Litecoin (LTC) is one of the top cryptocurrencies. It is currently ranked at twenty-one position in CoinMarketCap’s top 100 cryptocurrency list, Litecoin used to rank among the top 10.
Although Litecoin is a currency that is not centralized, similar to BTC (BTC), it is distinct from the rest for many reasons.
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Facts About Litecoin
Explore these amazing facts about Litecoin before you invest in it!
1. A brief overview of the history of the cryptocurrency Litecoin.
Litecoin was developed on the 13th of October, 2011, when it was first introduced. It was a cryptocurrency created in the beginning through Charlie Lee, a former Google computer scientist. The cryptocurrency was initially called “The silver to the Bitcoin’s gold.”
Lee became inspired to start Litecoin due to his experience with Bitcoin. Following his experience working at Google, Lee worked at Coinbase, where the altcoin was finally validated and marketed with cryptocurrency exchanges.
2. Litecoin is a cryptocurrency that operates on a P2P basis.
Similar to Bitcoin, Litecoin is a cryptocurrency that operates on Blockchain technology and operates on a peer-to-peer basis, or P2P.
A P2P network lets people use a shared system through which they can interact and communicate. There is no requirement for a central authority or a mainframe.
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3. Litecoin is an offshoot of Bitcoin
Litecoin is more than a cousin of Bitcoin. It was born out of the same seeds as bitcoin. The cryptocurrency is a derived currency since the complete source code that creates the cryptocurrency was copied from Bitcoin along with some minor changes added during the process.
Improvements like rapid speed and low cost were introduced to help counter bitcoin’s incredibly slow speed, enormous expenses, and unfathomably massive energy consumption.
4. Litecoin has an impressively high liquidity.
Today, Litecoin (LTC) is available on nearly all cryptocurrency exchanges. Similar to Bitcoin, it’s an asset store. However, its low fees and speedy transactions have increased its appeal as a method of exchange.
5. PayPal supports Litecoin. PayPal support
The month of October was when PayPal introduced support to Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, which means that around 350 million US customers are able to purchase goods and services by using LTC.
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6. About 2 percent of LTC is stored within the Grayscale Litecoin Trust.
The previous year, the online assets manager Grayscale Investment made the news when it reported that a record $27.1 billion of assets were under its care, including 2percent of the total circulation of LTC.
7. Litecoin has survived the departure of its founder.
That’s right. Litecoin is possibly the first cryptocurrency to bring up the question of what happens when the founder makes a cash withdrawal. Lee has sold all of his LTC at the close of 2017, just in the middle of the year’s cryptocurrency growth, citing a conflict of interest.
Lee has been reported even five years after his death that people remain scathing about his trading out of the market, and some say they blame Lee for the crash of the entire cryptocurrency market.
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8. The government greets miners
If you are connected to the crypto industry or are a member of the crypto community, you will already know about miners and their work. If you’re not sure about miners and mining within the crypto community or in the crypto world, do not worry because we’re here to help.
Most cryptocurrencies work by using the blockchain. The blockchain is composed of many blocks that are all linked and linked. Each block is comprised of nodes.
These are the nodes in which all the data are stored and where the technical processes occur. The way that mining happens is a complex procedure, which is more suited to a different time, but the essential aspect is that miners utilize this node in order to extract cryptocurrency. When the cryptocurrency is mined, they will be rewarded with an amount of money or a fair payment.
Since Litecoin utilizes blockchain technology, it’s comprised of many blocks that are all linked to each other. Because these blocks are composed of nodes and the nodes are the places where mining occurs, it is certain that Litecoin receives the mining sector in the crypto world.
Every now and then, or at the very least the most well-known, well-known, and the cryptocurrencies that become popular such as Ripple and bitcoin utilize the protocol to make their entire system significantly more efficient, reliable and secure. Litecoin, a member of the group known as the big boys, also utilizes protocol.
But, as Litecoin was released just after Bitcoin was created, it was adapted and programmed with a better and superior variant of Bitcoin’s protocol.
Bitcoin utilizes a protocol known as SHA 256. Ripple uses the famous Ripple protocol which permits Ripple to function as a gross settlement system and a platform to exchange currency and an exchange point for remittances. Litecoin is equipped with an updated and new ‘hashing’ protocol’, which makes application for the security of fingerprints that makes transactions safer as well as their purchases more secure.
The algorithm used in the protocol of Litecoin was that was based on the script format.
10. The volume of Litecoin is 4 times the size of Bitcoin.
Litecoin was created with a specific and unique algorithm. This algorithm has brought with it lots of advantages like security and flexibility.
There is another benefit that was born due to the script algorithm was used to create Litecoin.
The algorithm of Litecoin allows making an unlimited amount of coins. When compared with Litecoin’s precious brother Bitcoin, this is four times the size as just 21 million Bitcoins can be created.
If you want to acquire any of these tokens, you should consider purchasing a free online debit card or credit card.
In the year 2017 Litecoin entered into an alliance and an agreement to join with Verticoin that resulted in the two currencies being exchanged without the assistance of an exchange network that is a third party. Both cryptocurrencies can be exchanged on their respective blockchain. The whole thing became real because of the existence of a known thing called the on-chain atomic swap.
It was a significant moment that has shaped the course of crypto. It led to another frenzy. Since the time, Litecoin has joined together with Bitcoin in addition to Decreed to form the swap-buddies of the crypto world. The exchange is possible by using a credit card if needed.