It’s the little brother to Bitcoin’s large brother. Litecoin is a peer-to-peer cryptocurrency, identical to Bitcoin. Nevertheless, it was designed to be faster at processing transactions than Bitcoin, therefore the time period ‘lite’.
Do you know?
Not like Bitcoin’s creator, the mysterious Satoshi Nakamoto, Litecoin’s creator, Charlie Lee is understood, and is lively on Twitter!
Who Invented it?
An ex-Google worker referred to as Charlie Lee. He was an enormous fan of Bitcoin, however thought he may do make a greater model, so he constructed Litecoin!
A short historical past
📡Charlie Lee launched the software program Litecoin is constructed on to a coding group on October 7, 2011.
⚡Two days later, it went reside.
💸By November 2013, it was price $1 billion.
🗺️As we speak it’s thought of one of many greatest currencies within the crypto world.
What’s so particular about it?
Along with the advantages of blockchain:
- 🚷Decentralised – no-one particular person or group owns or controls it
- 👯Trustless (peer-to-peer) – No extra third events
- ↔️Borderless – no want for exchanges to maneuver forex throughout borders
- Immutability – It may by no means be modified or reversed not like all of at this time’s monetary techniques
- 🙅♂️Double-spending – it solved the issue many digital currencies had tried to crack
- 🔬 It’s a proof-of-concept for blockchain a know-how that may change actually every part.
On prime of all that, Litecoin’s options make it:
💨Tremendous speedy. With Bitcoin, the common period of time it takes to create a block within the blockchain is 10 minutes. With Litecoin it takes simply 2.5 minutes.
☕Designed for the on a regular basis – it was designed for small transactions, like shopping for espresso and, due to its sooner processing speeds.
⛏️It makes use of a barely totally different mining methodology to producing forex than Bitcoin.
Do you know?
Solely 84 million LTC can ever be mined. At current two thirds have been ‘dug up’, and it’ll take roughly 100 years for the remainder of the forex to be mined.
How is it produced?
It’s mined in a lot the identical method as Bitcoin.
Discover out extra about mining right here.
Miners try to unravel a really troublesome puzzle, which in doing so, creates bundles of transactions or blocks on the blockchain. A miner is rewarded once they clear up the puzzle.
The distinction is the algorithm Litecoin asks its miners to make use of.
The algorithm used to mine Bitcoin permits miners to affix forces – resulting in the creation of mining swimming pools. Litecoin’s algorithm nonetheless, makes that tougher.
Which means it’s simpler for normal folks to earn cash from mining Litecoin.
Do you know?
Simply 66 Litecoin addresses personal 40% of all of the Litecoin at present obtainable. That’s greater than $2 billion.
How do you pay money for Litecoins?
First you’ll want a wallet that may maintain LTC.
When you’ve acquired a type of, you’ll have to discover a Litecoin Trade that may allow you to purchase and promote Litecoin.
What are you able to do with Litecoin?
A lot the identical as you possibly can with Bitcoin. Though there aren’t fairly as many sellers accepting Litecoin as they do Bitcoin, there’s nonetheless hundreds worldwide.
Do you know?
Litecoin founder Charlie Lee bought all of his Litecoin in 2017 to keep away from potential conflicts of curiosity.
The long run
Litecoin has earned a status for including new options shortly.
Apps like LitePay will let retailers settle for funds from clients’ telephones, so that you’ll be capable of pay to your purchasing utilizing crypto earlier than you suppose.
Proper now it’s kind of of a race for which forex will turn out to be the one all of us use for on a regular basis transactions. Proper now it is an open race.