Cryptocurrency Dictionary: What about Litecoin

Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.

What about Litecoin? Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.

How to store and earn some Litecoin?

The more safe way to start using Litecoin is downloading the Litecoin core wallet directly from the Litecoin.org website, In this way, you’ll run a full Litecoin node.

To earn it, of course you can mine it through MinerGate or on all the other Cloud Mining services.

Then, you can also visit and gain Litecoin for free from this list of litecoin faucets.

Detailed information

Litecoin was released via an open-source client on GitHub on October 7, 2011 by Charlie Lee, a former Google employee. The Litecoin network went live on October 13, 2011, after an hard fork of the Bitcoin Core client, differing primarily by having a decreased block generation time of 2.5 minutes, increased maximum number of coins, different hashing algorithm (scrypt, instead of SHA-256), and a slightly modified GUI. On November 2013, the aggregate value of Litecoin experienced massive growth which included a 100% leap within 24 hours. Litecoin reached a $1 billion market capacity in November 2013.

What about Litecoin: Chart

In May 2017, Litecoin became the first of the top-5 cryptocurrency to adopt Segregated Witness. Later in May of the same year, the first Lightning Network transaction was completed through Litecoin, transferring 0.00000001 LTC from Zurich to San Francisco in under one second.

As of November 07, 2017, its market capitalization in US$ is equivalent to 3,171,941,842 at around $59.05 per litecoin and with 53.717.932 LTC circulating supply.

Miners are currently awarded with 25 new litecoins per block, an amount which gets halved roughly every 4 years (every 840,000 blocks).

The Litecoin network is therefore scheduled to produce 84 million litecoins, which is 4 times as many currency units as Bitcoin.

Other useful links

Find general information as well as a list of services and exchanges that support Litecoin at the Litecoin Wiki and on Wikipedia. Source code for Litecoin Core and related projects are available on GitHub.

HTH,

CryptoAddicted team.

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