How is Litecoin (LTC) different from Bitcoin (BTC)?

What is Litecoin (LTC)?

Litecoin, also known as LTC, is a decentralized peer-to-peer cryptocurrency and payment network.

From a technical point of view, Litecoin works in a similar way to Bіtсоіn (BTC).

Here’s how it works:

1. Transactions using Litecoin are recorded and verified anonymously on a public ledger called the blockchain, allowing for money exchanges without going through third-party authorities, such as governments or banks.
2. To process transactions, computers solve cryptographic problems and are rewarded for their contribution with Litecoin in a process called ‘mining’.
3. Litecoins are stored in a ‘wallet’, a software program or hardware device that manages the private keys with which the owner accesses his cryptocurrencies.

LTC cryptocurrency works like Bitcoin, but its transactions are processed much faster. This makes Litecoin one of the most popular altcoins for use as currencies, but also for trading. According to the latest information from Coinmarketcap, Litecoin ranks seventh among cryptocurrencies by market share and trading volume.

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History of Litecoin (LTC)

It is impossible to talk about the history of Litecoin without mentioning Bitcoin as well, as Litecoins were created to solve the flaws of the first cryptocurrency. Unlike Satoshi Nakamoto, the mysterious and silent founder of Bitcoin, Litecoin creator Charlie Lee maintains a prominent public profile, posting tweets under the pseudonym @SatoshiLite.

Charlie Lee was working at Google when he created Litecoin on 7 October 2011 via an open-source client on GitHub. The Litecoin network went live on October 13, 2011. Charlie Lee eventually left Google to become Director of Engineering at Coinbase, a major cryptocurrency exchange. Now, he holds the position of Chief Executive Officer at the Litecoin Foundation.

LTC has always held a spot in the top ten cryptocurrencies, even without ever catching up with its big brother Bitcoin. The fact that LTC has been lasting so long when other currencies have disappeared from the market is a demonstration of its great achievement and usefulness.

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What is the purpose of Litecoins?

Since LTC looks a lot like Bitcoin and is not that popular, you may be wondering what is the purpose of Litecoin?

Compared to the original cryptocurrency, Litecoin offers its users the following advantages:

1. Faster transaction processing times.
2. Lower transaction costs.
3. A more decentralized mining network.
4. Greater availability.

Since more Litecoins can be created with mining, the price of each Litecoin is cheaper than that of bitcoins and transactions are easier. Litecoins are often referred to as the ‘silver’ of cryptocurrencies, while Bitcoins are gold. Litecoin is worth less than BTC but is more accessible and more suitable for common transactions.

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What language are Litecoins written in?

Litecoins are written in C ++, a programming language used in a wide range of blockchain projects. Among the other cryptocurrencies implemented in C ++ we mention:

1. Bitcoin (understandably, since LTC originated from a forking of BTC)
2. Ripple (XRP)
3. Bitcoin Cash (BCH)
4. Monero (XMR)

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The fork of Litecoin

Forking is a programming activity, where developers take the source code of a software package and start developing it independently of the original. Therefore, the new project goes in a different direction from the original one, just like a road fork.

Litecoin was born from a fork of the Bitcoin Core client, but Litecoin itself was forked in February 2018, leading to the creation of Litecoin Cash (LCC). This is another thing Litecoin has in common with Bitcoin (BTC) and its Bitcoin Cash (BTC) fork.

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What is the difference between Litecoin and Bitcoin?

Litecoin is strictly based on Bitcoin, but differs in some key points.

The Litecoin network crypt algorithm is less complex than SHA-256, so it is faster. The time to create a block for Litecoin is only two and a half minutes, 4 times faster than that of bitcoins. This allows Litecoin to verify transactions much faster. Since LTC is easier and faster to process than Bitcoin, the transaction fees are much lower.

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Trading on the Litecoins (LTC pairs)

Like other cryptocurrencies, Litecoin is a widely used tool in the financial markets for trading cryptocurrencies and forex. The value of LTC reached an all-time high of $ 350 towards the end of 2017, during the famous cryptocurrency boom, which saw the prices of all digital currencies soar.

Due to its relatively low price and technical versatility, Litecoin is an affordable and attractive option for cryptocurrency traders. StormGain offers the best rates for buying and trading Litecoin and other cryptocurrencies. StormGain users can also leverage StormGain’s built-in cryptocurrency wallet to hold their LTCs at favorable interest rates.

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Mining of Litecoin

The reward for mining Litecoin is currently 12.5 LTC for the first user (miner) to successfully verify a block. Litecoin is subject to half-life events just like Bitcoin. The previous Litecoin halving events took place in 2015 and 2019 and will continue at regular intervals until 84 million Litecoin has been mined.

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Future of Litecoin

Litecoin is unlikely to overtake Bitcoin as a form of investment, even if it is ‘better’ on a technical level. BTC is much better known and dominates the market. However, in a scenario where digital currencies become increasingly commonly used for regular transactions, Litecoin will have a great future.

My dream is that people use Litecoin every day to buy common items. It will become just a payment method like any other. – Charlie Lee, creator of Litecoin
If you use a cryptocurrency to order a coffee, you certainly don’t want to wait more than 10 minutes to complete the corresponding BTC transaction. A faster tool like Litecoin is certainly more useful for this purpose.

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What’s happening to Litecoin?

At the time of this article’s publication, Litecoin is + quoted at around $ 47 per coin and easily holds its place among the top cryptocurrencies. The best way to keep track of Litecoin’s performance right now is to use StormGain and check the price at which LTCs are traded. StormGain’s trading platform displays current LTC prices, as well as live charts and updates to keep you informed of Litecoin’s current value.

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