Litecoin (LTC) is the first altcoin to be created. The project was discovered in October 2011 by Charlie Lee, a former Google developer. Specifically Litecoin is an open source software project and the peer-to-peer cryptocurrency is LTC.
Litecoin is similar to Bitcoin in many ways, but it differs in many others. Thanks to these peculiar characteristics, it has managed to establish itself as one of the most popular cryptocurrencies in the market.
In this article we will analyze all the main features of the project and also see in detail What is litecoin?.
The Litecoin network was actually launched on October 13, 2011 and is historically the first alternative digital currency, i.e. the first non-Bitcoin cryptocurrency.
Soon, LTC faced the same problem as Bitcoin in performing the function of a digital currency, which is high price volatility. But thanks to the image of the “first altcoin” and Charlie Lee’s influence on social networks, Litecoin has been able to build a community that believes in its long-term potential.
Before 2014, most digital currencies had only one goal: to replicate Bitcoin’s success by trying, for example, to change the average time it takes to discover a new block or reduce transaction fees. In fact, almost all of these projects failed to outpace Bitcoin and are now gone. In this, Litecoin was an exception!
What is Litecoin (LTC)
Like Bitcoin, Litecoin is a cryptocurrency that can be traded peer-to-peer securely, very quickly, and at minimal cost. Charlie Lee describes himself as Litecoin as a complement to Bitcoin.
The changes made to the Bitcoin blockchain to bring about the Litecoin blockchain actually require only small efforts in terms of IT development. However, Litecoin’s strength lies in the fact that these changes, compared to Bitcoin, are few but significant:
Proof of Work (PoW) that uses the Scrypt hash function instead of SHA-256.
The total number of units is four times greater, 84 million instead of 21 million.
Create a block four times faster with an average interval of 2.5 minutes instead of 10 minutes.
Difficulty with extraction that changes every two and a half days instead of every two weeks.
On the other hand, the issuance of new Litecoins is halved every 4 years, as is the case with Bitcoin.
What are the advantages of Litecoin
Here are the main advantages related to the Litecoin blockchain:
Its blockchain has been running smoothly for 9 years and therefore has a proven track record in terms of security.
Blockchain transaction fees are lower than Bitcoin fees.
Its creator, Charlie Lee, is very popular, embodying the project and reassuring its seriousness. The developments that have taken place on the blockchain are also very dangerous.
Litecoin has been around since 2011 and is one of the most popular cryptocurrencies, along with Bitcoin and Ethereum.
– It has an active community and almost all exchanges allow you to buy Litecoin (LTC).
How to buy LTC Crypto
Litecoin (LTC) is one of the most popular cryptocurrencies and therefore it is present on most exchanges. For example, you can buy it, even for cash, through the Italian Exchange Young Platform.
All you have to do is register on the chosen exchange, search for Litecoin (LTC) in the appropriate section, choose a payment method, decide how much money to use, and finally validate the purchase.
You can then store your Litecoin directly on the Exchange with the integrated wallet and publicly connected to the account. Since Litecoin is so popular, holding it is also possible on most personal and physical wallets.