BTC might be the world’s most popular cryptocurrencies, but altcoins are worth exploring. This guide will take a look at one that investors may overlook: Litecoin (LTC).
Read on to learn what this cryptocurrency is, how it works, and other essential information.
What Is Litecoin?
The open-source, decentralized cryptocurrency has been around for almost a decade. It is most popular for conducting fast peer-to-peer transactions with nominal fees.
How Does It Work?
To understand how this cryptocurrency works, let’s examine the cryptocurrency and the mining process.
LTC is the name for the cryptocurrency used on the platform.
When individuals or businesses conduct a transaction, the transaction appears on a block on the Litecoin network. The network (AKA the blockchain) generates one block every 2.5 minutes, with each block consisting of multiple transactions.
Miners verify the proof of work so that the blockchain can continue generating blocks. After a successful verification, the network rewards the miner with coins previously not in circulation.
How to Buy
If you want to buy LTC, stockbrokers cannot help you. Your three purchase options are:
- Buying directly from another trader
- Going to a local cryptocurrency ATM
- Using cryptocurrency exchanges
After purchasing it, you can use a wallet like Litecoin Core to store and spend coins.
History of Litecoin
In 2011, LTC came out as a response to BTC. It sought to improve on the more popular cryptocurrency by making payments faster and lowering transaction fees.
The Creator — Charlie Lee
The creator of the cryptocurrency is Charlie Lee, a former Google engineer.
Litecoin Price and Volatility
Though cryptocurrencies have high volatility, the LTC price tends to be stable. Fluctuations depend on factors such as the performance of competing cryptocurrencies, worldwide demand, and media coverage.
In the Media
Most Litecoin news deems the cryptocurrency as the silver to BTC’s gold. Media outlets praise its ability to facilitate transactions rather than accumulate long-term investment value.
Litecoin is a dependable cryptocurrency that you can use to bypass central authorities and conduct transactions while maintaining efficiency and keeping costs low.
Is LTC legit?
Yes, LTC is legit. Merchants around the world recognize it as a valid payment method. Additionally, anyone can verify the transactions on the public ledger.
Is LTC better than BTC?
LTC may be more appropriate for conducting transactions, while BTC is ideal for storing value.
Does LTC have a future?
The future of LTC looks bright. This digital currency has stood the test of time and continues to be one of the world’s most popular cryptocurrencies.
How to mine LTC?
Mining is an expensive, complicated process that requires sophisticated computers to solve computational math problems.
When was Litecoin created?
In 2011 Litecoin launched.
What is Litecoin halving?
Halving is when the network reduces the number of reward tokens for mining by half.
How many Litecoin tokens exist?
Currently, there are over 50,00,000 tokens in circulation. The fixed supply means that there will never be more than 84,000,000.
What algorithm does Litcoin use?
It uses a proof-of-work algorithm called scrypt.
How to earn Litecoin?
You can earn it through mining or cryptocurrency faucets like Moon Litecoin.