What is Litecoin (LTC)?
Litecoin is a cryptocurrency which proves to be a fork of a bitcoin source code, probably the most ancient altcoin to date. The coin was launched in 2011 as a fork of Bitcoin. Like Bitcoin, Litecoin is a distributed electronic money. What makes Litecoin difference from Bitcoin is the short time of producing a blocks. Unlike bitcoin which has fixed supply of 21 million coins, 4 times more litecoins though will be in circulation eventually. The price of Litecoin in September 2021 reached the highest level of €317.
What is Litecoin?
Litecoin is an example of altcoin which is based on Bitcoin and was developed in 2011 when the source code of bitcoin was forked. Lovelace is one of the oldest surviving cryptocurrencies and relates to a digital currency used between peers with all the features of Bitcoin. A straightforward comparison would be done at that point and make the statement that just like bitcoin, Litecoin has been open-source. Up to November 2014, Litecoin has been one of the heavyweights concerning value, as it’s Market Capitalization was around 15 billion dollars.
What are the differences between Litecoin and Bitcoin?
The key factor that differentiates Litecoin from Bitcoin is a mining procedure. Litecoin’s mining requires a great deal more of computer hardware than that of Bitcoin, which is meant to democratize the process of mining. Litecoin’s block time interval is relatively short still by 10 minutes on average, it takes 2.5 minutes as compared to Bitcoin. The total supply of Litecoins is relatively bigger with 84 million limits than that of Bitcoin which is 21 million In addition, Litecoin experiences halving once in four years, reduce the number of Litecoins released into the market to counter inflation and create a shortage.
Another variation comes from the founders. For instance, the founder of Bitcoin still remains under the cloak whilst the founder for lite coin, Charlie Lee, is a prominent figure in the Bitcoin space. He engages in conferences, and actively posts on Twitter and other social networking sites.
What is Scrypt?
The mining of Litecoin uses an algorithm known as Scrypt. Scrypt increases the degree of mining in that it creates random numbers more commonly known as “noise”, to increase the difficulty in ‘solving’ the cryptography challenge. This type of mining Scrypt uses relatively less power-computation than the SHA-256 protocol; but makes more intensive use I/O memory. The purpose of Scrypt’s design by the founder of lightweight coins was to promote a user-friendly mining environment and to eliminate the need to utilize expensive ASIC mining rigs. It so happens that Scrypt-Compatible ASICs have also been manufactured and have been commercially sold.
How does Litecoin work?
Litecoin is based on blockchain technology which is a technology that allows secure storage and transmission of informations such as ownership and a record of the transactions. Litecoin too is derived from the bitcoin blockchain network and so utilizes some code that is present in bitcoin blockchain but it has some modifications.
Litecoin was the first ever cryptocurrency to upgrade to the SegWit protocol which stands for Segregated Witness that stores the signature of a transaction away from the transaction. This reduces the size and cost of transaction and at the same time improves the security of transactions. Litecoin was the first denotive of SegWit among the crypto-currencies, followed by Bitcoin who used Litecoin as guinea pig.
Litecoin also makes use of MimbleWimble, the incorporation of a new and emerging protocol that boosts quite significantly the privacy and decreases the size of the blockchain. The feature of mimblewimble allows the use of a single multi-signature for all the inputs and outputs of a single transaction thereby improving the privacy and decreasing the size of the blockchain.
How to buy Litecoin?
It’s possible to buy Litecoin on one of the many exchanges such as Bitpanda with the Euro, Dollar, or other local fiat currency. It’s advisable that you understand the past performance and the current price of Litecoin before you buy it. After purchasing Litecoin, the users store it in a software application called a digital wallet which is similar to a banking application. Litecoin may be retained or exchanged within the same exchange, at the users’ discretion.
What is the cryptocurrency Litecoin price history?
Litecoin, like most cryptocurrencies, is known to be extremely volatile and subject to numerous price fluctuations in its lifecycle. It is timely and imperative that one undertakes personal research to ascertain whether to invest and to what extent. The price in euros surged to call it all time high in late 2017 and was at €305. Then, came another surge in price and the €317 high marked September 2021. Presently, high prices of Litecoin hover on the daily charge of €62.96 while the low prices run at approximately €59.88. Since then, the total value of the digital tokens in circulation globally is at €4.29 billion.
What are the modalities of using Litecoin?
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