What Is Litecoin (LTC)?

Litecoin (LTC) is a cryptocurrency designed to provide fast, secure, and low-cost payments by leveraging the unique characteristics of blockchain technology.

Cryptocurrencies are built based on the Bitcoin Protocol (BTC) but differ in the hash algorithm used, capitalization, block transaction times, and many other factors. Litecoin has a blocking time of only 2.5 minutes and very low transaction fees, making it suitable for micro-transactions and point-of-sale payments.

Litecoin was released on October 7, 2011, via an open-source client on GitHub, and the Litecoin network was published five days later on October 13, 2011. It is among the top 10 cryptocurrencies by market capitalization for most of its existence.

The cryptocurrency was created by former Google employee Charlie Lee, who intended to make Litecoin a “lightweight version of Bitcoin”. It has many of the same properties as Bitcoin but is lightweight.

Who Are the Founders of Litecoin?

As mentioned earlier, Litecoin was founded by Charlie Lee, an early adopter of cryptocurrencies and a respected name in the cryptocurrency industry.

Charlie Lee, also known as the “Chocobo,” was an early Bitcoin miner and computer scientist, and former software engineer at Google. In addition, Charlie Lee was Engineering Director at Coinbase from 2015 to 2017 before moving on to other projects.

Today, Charlie Lee is a frank supporter of cryptocurrencies and managing director of the Litecoin Foundation-a non-profit organization working with the Litecoin Core Development Team to support Litecoin development.

In addition to Lee, the Litecoin Foundation’s board of directors includes three members: Xinxi Wang, Alan Austin, and Zing Yang. All of this is achieved with your own rights.

Which Algorithm use in Litecoin?

Bitcoin and Litecoin use radically different crypto algorithms. Bitcoin uses a long-standing SHA-256 algorithm, and Litecoin uses a new algorithm called Scrypt.

How to Buy Litecoin (LTC)?

Litecoin is one of the few cryptocurrencies that includes various cash trading pairs, and when you buy Litecoin, you can exchange it for US dollars (USD), Korean won (KRW), euros (EUR), and more. Notable names include Huobi Global, Binance, Coinbase Pro, OKEx, and Kraken.

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What is the difference between Litecoin Vs Bitcoin?

Algorithm

Bitcoin and Litecoin use radically different crypto algorithms. Bitcoin uses a long-standing SHA-256 algorithm, and Litecoin uses a new algorithm called Scrypt.

Market Capitalization

One of the areas where Bitcoin and Litecoin differ greatly is the market value of each, the total dollar market value of all unpaid currencies.

As of March 2021, the total value of all Bitcoin in circulation is around $ 1 trillion, which is over 70 times the market value of Litecoin, which has a total value of $ 13.7 billion. Whether the market value of 2 Bitcoin appears to be higher or lower depends mainly on historical perspectives. Given that Bitcoin’s market value was only $ 42,000 in July 2010, the current numbers are staggering.

Bitcoin as a network continues to dwarf all other digital currencies. The closest competitor is Ethereum, the second-largest cryptocurrency with a market capitalization of nearly $ 212 billion. Therefore, given the huge number of Bitcoins, the fact that Bitcoin has a much higher value than Litecoin is not surprising in and of itself than any other digital currency currently in existence.

Transaction Speed

Transactions technically occur immediately on both Bitcoin and Litecoin networks, but it takes time for these transactions to be confirmed by other participants in the network. Litecoin was founded with the goal of prioritizing transaction speed. This proved an advantage as it became more popular.

According to data from Blockchain.com, the average time to verify a Bitcoin network transaction (the time it takes to validate a block and add it to the blockchain) is currently less than 9 minutes per transaction, but the traffic is high. 7. Equivalent number of Litecoin is about 2.5 minutes

As a general rule, this difference at confirmation can make Litecoin more attractive to traders. For example, a merchant who sells Bitcoin products will have to wait about four times to confirm payment, as if the same product was sold in Litecoin. Merchant, on the other hand, can choose to accept the transaction at any time without waiting for confirmation at all. The safety of these zero-confirmation parameters is the subject of some debate.

FAQ

Q) Can You Convert Litecoin to Bitcoin?

A) You can convert Litecoin into Bitcoin and vice versa. This is the same as exchanging fiat currencies, like converting dollars into pounds and yen into euros. Both are newer liquid cryptocurrencies, so it is usually safer to exchange one for the other.

To do this, you must have an account on a trading platform, cryptocurrency exchange, or trading app. Of course, the amount that you receive in conversion depends on the current rate of each currency.

Q) Can I Send Litecoin To a Bitcoin Address?

A) Litecoin cannot be sent to Bitcoin addresses (even if they are in the same wallet). The reverse is also true, so it is important to understand cryptocurrency transfers. If you do, you will lose money. Recovery may be possible if you have an initial backup of the keys that allow access to your account, but this is difficult.

Q) Can Litecoin Overtake Bitcoin?

A) Whether Litecoin can beat Bitcoin is a matter of speculation as the largest cryptocurrency. Bitcoin remains the original digital money, and for many, its name is generally synonymous with cryptocurrencies. In fact, it is a language, as Kleenex refers to facial tissues.

If other cryptocurrencies remove Bitcoin from the throne, Ethereum (currently the second), or one of the other major currencies, is likely a candidate. Litecoin fundamentals are still favored by some analysts. “Litecoin can process transactions faster than Bitcoin, and the faster block time indicates that it can process more capacity than Bitcoin,” said stock picker Sean Williams in a 2018 article in The Motley Fool. Aside from Bitcoin, it is a reliable trading medium for cryptocurrency users. 12

Bitcoin and Litecoin could be, in relative terms, gold and silver in the current crypto space, but history has changed in the months of this fast-changing sector that is still developing, even showing that it can change. It is not yet known whether the cryptocurrencies we know will maintain their position over the coming months and years.