When the electronic money market increasingly more popular, it will become one of the important channels and investments profitable for investors and Litecoin which one co crypto potential side or Ethereum Bitcoin. So what is Litecoin ? Let's look at the following article with Finnews24.com .
Finnews24.com – What is Litecoin (LTC)?
What is Litecoin (LTC)?
Litecoin virtual currency, a crypto-currency built on P2P technology, under license is MIT/X11. This coin can be seen as a fork of Bitcoin and has the ability to make instant payments.
LTC is traded with almost zero fees. The Litecoin network allows users to control their own finances and is very secure.
Why was Litecoin born?
Litecoin was released through an open source application on GitHub by Charlie Lee, a Google employee on October 7, 2011.
Currently, the creator of Litecoin is the Director of Engineering at Coinbase.
Litecoin is a source code fork of the Bitcoin Core application, the main differences are reduced block time (2.5 minutes), increased maximum number of coins generated, different hashing algorithm (scrypt, instead of SHA- 256) and the interface has slight differences.
In November 2013, Litecoin had a big boom, jumping 100% within 24H.
In May 2017, Litecoin entered the top 5 Crypto coins (by market capitalization ) for the first time adopting Segregated Witness. At the end of May of the same year, the first Lightning Network transaction was completed via Litecoin, transferring 0.00000001 LTC from Zürich to San Francisco in less than a second.
Litecoin is considered another fork of Bitcoin (BTC) due to its almost complete technical similarities as LTC is created on an open source protocol and is not controlled by any central server.
Features of Litecoin (LTC) coins
Transaction speed
While technically transactions take place in both Bitcoin and Litecoin, it takes time for those transactions to be confirmed by other network participants. Litecoin was created with the goal of prioritizing transaction speed.
According to data from Blockchain.com, the average time for the Bitcoin network (the time it takes for a block to be verified and added to the blockchain) to confirm a transaction is currently just under 9 minutes, which can vary widely as traffic volume increases. higher. Litecoin only takes about 2.5 minutes.
Maximum supply
The maximum supply of Litecoin is 84 million, or 4 times that of Bitcoin. Therefore, many people predict that the value of this coin could be 1/4 of Bitcoin, but it may take a long time.
Incognito
Litecoin upgraded the soft-fork version and implemented the MimbleWimble bulletproof, so it is now possible to provide anonymity to its users. However, it makes the transaction cost more expensive.
Atomic Swap
The Light Network allows users to swap Litecoin directly with other cryptocurrencies, powered by the Hashed Timelock smart contract.
Compare Litecoin and Bitcoin
(Finnews24.com – Litecoin has many similarities to Bitcoin)
Litecoin and Bitcoin have some of the following differences:
- The Litecoin network processes a block in 2.5 minutes, and Bitcoin in 10 minutes.
- Litecoin uses scrypt in its proof-of-work algorithm, the memory-hard function consumes asymptotically more memory than a non-memory-hard algorithm.
Since Litecoin uses the scrypt algorithm, FPGAs and ASICs are created to make Litecoin mining more complex to create and produce Bitcoin, which uses SHA-256.
Summary table comparing Litecoin and Bitcoin
What is the application of Litecoin?
Thanks to Working Principle and an upgraded algorithm, buying and selling LTC becomes simpler and safer for less than 15 cents and 4 times faster than BTC.
How to earn and own Litecoin
Peach LTC
The first step to perform LTC mining is to download the program files of Litecoin at https://litecoin.org/, extract, install and run node.
Mining LTC will require high mining costs and fixed programmability, so not everyone can participate.
Buy and sell Litecoin (LTC)
LTC is supported on most major exchanges such as Binance, Huobi, Coinbase, Kraken, Gemini, Bittrex, Poloniex, Bithumb,,….
At current value, LTC ranks at 7th place among cryptocurrencies according to CoinMarketCap.
Many exchanges are now listing trading for Litecoin
You can buy LTC at Remitano, Binance, Santienao or through OTC exchanges in Vietnam.
Risks encountered when trading Litecoin
High returns come with great risks, so consider a few of the following experiences to get a more detailed look at the LTC investment market.
- Large value fluctuations, easy to fall
- Since it is blockchain, storage will require knowledge from investors
- Although not banned, transactions with Litecoin are still not protected by the Vietnamese government
Litecoin Basics
- Ticker: LTC
- Blockchain: Lightning Network
- Consensus Mechanism: Proof of Work (PoW)
- Algorithm: Scrypt
- Token Type: Coin, Mineable
- Block generation time: 2.37 minutes
- Block reward: 12.5 LTC/block
- Average per transaction: 56 TPS
- Minimum unit: 1 LTC = 108microlitecoins (μŁ)
- Total supply: 84,000,000 LTC
- Current circulating supply: 66,752,415 LTC
How to store LTC
(Finnews24.com – There are many ways to store Litecoins)
There are 5 ways to store Litecoin
- Desktop wallets: versions available for Windows, Mac OS and Linux
- Online wallet: Coinbase Wallet is a good example
- Cold wallets like Ledger Nano S, Trezor, Jaxx,..
- Ví mobile: Lite Wallet, Binance Smart Chain, Hecochain, Metamask, Trust Wallet, Huobi Wallet
- Exchange wallet: If you are a trader, this is the most convenient option. But the level of risk and safety is of course not like the other options. Popular products such as Binance, Huobi, OKEX, …
Should I invest LTC coin?
Litecoin's market cap is $9.9 billion, fully diluted capitalization is $12.4 billion. The coin ranks 13th in terms of market capitalization. Litecoin is a coin that should be held for a long time, although it was born after the big brother Bitcoin, but LTC has a large community of people who do not believe in Bitcoin but believe in the future Defi market.
Although bitcoin and litecoin have many small technical differences, both are similar in their role as online payment chains using cryptocurrencies as an alternative to government currencies such as the US dollar. The core technology is an open source peer-to-peer network, running on a blockchain platform and operating independently, with the aim of helping their consumers to make purchases. get money quickly. And litecoin uses high-quality cryptographic algorithm scrypt, allowing miners to mine multiple bitcoins and litecoins at the same time without fear of chain conflicts.
(Finnews24.com – Lightning Network hashrate history)
A few questions about Litecoin (LTC)
Is Litecoin a Legit Cryptocurrency?
Is Litecoin Potentially Abused?
With the anonymous transaction feature, LTC has become a tool for criminals to carry out money laundering.
Why is Litecoin another fork of Bitcoin?
Bitcoin and Litecoin are technically similar. LTC operates without the control of any central server.
 What is Litecoin? Compare Litecoin and Bitcoin){kind=link}