Litecoin (LTC) – The future of money

After the creation of Bitcoin by an unknown group, many other groups have also been wanting to create their own digital currency. One such successful digital currency is Litecoin.

What is Litecoin?

LTC is a peer-to-peer cryptocurrency that’s based on blockchain. Litecoin is an open sourced global payment network and it is a fully decentralised currency. It can be represented by Ł or LTC and is most commonly referred to as LTC.

LTC was created in 2011 by an ex-Google employee called Charlie Lee. The LTC network officially went live on October 13 2011.

Litecoin was released under the MIT/X11 license. The MIT/X11 license gives you the authority to run, modify or copy the software and to distribute modified copies of the software.

Platforms to buy LTC

Litecoin is a crypto. The main interface to buy cryptos such as LTC are hot wallets(or crypto wallets). A few of these wallets which you can use to buy LTC are:

Huobi Global - huobi.com

Binance - binance.com

HitBTC - hitbtc.com

Coinbase Pro - pro.coinbase.com

Decoin - decoin.io

Litecoin (LTC)logo
Photo Credit: litecoin.com

How to trade Litecoin

On buying or trading Ł, the price of the Litecoin is usually given in the United States dollars. So, in other words, you can say that you are buying LTC by selling dollars. You can also purchase Litecoin with other currencies. If the price of litecoin rises and is now worth more USD than when you bought it, this means that you will be able to sell Litecoin for a profit. On the other hand, if the price drops and you try to sell your LTC, then you would get a loss as you have decided to sell your Litecoins at a lower price.

Key differences between Litecoin and Bitcoin

  • One difference between LTC and Bitcoin is time. Transactions made from Litecoin only take 2.5 minutes which is really fast compared to Bitcoin. Bitcoin takes around 10 minutes per transaction which is 4 times slower than Ł.

  • Another difference is the supply of these coins available. There are only 21 million Bitcoins currently available whereas there are more than 84 million LTC’s in supply.

  • The market capitalisation of these also differ. Bitcoin’s market capitalisation is over $693,391,000,000. The market capitalisation of LTC is over $10,942,000,000. Refer to digitalwalletsnews.com for more info

Upgrading to a later version in Litecoin

Upgrading LTC doesn’t damage the wallet that is located on your system. It is a beneficial practice though to backup your wallet on a hard disk before ameliorating.

You should do this just in case if something peculiar takes place with your system and all your information gets erased or something like that. Once you have taken the backup of your wallet and its required files, then just download the latest and the best version of LTC. The link for downloading the latest version of LTC is given below, at the end of this article.

Benefits of using Litecoin

One benefit of Litecoin is that it saves time and a lot of work. If a person wants to send money to another person who lives far away, he would use a bank. But there are some disadvantages if we are using a bank. If using a bank, it would be quite expensive and the person would have to fill some data forms to send money. The person can avoid all these problems if he uses Litecoin.

Another benefit of Ł is its quick transactions. A transaction that is sent through Litecoin usually takes only around a time of 2 and a half minutes.

What is Litecoin mining?

Mining is the most important part of blockchain technology. It is the process in which transactions between different users are checked, verified and then added to the blockchain ledger.

Miners receive Litecoins as a reward for adding new blocks to the network. They are usually awarded with 12.5 new LTC’s per block. This amount gets halved roughly every 840,000 blocks.

There are only 21 million Bitcoins currently available whereas there are more than 84 million Litecoins in supply. Therefore LTC is scheduled to produce more than 84 million LTC’s, which is 4 times as many produced in Bitcoin.

Key points of Litecoin

  • There are more than 84 million LTC’ in supply.

  • The all-time highest price of LTCwas approximately $360.

  • The current circulating supply of Litecoin is 66,245,618 LTC which is 79% of the total amount available.

Disclaimer: Digital Wallets News does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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