Litecoin
Litecoin is a peer-to-peer cryptocurrency created by Charlie Lee. It was created based on the Bitcoin protocol but differs in terms of the hashing algorithm used. Litecoin uses the memory intensive Scrypt proof of work mining algorithm. Scrypt allows consumer-grade hardware such as GPU to mine those coins.
Why Litecoin?
Litecoin is a cryptocurrency that has evolved from Bitcoin after its own popularity in the industry, this alternative, or ‘altcoin’ has emerged to allow investors to diversify their digital currency package, according to Investopedia. Litecoin is one of the most prominent altcoins and was created by former Google employee and Director of Engineering at Coinbase, Charlie Lee. Litecoin was the first to alter Bitcoin and the most significant difference is that it takes 2.5 minutes for Litecoin to generate a block, or transaction, in comparison to Bitcoin's 10 minutes.
‘While this matters little to traders, miners who use hardware to run Bitcoin's network cannot switch over to Litecoin. This keeps bigger mining conglomerates away from Litecoin because they cannot easily optimize their profits by swapping to another coin, contributing to a more decentralized experience. Litecoin also has bigger blocks, and more coins in circulation, making it more affordable and swift when transacting,’ Investopedia explained.
As explained above, Litecoin can transact a lot faster than Bitcoin, but there are also a number of other characteristics that investors need to know before trading. Litecoin can handle higher volumes of transactions because of the capability of transacting faster and if Bitcoin attempted to transact on the scale of its altcoin, a code update would be needed. However, Litecoin’s blocks would be larger, but with more ‘orphaned blocks'. The faster block time of litecoin reduces the risk of double spending attacks - this is theoretical in the case of both networks having the same hashing power.
Litecoin Technical Details:
The transaction confirmation time taken for Litecoin is about 2.5 minutes on average (as compared to Bitcoin's 10 minutes). The Litecoin network is scheduled to cap at 84 million currency units.
Litecoin has inspired many other popular alternative currencies (eg. Dogecoin) because of its Scrypt hashing algorithm in order to prevent ASIC miners from mining those coins. However it is said that by the end of this year, Scrypt ASIC will enter the mass market.
Bitcoin News / Bitcoin.com - 2 days ago
Nasdaq filed a 19b-4 and an amended S-1 form on Wednesday on behalf of Canary Capital seeking approval from the SEC to launch the Canary Litecoin exchange-traded fund (ETF). The move comes a year after the regulator’s historic approval of multiple sp...
Bitcoin News / Bitcoinist - 3 days ago
Volgens een crypto expert is de goedkeuring van een Litecoin ETF in zicht en zal het mogelijk de eerstvolgende crypto zijn die deze stap kan maken. XRP en Solana hebben wat tegenslagen te verduren, maar met de nieuwe SEC voorzitter die maandag begint...
Cryptocoins News / CoinJournal - 3 days ago
Nasdaq has filed a 19b-4 form for the proposed Canary Litecoin ETF.
The SEC recently asked Canary Capital to amend the S-1 form of the proposed Litecoin ETF.
The initial filing for the Canary Litecoin ETF was made in October 2024.
Nasdaq has taken...
Bitcoin News / Google News Bitcoin - 4 days ago
Litecoin Leaps Double Digits Overnight: Can the ‘Silver to Bitcoin’s Gold’ Shine Again?& & Bitcoin.com News
Bitcoin News / Bitcoin.com - 4 days ago
On Thursday, the cryptocurrency market experienced a slight uptick over the past 24 hours, with litecoin (LTC) emerging as one of the day’s standout performers, achieving double-digit gains against the U.S. dollar. Litecoin Shines In its earli...
Cryptocoins News / Finance Magnates - 4 days ago
Litecoin, a cryptocurrency created based on the Bitcoin protocol, has posted a strong performance in the past day and week, respectively. The surging gains was potentially boosted by excitement over an
exchange-traded fund (ETF) approval. At the tim...
by COINS NEWS - 4 days ago
DYOR. Regulations are coming in some form. submitted by /u/papa_ganj [link] [comments]
Bitcoin News / Bitcoinist - 1 week ago
The X account of cryptocurrency Litecoin briefly promoted a fake virtual token on the Solana network to its followers after a hacker temporarily gained access to the social media account.
Fortunately, Litecoin’s social media team quickly took action...
by COINS NEWS - 2 weeks ago
It's rare to find any real fundamentals in crypto, much less long term relative growing fundamentals in a coin with bad relative price action. Litecoin is deep clucking value. It's worth digging into the transaction growth trends over the pas...
Bitcoin News / Bitcoinist - 3 weeks ago
On-chain data shows the Litecoin Daily Active Addresses indicator has seen a significant increase this year as compared to the last one.
Litecoin Average Active Addresses Have Been Notably Higher This Year
In a new post on X, the market intelligence...
Bitcoin News / Bitcoinist - 3 weeks ago
On-chain data shows HODLing behavior on the Litecoin network has remained strong recently despite the plunge that LTC’s value has observed.
Litecoin HODLers Currently Control The Majority Of Supply
In a new post on X, Litecoin’s official...
Bitcoin News / Google News Bitcoin - 1 month ago
Bloomberg Analysts Forecast Launch of Multiple Cryptocurrency ETFs in 2025, Including Bitcoin, Ethereum, Solana, XRP and Litecoin& & Yahoo Finance
by COINS NEWS - 2 months ago
I have always thought that LTC is VERY underrated. It’s one of the oldest altcoins out there and has held its ground for over a decade, which says a lot. LTC is fast, with transaction times way quicker than Bitcoin’s, making it great for everyday pay...
Bitcoin News / Bitcoinist - 2 months ago
Following Donald Trump’s victory in Tuesday’s election, members of the crypto community are celebrating a renewed sense of hope for their ETF ambitions. The change in political leadership is seen as a potential turning point for the appro...
Bitcoin News / Bitcoinist - 2 months ago
On-chain data shows Litecoin has recently recorded its highest weekly volume since May 2023. Here’s what this could mean for the asset’s price.
Litecoin Transaction Volume Has Been Rising Recently
In a new post on X, Jay Milla, the direct...