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.
Cryptocoins News / Blockchain - 1 year ago
Major crypto exchanges in South Korea, including Upbit, Bithumb, Coinone, Korbit, and Gopax, have announced their intention to delist Litecoin from their trading services subject to the new privacy-based MimbleWimble upgrade on the Litecoin blockcha...
by COINS NEWS - 1 year ago
There have been a few posts here today highlighting the fact Litecoin is being delisted by 5 South Korean exchanges over it's privacy feature. Both times those posts have tried to infer Litecoin is at risk of broader delisting. I find this a litt...
Cryptocoins News / NewsBTC - 1 year ago
Five major South Korean exchanges announced their intentions to delist Litecoin (LTC). The cryptocurrency recently implemented an update to improve its privacy and scalability features.
Related Reading | Litecoin Reveals Rollout Date For MimbleWimbl...
Cryptocoins News / The Cointelegraph - 1 year ago
Major cryptocurrency exchanges in South Korea have delisted Litecoin (LTC) weeks after flagging its privacy-focused MimbleWimble (MWEB) upgrade.In a public announcement on Wednesday, Upbit cited the Act on the Reporting and Use of Specific Financial...
by COINS NEWS - 1 year ago
Whilst crypto is crabbing in this bear market, Litecoin is making quiet advances to its utility. Litecoin has just launched its first NFT marketplace on its omnilite upgrade. In the next couple of months we should see huge advancements in this space...
Cryptocoins News / CoinJournal - 1 year ago
Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. We may receive financial...
by COINS NEWS - 1 year ago
As one of the oldest cryptocurrency projects, and a fork of Bitcoin, Litecoin continues to catch my attention as I feel it is very solid and has future potential. After years of work, Litecoin has now transitioned to MWEB. MWEB means MimbleWimbleExte...
Cryptocoins News / The Cointelegraph - 1 year ago
The recent privacy-focused MimbleWimble upgrade on the Litecoin (LTC) blockchain has prompted two of Korea's largest crypto exchanges to issue investment warnings about the fifth-largest cryptocurrency.Bithumb and Upbit, which together account for th...
by COINS NEWS - 1 year ago
Litecoin upgrade was 2 days ago called MWEB that allows you to send private transactions and clean your coins by sending them to an extension block (kind of like lightning network) which mixes all the transactions and addresses together and cleans th...
by COINS NEWS - 1 year ago
It's official, litecoins major privacy upgrade MWEB has now activated. Shortly you should see major exchanges rolling it out in the coming weeks. Litecoin will have now has an optional privacy feature which will allow users to hide their address...
by COINS NEWS - 2 years ago
After all the shit with Luna, UST and other crap, a friendly reminder about Litecoin, which boasts 100% uptime for more than 10 years since inception. The only thing lagging is price, but if you're looking for a real, true, solid crypto, remember...
by COINS NEWS - 2 years ago
Unless you have been living under a rock, you would know by now that Luna crashed in value in a matter of days. Luna was a seemingly safe coin, being in the top ten and the stablecoin promised what seemed to be safe returns. Luna promised so much, bu...
by COINS NEWS - 2 years ago
It works. Over 10 years of continuous uptime since inception. It isn’t fancy, and can’t ride backwards on a unicycle while playing guitar, holding 7 cats, eating ice cream, and throwing darts, but… It works. It is secure. It was fairly launched (no p...
by COINS NEWS - 2 years ago
Investors always look for diverse alternatives in the cryptocurrency market with altcoins including Litecoin and NFT utility tokens like Decentraland, Sandbox and Quint always available Litecoin prices are attracting investors' interest as a Bit...
Cryptocoins News / NewsBTC - 2 years ago
Litecoin major update MimbleWimble (MWEB) has been approved by a majority of the nodes and locked in for activation. This process will be completed in the next two weeks, at the height of block 2 million, or May 19th, according to David Burkett, lea...
by COINS NEWS - 2 years ago
Hot off the press, it's been officially confirmed that litecoins MWEB privacy feature is locked in. Here is the tweet from Charlie Lee, litecoins creater conforming: https://twitter.com/SatoshiLite/status/1521370708105859073?s=20&t=b6_-_qdhE_...
by COINS NEWS - 2 years ago
Panama just announced it will accept Litecoin amongst other cryptocurrencies for payments of goods and services pending acceptance of their draft bill. Other cryptocurrencies to be accepted are IOTA and XRP. Yes cryptos that this sub considers "...
Cryptocoins News / NewsBTC - 2 years ago
The interest in cryptocurrencies continues to wane in 2022, as does Litecoin’s popularity. The trading volume of Litecoin was eight times lower in the first quarter of 2022 than it was in the first quarter of 2021.
For example, the trading volume f...
by COINS NEWS - 2 years ago
Back in 2017 I bought some Litecoin around $65, I watched it go up to $420 and then back down to $25. In the beginning of 2018 I bought some more around $60 and watched this last bull run where Litecoin didn't do as well as a lot of other stuff....
Cryptocoins News / CoinJournal - 2 years ago
Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. We may receive financial...
Cryptocoins News / The Cointelegraph - 2 years ago
The daily transactions involving the richest Litecoin (LTC) addresses — "whales" that hold 10,000 to 1 million LTC — have jumped to their highest levels since December 2021.Litecoin selloff ahead?On-chain analytics platform Santiment detected a total...
by COINS NEWS - 2 years ago
I've seen a few posts over on r/litecoin recently saying "LTC is going to explode any day now" or another asking "Will LTC ever make its real gains?" This prompted me to take a look at the charts as its been a while, I don'...
Bitcoin News / Bitcoin Stack Exchange - 2 years ago
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