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 / Bitcoinist - 6 months ago
In a notable development, the New York Department of Financial Services (NYDFS) has undertaken a substantial revision of its virtual currency framework, resulting in XRP, Dogecoin, Litecoin, among others being removed from the state’s “...
Bitcoin News / Bitcoinist - 6 months ago
On-chain data shows a Litecoin whale has made a large deposit to the cryptocurrency exchange Binance, which could be a sign of selling.
Litecoin Whale Has Transferred $18.2 Million Worth Of LTC To Binance
According to data from the cryptocurrency tra...
Cryptocoins News / CoinJournal - 6 months ago
Litecoin price formed a death cross pattern on August 17th.
LTC and other coins are suffering from weak fundamentals.
The focus now shifts to the upcoming US inflation data.
Litecoin price plunged to the lowest level since November 2022 as in...
Cryptocoins News / CoinJournal - 6 months ago
The US dollar index jumped to the highest level in five months.
The rally happened as the US economic growth continued.
Cryptocurrencies like Litecoin have an inverse relationship with the USD.
Litecoin price remained under intense pressure o...
Bitcoin News / Bitcoinist - 6 months ago
Despite a large following, there seems to be much unknown about the foremost meme coin, Dogecoin. In a bid to get the crypto community more acquainted with Dogecoin’s history, Litecoin maximalist Shan Belew has moved to inform the community about thi...
by COINS NEWS - 6 months ago
Litecoin Open Interest has dropped below $250 million, down to levels last seen during the FTX crash back in November 2022. submitted by /u/-_-DarthVader [link] [comments]
by COINS NEWS - 6 months ago
I'm admittedly not too well versed in the crypto world but have been watching on and off since I was a kid. I remember getting some litecoin during the old bitskins csgo days and Litecoin stood side by side with bitcoin back then (in terms of rel...
Bitcoin News / Bitcoinist - 7 months ago
CNBC, one of the world’s largest cable news networks providing real-time financial market coverage, has dropped Bitcoin Cash (BCH) and Litecoin (LTC) and replaced them with Solana (SOL). Meanwhile, they will continue to cover news related to Bi...
Bitcoin News / Bitcoinist - 7 months ago
Bitcoin and Crypto Markets Continue Their Slide…But Why?!Litecoin is trading more than 40% lower than pre-halving local highs. But according to an ominous-sounding technical analysis signal, LTC could have a lot more decline ahead.
Litecoin Triggers...
Bitcoin News / Google News Bitcoin - 7 months ago
Benjamin Cowen Says One Ethereum Rival Could Crash by +50%, Updates Outlook on Bitcoin and Litecoin& & The Daily Hodl
Bitcoin News / Google News Bitcoin - 7 months ago
Stark BlackRock Warning As Sudden $1 Trillion Crypto Market Crash Tanks The Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Litecoin, Solana, Tron And Shiba Inu Price& & Forbes
Cryptocoins News / CoinJournal - 7 months ago
Litecoin price has retreated 14% in the past 24 hours and 23% in the past week
Price has also broken below an ascending channel trendline support.
Can bulls stem post-halving dump?
Litecoin price has declined 14% in the past 24 hours to add to the...
Bitcoin News / Google News Bitcoin - 7 months ago
The “Silver to Bitcoin’s Gold” marks 2023 low as Litecoin price slides by 12% owing to BTC crash& & FXStreet
Cryptocoins News / CoinJournal - 7 months ago
Key Takeaways
The next Bitcoin halving is slated for April 2024, the fourth of Bitcoin’s existence
Litecoin has just undergone its fourth halving, but the price effects of Litecoin halvings in the past have not been as strong
Sample size is sm...
Cryptocoins News / CoinJournal - 7 months ago
Litecoin has dropped by more than 30% from its highest level this year.
Focus now shifts to the upcoming FOMC minutes.
Litecoin price continued falling on Wednesday as focus shifted to the upcoming FOMC minutes. LTC plunged to a low of $78.78,...
Bitcoin News / Google News Bitcoin - 7 months ago
Cryptocurrency Exchange Offering Bitcoin, Litecoin P2P; Big Eyes Coin’s Crypto Casino Catches Up& & Bitcoinist
Bitcoin News / Google News Bitcoin - 7 months ago
‘Monster Crypto Killer-App’—Crypto Suddenly Braced For A $2.8 Trillion PayPal Earthquake After Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Litecoin, Solana, Tron And Shiba Inu Price Boom& & Forbes