its new offering in recent years. Litecoin has also gained popularity.
Though Litecoin is similar to Bitcoin (BTC), there are few aspects that make a huge difference i.e
- Fast block generation rate
- Cheapest payment solution
- Uses Scrypt
Litecoin (LTC) is an alternative to Bitcoin. But, it has overcome few challenges that have been encountered in Bitcoin. Just by introducing a few changes and alterations to the existing Bitcoin programming code, Litecoin is ready with faster transactions and fewer processing charges.
Who are the founders of Litecoin (LTC)?
Charlie Lee is the creator of Litecoin (LTC). He is a computer scientist, Lee worked in Google and provided his services for Google Chrome OS. In the year 2011, Charlie Lee showed interest in Bitcoin. He worked on blockchain technology during his free time while working at Google. With dedication, Lee released Litecoin to the market. Charlie has mined just 150 coins.
Charlie Lee said – He is not intended to give a competition to Bitcoin but wants to use Litecoin for small transactions. After two years i.e 2013, Charlie Lee has left his job at Google and started working on Litecoin at Coinbase.
What makes Litecoin (LTC) unique?
Litecoin is the first longest-standing altcoins created by Charlie Lee. If you’re looking for investment, Litecoin is the solution for you. Litecoin is the upgraded version of Bitcoin. There are several unique features of Litecoin.
High Transaction Speed
Litecoin inventor Charlie Lee wants to overcome the drawbacks of other cryptocurrencies. So, Charlie has paid attention to transaction speed. Finally, he succeeded by providing high-speed transactions in Litecoin.
1 Litecoin transaction speed is 4 times faster than other cryptocurrencies. Litecoin is perfect for one who is looking for faster transaction speed.
Transaction cost
Let’s have a look at the transaction cost of Litecoin.
It’s a universal fact that the transaction cost is cheaper for digital currencies. Hence, the transaction cost of Litecoin is cost-effective.
Compared to other digital currencies, Litecoin offers cheaper transaction charges. Everyone should agree that the transaction fee of Bitcoin or Ethereum is higher than Litecoin.
Scalability
For the past few years, people have been investing in Bitcoin. But the fact is, Bitcoin is striving with the “scalability” functionality. In other words, investors cannot perform multiple transactions at the same time. Hence, Bitcoin needs to increase its transaction fee. This could be harder for investors. While with Litecoin, investors can send or receive money at low transaction costs. As a result, Litecoin users can perform multiple transactions at the cheapest cost.
More decentralized
The founder Charlie Lee was concentrating on high speed and low transaction costs. He also focused on “Extraction of more number of Litecoin’s”. Yes, you’ve heard it right. Litecoin (LTC) is providing a centralized minimum system.
Let’s consider, Litecoin accounts for more than 71% hash rate for 5 mining pools. While other cryptocurrencies, 6 mining pools will make upto 60.4% hash rate.
Cryptocurrencies such as Bitcoin, Litecoin and Ethereum have similar centralized mining processes. But, bitcoin and other cryptocurrencies are less centralized when compared to Litecoin.
How Many Litecoin (LTC) Coins have existed?
As mentioned earlier, Literreoin is the 9th largest cryptocurrency. Bitcoin and Litecoin have finite coins available in circulation. The approximate number of Litecoins (LTC) is 84 million will be created in the circulation. There are 66.245 million Litecoin’s that are mined by the end of 2020.
The team Litecoin researched and estimated the coin growth will be extremely well until 2140. Because the total number of Litecoins that are mined every block will be decreased every 4 years.
Over 5 lakhs of Litecoins (LTC) were mined per day. Charlie Lee and other developers are considered the first miners of Litecoin.
Litecoin will build new blocks every 2.5 minutes. It is 4 times faster than BTC (Bitcoin). The network will create a new block for every recent transaction around the globe.
Litecoin has a better future. As per analysis, LTC province will reach $250 by 2022. Sounds interesting right? Yes!!! Litecoin is the safest investment option.
How does Litecoin (LTC) Work?
Litecoin is a powerful peer-to-peer digital currency, it means LTC is not owned or administered by a bank or central authority.
Since the block confirmation duration is 2.5 minutes, Litecoin (LTC) network provides high transaction speed and less transaction fee. The payments can be processed by an individual or a group of people around the world. The transaction performed between two people is recorded simultaneously on the blockchain.
Bitcoin (BTC) and Litecoin (LTC) work on similar fundamentals. Litecoins are mined, orphaned blocks will occur at the end-stage. Orphaned blocks are nothing but blocks that are created by two different miners at the same time. At that moment, the chain will accept these two blocks. Later on, one blog will get rejected. Rejection of blocks can be done using “Segregated Witness” (SegWit).
Litecoin uses another technology i.e Atomic Swaps. This technology offers interoperability to the blockchain.
Atomic swaps expedite a peer-to-peer exchange of two cryptocurrencies such as BTC or LTC on multiple blockchains. By implementing “Smart Contract Technology” eliminates the intermediaries. Atomic swaps can be performed on-chain and outside the p2p network. Ultimately, investors can save money with Atomic swaps technology.
Cryptocurrencies such as Bitcoin, Litecoin and Ethereum use PoW algorithms (proof-of-work) to offer safety and security through the network.
Conclusion
Litecoin is the popular and first altcoin introduced by former Google engineer – Charlie Lee. LTC is similar to Bitcoin (BTC), except Litecoin is even lighter and super faster. There are 84 million Litecoins created. Over 66 million Litecoins are circulating in the market. Litecoin uses Atomic swaps, Smart contract technology and PoW algorithm to provide better security on the network. The key benefits of Litecoin are speed, cost, faster block generation, interoperability and decentralisation.
