Litecoin Explained

What is Litecoin(LTC) – All about Litecoin Explained

by

Litecoin (LTC) is a cryptocurrency that was first introduced in 2011 as one of the first altcoins (alternatives to bitcoin). Despite the fact that it was built on bitcoin’s original source code and shares some features with BTC, Litecoins was designed to outperform BTC, particularly in terms of transaction speed. Though Litecoin was a popular entry into the crypto category at first, it has gained and lost value over time, exhibiting the same volatility as many other cryptocurrencies (or even certain stocks and bonds).

Litecoin, like many other types of cryptocurrency, is a decentralised, peer-to-peer cryptocurrency that arose from a fork in the Bitcoin blockchain, the transparent, digital public ledger that most cryptocurrencies use. Litecoin was created to enable near-instant, near-zero-cost payments that can be exchanged between people or institutions all over the world.
 
Litecoin, like Bitcoin, uses a PoW consensus system to verify transactions on the blockchain, but it is considered a lighter, faster version of Bitcoin due to some changes. The primary difference between Litecoin and Bitcoin is that Litecoin uses the scrypt mining algorithm to allow for faster transaction times. Litecoin generates a new block to be mined every 2.5 minutes, which is roughly four times faster than Bitcoin’s 10 minutes. Litecoin’s supply is also four times as large. Litecoin has a total supply limit of 84 million coins, whereas Bitcoin has a supply limit of 21 million coins.
Frequently Asked Questions

Like many other types of cryptocurrency litecoin is a decentralised, peer-to-peer cryptocurrency that originated from a fork in the Bitcoin blockchain, the transparent, digital public ledger that most cryptocurrencies use. Litecoin was created to enable near-instant, near-zero-cost payments between people or institutions all over the world.

Making investment in Litecoin is risky for investors because it may eventually become worthless. It was introduced in 2011 as a faster and cheaper alternative to Bitcoin, many cryptocurrencies have since launched that are faster or less expensive to process than Litecoin. Litecoin has recently gained a reputation as a less sophisticated version of Bitcoin. During a crypto bull market in December 2017, its founder, Charlie Lee, sold all of his Litecoin. While Lee claimed the sale was made to avoid any perceived conflict of interest, many cryptocurrency investors saw the move negatively.

You can make money in litecoin by various methods like Mining and speculation (Buying and Selling litecoin).  All the methods listed above doesn’t have guarantee of making money but it’s working. So research well before making any trade or investment. 

Litecoin is an established cryptocurrency which was introduced in 2011. It was ranked among the most valuable digital assets, but in recent years, its value has declined. In terms of market capitalization, or the total value of coins in circulation, Litecoin is now ranked somewhere around No. 20. However, supporters of Litecoin claim that the coin has a promising future and that elements like continued privacy improvements on its underlying blockchain network make it a formidable competitor in the digital payments market.

Litecoin supporters claim that the coin has a promising future and that features such as ongoing privacy improvements on its underlying blockchain network make it a formidable competitor in the digital payments market. So, invest in the crypto market as much as you are capable to loose.

Also Read : -
  • Ethereum Explained.
  • Tether Explained.
  • XRP Explained.
  • USD Coin Explained.
  • BNB Explained.