Litecoin CryptoCurrency for Dummies

Written by Kevin, The Bitcoin Guru
Sep 04, 2018

Litecoin is an open source, universal imbursement network that is completely dispersed as no central authorities are in charge of it. It has a faster transaction corroboration period and superior storage competence than the pioneering currency based on the similar concept. 

It has been released under the MIT/x11 license which empowers you to run, adjust and replicate the software and to dispense it. The software is released in a transparent process which involves independent verification of binaries and their subsequent code of source.

It is a bit different from Bitcoin as it can handle higher volumes of transactions. In this, frequency of block generation is higher and consequently, the network supports more transactions. The software may not be needed to amend or mutate in near future.

There is wallet encryption in Litecoin cryptocurrency which allows you to keep your digital wallet safe and enables you to look at your transactions and monitor your account balance. You need to have a secured password prior to spending Litecoins, without which you may not be safeguarded against an attack which may drain out your bank balance.

How The Litecoin Started

Litecoin was made public by the way of an open-source client on GitHub on October 7, 2011, by Charlie Lee. He was a member of staff at Google and ex- Engineering Director at Coinbase. The Litecoin network came into use on October 13, 2011. It differed from Bitcoin for the most part by having a reduced time for block generation (2.5 minutes), increase in a number of coins, a dissimilar hashing algorithm (script, instead of SHA-256) and a somewhat customized GUI.

It is reported by some reliable sources that all through the month of November 2013, the summative value of Litecoin encountered enormous augmentation which involved a 100% leap in just 24 hours. The currency achieved a $1 billion market capitalization in November 2013. Litecoin completed the first Lightning network transaction shortly in May of the same year, transmitting 0.00000001 LTC from Zürich to San Francisco in just a moment of seconds.

Interesting Litecoin facts You Probably Never Heard of

Here are some interesting facts about this digital currency:

1. Faster speed than its competitors

Litecoin takes less time to transfer the money internationally. While Bitcoin takes about 9 minutes on an average for a transaction to be completed, Litecoin takes only 2 and a half minutes to complete a transaction. 

3. Extra safe than other cryptocurrencies

Litecoins are more secure due to the fact that the mining of Litecoins entails extremely multifarious mathematical problems and equations. Putting endeavour to solve them would turn out to be a time-consuming and futile mission for a majority of hackers. 

4. More difficult to mine

This cryptocurrency is extra complicated to mine; a relatively restricted number of people are competent to chase the mining of a Litecoin. 

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5. It has a fixed amount of coins

LTC indemnifies immense precautions by issuing only 84 million Litecoins that can continually subsist. The company has stated that 55.58 million coins have been by now discharged; subsequently, there are no more than 30 million coins which are to be mined in the future.

6. Litecoin deciphers a number of imperative problems of Bitcoin

Charlie Lee aimed at recuperating the transaction time and costs over and above the contemplated mining pool of Bitcoin. Accordingly, Litecoin was expanded to be a more expedient and across-the-board embracing cryptocurrency.

The Litecoin Price Volatility

You need to understand that the market price of any cryptocurrency is being determined principally because of the requirement for the coin. Volatility implies that an asset is risky to hold as its value may go up or down to a large extent. If Litecoin volatility experiences a fall, the rate of transforming into and out of Litecoin will notice the decline as well. The LTC trading pair is largely popular after Bitcoin. Litecoin is furthermore traded thoughtfully in China, which provides it with a solid liquidity across the world. Litecoin price for today is $58.132. The price forecast for Litecoin in 2018 may still be 210 US dollars with a rise of 18.04% and the last part of the forecast may be 188 US dollars experiencing an increase of 5.39%. Sources say that Litecoin price may fall but its extent can’t be predicted as of now. 

People You May Know That Are Related to Litecoin

There is a number of celebrities who have endorsed Blockchain technology and sustained the application of Litecoin. The list is quite long but some of them to be mentioned here are Cameron and Tyler Winklevoss, best known for suing Facebook originator Mark Zuckerberg, Entrepreneur and former reality TV star Paris Hilton, Actor Jamie Foxx and actor Ashton Kutcher.

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Litecoin Must Be Mined

Litecoin is mined with ASICS nowadays. In the future, all altcoins may be mined by ASICS. Using CPU to mine Litecoin is worthless for the reason that the number of people who are mining Litecoins is extremely high and with the use of CPU, you may never be able to make an excellent profit with it. Litecoin, nevertheless, makes use of the script algorithm – originally named as s-crypt, but often enunciated as 'script'. It features the SHA-256 algorithm; however, its calculations are more serialized than SHA-256 in bitcoin. The Litecoin mining industry is as developed as that of Bitcoin’s. ASICs—powerful computers are intended to solve Bitcoin's evidence of work function and are accessible for Litecoin although complicated to acquire. Since Litecoin applies a dissimilar corroboration of work function, Bitcoin miners won’t be able to mine Litecoins.

Subsequently, it can be summarized that Litecoin is the kind of “privacy coins" that guarantee you of absolute impenetrability centred on being scarcely discernible and off the record. It is a bit different from Bitcoin as it can handle higher volumes of transaction. This cryptocurrency is extra complicated to mine; a relatively restricted number of people are competent to chase the mining of a Litecoin. There are various celebrities who have endorsed various cryptocurrencies and are the users of it and it can well be used by the common populace.