Litecoin (LTC)

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What is Litecoin (LTC)?

Litecoin (LTC) is an open-source cryptocurrency on Github. That was designed on October 7, 2011, by Charlie Lee. Lee is a Google employee. After that, it becomes the engineering director of Coinbase. Then, he sends Litecoin (LTC) network live on October 13, 2011. It was designed to provide fast, secured, and low-cost payments.  Lee uses the bitcoin and codebase features to make Litecoin (LTC). But it increases the transaction speed. And change the speed of adding new blocks to the blockchain. 

There are 84 million Litecoin (LTC) are available in the market. The speed of creating Litecoin (LTC) is very high. So, they create a new Litecoin (LTC) block every 2.5 minutes. But bitcoins create a new block in 10 minutes. So, the fast blocking technique makes it the nine-largest cryptocurrency in the world. Bitcoin is considered a ‘Digital gold coin’. Litecoin (LTC) is the light version of bitcoin. That’s why it is called ‘Digital silver coin’.

Hashing algorithm, hard cap, fast transaction time, and many other factors make Litecoin (LTC) wonderful crypto. The transaction fees of Litecoin (LTC) are very low and the speed of transactions is high. That’s why it can be adopted by businesses and used for small to large transactions.

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Litecoin (LTC) Price Data

Today, Litecoin’s (LTC) live price is USD 175.05. 24-hours trading volume of Litecoin (LTC) is $2,254,541,365 USD. The price of bitcoin is up 0.55% in the last 24 hours. The current market cap covered by Litecoin (LTC) is 12. And the live price of Litecoin (LTC) market cap is $11,816,161,962 USD.

Top Litecoin (LTC) Crypto Exchanges

  1. Binance
  2. Huobi Global
  3. ZG.com
  4. OKEx
  5. Bybit

How Does Litecoin (LTC) Work?

Litecoin (LTC) is a peer-to-peer virtual cryptocurrency. It is not governed by any central authority. It can offer very fast zero-cost payments. These payments can conduct any individual person or institution. Like many cryptocurrencies Litecoin (LTC) is also using the Proof of Work (PoW) Algorithm. That can secure their networks.  Proof of reading algorithm required one party proof to another party to complete the transaction. If the other party can’t accept the request of the first party. Then, it can be rejected automatically. And the user needs to restart the process again.

Who is the Founder of Litecoin (LTC)?

Litecoin (LTC) was founded by Charlie Lee. You can also know him as ‘Chocobo’. He was the former software engineer for Google. After that, it becomes the director of engineering at Coinbase. But now he works advocate of cryptocurrencies. And also managing director of the Litecoin (LTC) foundation.

What makes Litecoin (LTC) Unique?

Like bitcoin, Litecoin (LTC) is the pure form of cryptocurrency. As the survey of January 2021 Litecoin (LTC) is the most widely acceptable cryptocurrency. The main advantage of Litecoin (LTC) is the speed and cost-effectiveness of working. Every transaction of Litecoin (LTC) is to be done within some minutes. In developing countries, people use Litecoin (LTC) as the alternative to bitcoin. Litecoin (LTC) release the MimbleWimble test net. It is used to test the confidential transaction on Litecoin (LTC). You can also get high privacy and transaction security for Litecoin.

How Many Litecoin (LTC) Coins are there in Circulation?

The amount of Litecoin (LTC) in circulation is increased according to the number of mined blocks. In January 2021, 84 million coins are in circulation. The amount of Litecoin (LTC) is creased day by day. Because the number of Litecoin (LTC) awareness people increased. Every person who has good knowledge about cryptocurrency wants to invest in it. Therefore, there is more chance to get the profit in the form of Litecoin (LTC).

How is the Litecoin (LTC) Network Secured?

Like other cryptocurrencies, Litecoin uses blockchain technology for transactions. This can make transactions secure. There is no chance to hack Litecoin. Because of its incredibly strong cryptographic defence. Litecoin also uses the POW consensus algorithm. It can make sure every transaction is quickly done without any error. Litecoin is more secure than other cryptocurrencies. Because you can get the combined strength of network mining.

Where You Can Buy Litecoin (LTC)?

Litecoin is the nine-largest cryptocurrency in the world. So, there is a wide variety of trading platforms. You can buy Litecoin with dollars, Korean won, euros, and many other currencies. 

Names of Litecoin Trading Platform

  1. Huobi
  2. Global
  3. Binance
  4. Coinbase Pro
  5. OKEx
  6. Kraken

Goals of Litecoin (LTC)

Litecoin is a digital form of virtual money.  You can use Litecoin to purchase things or to transfer funds. No matter you do this for yourself or the institution. Every user of the trading platform can buy Litecoin without any bank, credit card, or payment processing service.  

That’s why the main goal of Litecoin is to become the world’s largest cryptocurrency in the world. And to provide their user a secured and trustable platform to save their savings. You can also use between to purchase anything. 

Features of Litecoin (LTC)

Community

The number of Litecoin trading platforms is increased. So, the support communities are also increased. You can get the help of a support community from the following centres.

  • Litecoin Forums
  • Litecoin Telegram
  • Reddit Litecoin
  • Search for Users on Twitter
  • IRC FreeNode network channels 
  • Resources
  • Litecoin Wiki provides the general information and list of services.
  • Litecoin Block Explorer Charts provides up-to-date network statistics.
  • GitHub provides source code for bitcoin core and related projects

Open Source Software

Litecoin is an open-source software project. Which gives you the power to run, modify, and copy the software to distribute. 

Blockchain

Litecoin Blockchain technique provides you to transfer a high volume of money.

Wallet Encryption

Litecoin wallet encryption allows you to secure your wallet from an unknown person.

Mining Reward

Litecoin miners provide 12.5 new Litecoins for every new block.

Conclusion

I hope you will understand what is the Litecoin cryptocurrency. I provide you a list of the best trading platforms. For your help, I will provide you with a great method to buy Litecoin. Some extra features can USD 11,816,161,962 be provided by Litecoins. So, if you find the alternative of bitcoin. Then Litecoin is the best alternative to bitcoin. I believe my article about Litecoin is helpful for you and easy to understand. If you have any questions about this topic, please ask them in the comment section.