Litecoin (LTC) - Coin of the Week
Although Litecoin was not the first cryptocurrency to copy the Bitcoin code and modify its features, it is one of the most significant from a historical point of view. The main advantage that Litecoin brings is the reduction of the time required to generate a block in the blockchain network.
History of Litecoin
The Litecoin project was developed in 2011 by Charlie Lee, a former Google engineer. Lee's goal was to create a cryptocurrency that could complement the Bitcoin blockchain, addressing some of its limitations, such as transaction speed and high fees. Litecoin was created by modifying the core code of Bitcoin.
Litecoin gained popularity from the early days because it offered a faster and cheaper alternative to Bitcoin. Over the years, Litecoin continued to evolve and was adopted by many crypto platforms.
How does Litecoin work?
Like Bitcoin, Litecoin uses a form of proof-of-work crypto mining that allows users with dedicated hardware to add new blocks to the blockchain and generate passive income in units of LTC.
Litecoin processes transactions faster than Bitcoin, using a different crypto mining algorithm. This mining algorithm requires the use of a less sophisticated equipment and therefore, a lower energy consumption. Even so, LTC can be mined using standard Bitcoin (BTC) mining equipment.
To differentiate itself from Bitcoin and other cryptocurrencies, the Litecoin team adopted in 2017 a technology that facilitates the addition of several transactions in a block.
Litecoin Use-Cases
- Peer-to-peer transactions
- Online purchases
- International Transactions
For more information about LTC, visit the Litecoin Price (LTC) page.
Litecoin Advantages
Fast transaction speed
Low transaction fees
Accessibility
For more information about LTC, visit the Litecoin Price (LTC) page.
Litecoin Financial Indicators
Market Cap: 5.8 billion EURO
Litecoin Price: 79 EURO
Transaction Volume (24h): 286 million EURO
Litecoin Community
Litecoin vs Bitcoin
Cele doua criptomonede se diferentiaza prin 4 factori importanti:
Viteza de tranzactie
Litecoin are un timp de procesare mai rapid decat Bitcoin. Acest lucru inseamna ca tranzactiile pot fi procesate mult mai rapid in reteaua Litecoin, ceea ce o face o optiune mai eficienta si mai practica pentru cei care au nevoie sa faca tranzactii rapide.
Algoritmul de hashing
Litecoin foloseste un alt algoritm de hashing decat Bitcoin, numit Scrypt, care este proiectat sa consume mai multa memorie in procesul de crypto mining. Acest lucru inseamna ca procesul de crypto mining poate fi realizat folosind hardware clasice, cum ar fi unitatile de procesare grafica (GPU), care sunt mai accesibile decat hardware-ul folosit pentru minarea Bitcoin.
Limita de unitati
Litecoin are o limita de unitati de 84 de milioane de monede, in comparatie cu oferta maxima a Bitcoin de 21 de milioane de monede.
Comunitatea de dezvoltatori
Litecoin are o comunitate de dezvoltare mai mica decat Bitcoin, dar este cunoscuta ca fiind dispusa sa experimenteze cu noi tehnologii. Proiectul Litecoin a fost folosit pentru testari in cazul unor tehnologii inovative, cum sunt Segregated Witness (SegWit) si Lightning Network.
How to buy Litecoin
On Tradesilvania, you can buy and sell the Litecoin cryptocurrency or other types of cryptocurrencies, such as Ethereum (ETH) and Solana (SOL).