What is Litecoin?
Litecoin is an open-source, global payment network and digital currency, circulating through that network. As based on the decentralized blockchain technology, Litecoin doesn’t rely on a central point of control. Once the data about the payment records in a block, it cannot be altered, as the Litecoin network stores those data on multiple computers so that anyone can see the ledger of transactions.
Few differences between Bitcoin and Litecoin made the second one better suited for day-to-day commerce and led to the success in the short run. At the moment of writing, Litecoin is one of the most influential alternatives to Bitcoin with a rank of seven, according to Coinmarketcap.
Who Invented Litecoin?
Litecoin was an early Bitcoin spinoff, also called “fork.” The coin went live in October 2011 thanks to Charlie Lee, a Google employee and former Engineering Director at Coinbase. Trading for about $0.03 in July 2012, Litecoin’s price rose to $40 already in November 2013, which means more than 130,000%.
Litecoin was among the first altcoins, presented themselves as modified or improved versions of Bitcoin. Litecoin’s developers have long stated they intend to create the “digital silver” to Bitcoin’s “digital gold.
What is the Difference Between Litecoin and Bitcoin?
One of the most notable differences between Litecoin and Bitcoin is the number of coins each currency can produce. The maximal number of Litecoins reaches 84 million coins, while the number of Bitcoins can never cross the line of 21 million.
The other key difference lies in the transaction speed. Although the transaction itself occurs instantly, it takes time to get confirmed by the network. For Bitcoin, an average confirmation takes about 10 minutes. For Litecoin, the number is four times smaller, reaching an average of 2,5 minutes.
Moreover, Litecoin is distinguished by its extremely cheap transaction fee. It costs 1/1000 Litecoin only to conduct a payment of any size.
How to Buy Litecoin?
You can buy LTC on exchange services that accept fiat currencies. For instance, on CoinLoan Crypto Exchange. Exchanges connect you to online marketplaces, where you can exchange traditional currencies for digital ones.
To buy your coins, you should first sign up for a digital wallet; then, you can use traditional payment methods such as a bank card or a bank transfer to buy Litecoin on the marketplace. LTC will be transferred to your Litecoin wallet.
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