The interest of people to know about cryptocoin technology is increasing day by day. If you are new to the world of crypto space then you definitely heard about only bitcoin. But there are hundreds of other altcoins available that comes with their own different identification.
Each altcoins has its own technology and unique vision to change the world. One of these altcoins, Litecoin name altcoin comes. It is also a cryptocurrency, world’s first altcoin. Like Bitcoin, Litecoin also exists on the internet as digital money.
No one can feel, touch, or mint it. But there are still fundamental differences between both currencies. Want to attain more information regarding the same topic then go through the article. We are definitely sure that this article will be helpful for you to collect essential details.
Litecoin is based on complete different protocol. It is a cryptocurrency just similar to bitcoin and conceived to act like pure digital money.The official Litecoin site says:
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
Litecoin is also open source, decentralized, and backed by cryptographic math to secure transactions. It is an alternative payment solution of bitcoin. It was not made with the intention of producing completion for bitcoin. You may consider litcoin as the silver to bitcoin’s gold.
Litcoin was developed by the ex-employee of Google “Charlie” on 7th Oct 2011. It was designed to complement Bitcoin by solving problems like concentrated mining pools and transaction timings. If you want to know more about Charlie then you can read his blogs. He is also very active on twitter.
Litcoin has discovered from Bitcoin’s core code with some modifications. The code and protocol is modified by Charlie Charlie Lee in the way he considered best in order to achieve large-scale adoption of the currency.
The reason behind the discovery of Litcoin is to reduce block confirmation timings of 10 minutes to 2.5 minutes so that a higher volume of transactions could be confirmed. That’s why; Charlie has enhanced the speed of transaction by 4X (when compared to Bitcoin).
The original Bitcoin core’s algorithm of SHA-256 was changed to the Scrypt algorithm, which is very memory-consuming. The Scrypt algorithm makes it difficult to operate concentrated mining pools.
The story of behind building team of Litecoin is very interesting. Charlie released Litecoin on GitHub in the year of 2011. Charlie has not full time developers from 2011-2016. initially, only Charlie Lee (the creator of Litecoin) and Warren Togami (the lead developer) were associated with the Litecoin open source project.
But in 2016, a developer under the alias name “Shaolinfry” joined Litecoin. There are more other contributors who run the community and look after releases. At the present time, Charlie Lee announced his return to LTC after working with Coinbase for a while and Warren Togami works with Blockstream.
There are total 84 million units litecoin produced ever. At present, there are approx. 53 million units in circulation and 31 million units yet to be mined. It was the first one to identify the limited supply of 21 million bitcoins.
So, Litecoin came up with a 4X supply of bitcoins. If we see as per day then in every 2.5 minutes, a Litecoin block is mined, and 25 coins are generated, which makes 14,400 Litecoins per day.
If we see according to today, then the price of each unit of Litecoin (LTC) is worth $149 with 56,269,188 LTC in circulation. Hence, the market capitalization of Litecoin is $ 8.4 billion, putting it in the top 5 list of cryptocurrencies by market cap.
If you have desire to buy cheap and want fast service then go with coinbase. You can check their service in your country too if they are serving there. Along with this, you must do some additional step also mentioned below.• Register an account at Coinbase
To complete this task, you will be required to do some essential things:• Your Litecoin address where you would like to get your Litecoin
Usually, there is always requirement of Litecoin wallets, if you have same requirement and want to know then scroll down this page. We have stated most popular litecoin wallets.
Hardware wallet is similar to Ledger Nano S & Trezor that provide a robust and secure wallet for your crypto assets. Mostly, people use the Ledger Nano S for funds, but Both wallets support Litecoin. There is no worry at all.
The Ledger Nano S is also the cheapest multi-currency hardware wallet available (only $65!). If you hold plenty of cryptocurrencies, consider getting a Ledger Nano S or Trezor.
Exodus focuses on easy usability along with ensuring the security of your digital assets. It is a multi-cryptocurrency desktop wallet that supports litecoin. Moreover, you will also get one click email recover feature.
And the 12-word recovery seed key feature enables you to restore your funds if you run into any issues with your device. Exodus is available on Mac, Linux, and Windows.
Jaxx is a multi-cryptocurrency mobile wallet which supports Litecoin. In any case, if your device is lost or damaged then it enables you to restore your litecoins with the help of one seed key recovery phrase feature. It is available on iOS mobile/tablet, Chrome & Firefox Extensions, and MAC/Linux desktops.
Create Litecoin Paper Wallet
If paper wallets work for you, then head toward liteaddress.org and make one. If you don’t know how to make a paper wallet, then learn from official guidance of how to make a Bitcoin paper wallet. Though this guide is for making a Bitcoin paper wallet, it will still help you make a paper wallet for Litecoin (it’s the same process).
Dear visitors, we hope that you have got each and every essential details regarding Litecoin. But still, if you have any doubt then you may ask it in comment box below given. We will try to solve it ASAP!!!
I am a freelance blockchain writer. Having 4 years of experience in blockchain industry, I have written many articles and blogs on cryptocurrency. My goal is to work with dedication, deliver accurate and transparent information that helps to companies and users to grow.