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 Stack Exchange - 2 years ago
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Cryptocoins Exchanges / Binance - 2 years ago
I want to buy $1300 in litecoin and then make money out of exchanging litecoin to tether and vice versa. What are the fees? Iβm also talking about the bid ask as well, so if bid ask spread is 0.2% for example for one exchange then 0.4% is included in...
by COINS NEWS - 2 years ago
Signaling taproot and Mweb on the mainnet has just begun, making Litecoin one step closer to smart contracts and optional privacy. This means litecoin will be one of the only coins to have smart contracts, nfts (omnilite upgrade) store of value, bra...
Bitcoin News / Bitcoin Stack Exchange - 2 years ago
I have a problem with java library pokkst/litecoinj. I am using the regular bitcoinj library to verify signed messages with success. As pokkst/litecoinj is a fork of bitcoinj I have expected it to work in same or close manner.
I have a method:
priva...
by COINS NEWS - 2 years ago
You may have heard recently that Litecoin has just become a privacy coin with it's mweb upgrade. Furthermore Litecoin is like that annoying sports all rounder on your team that can do a bit of everything. Smart contracts, nfts, store of value, br...
Cryptocoins News / CoinJournal - 2 years ago
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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 / 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...
Bitcoin News / Bitcoin Stack Exchange - 2 years ago
It's hard to make predictions about the future, but as of today, nobody has proposed adopting a similar MimbleWimble Extension Block in Bitcoin. Given the skepticism that previous extension block proposals were received with, I would be surprised if...
Cryptocoins News / NewsBTC - 2 years ago
In the midst of fast-paced vacillations between Polkadot (DOT), Terra (LUNA), and DOGE, Dogecoin (DOGE), a cryptocurrency project that began as a joke but has now taken on a far more powerful persona, continues to compete for a place in the top 10 c...
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 / CoinJournal - 2 years ago
Litecoin has started the month with a surge. The token has jumped and it is still green.
At the time of writing, it was up 5.44% according to the CoinMarketCap. It hit a high of $111.45 and a low of $105.02 in the last 24 hours.
But why is the LTC co...
by COINS NEWS - 2 years ago
Yes this is a litecoin shill post. Before you all comment your usual anti litecoin comments please let us have one shill a year that is not the same recycled shills on this subreddit! Comon, litecoin only ever does something once in a blue moon! The...
Cryptocoins News / NewsBTC - 2 years ago
Litecoin follows the general sentiment in the crypto market and trades in the green during todayβs session. As of press time, LTC is exchanging hands at $110,21 with a 1.7% profit in 24-hours.
Related Reading | Charlie Lee Sums Up Litecoinβs 10 Years...
Cryptocoins News / The Cointelegraph β - 2 years ago
Privacy opt-ins are coming to Litecoin even as regulators continue to scrutinize anonymity-boosting protocols. After two years of development, Litecoin (LTC) has fin...
Cryptocoins News / CoinJournal - 2 years ago
Litecoin (LTC) has started today’s trading session on the green. After seeing a slump over the past few weeks, the coin appears to be rallying. But despite this, Litecoin (LTC) still remains highly volatile, and it could slide back to $95 in th...
Cryptocoins News / CoinJournal - 2 years ago
Litecoin (LTC) has been rebounding steadily over the last few days. The altcoin has in fact surged by 4% over the last week, paring some of the losses we saw during the market-wide slump. But even with these bullish signs, LTC is still firmly in the...
by COINS NEWS - 2 years ago
If you want to buy an altcoin over Bitcoin, you have to remember that you're going for a project that will outperform Bitcoin. Litcoin on the other hand, has consistently underperformed the entire market. Looking at LTC/BTC, Litcoin has not put...
by COINS NEWS - 2 years ago
The most frequent snarky comment I hear about litecoin is that it has no use case. My reply is always, then why are so many people using it? It took just 3 months on bitpay.com/stats to exceed the transactions of every other altcoin on the platform,...