Litecoin (LTC) - a cryptocurrency that was designed to provide fast, secure and low-cost payments, using the unique properties of blockchain technology.
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About the Litecoin (LTC) project
The LTC cryptocurrency was created, based on the Bitcoin (BTC) protocol, but it differs in the used hashing algorithm, block transaction times and several other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for microtransactions and point-of-sale payments.
Litecoin was released open source on GitHub on October 7, 2011, and the network went live five days later in October. Since then, it has grown in both usage and acceptance among merchants and is among the top 10 cryptocurrencies by market cap. The coin was created by Charlie Lee, a former Google employee who intended Litecoin to be a lightweight version of bitcoin as it has many of the same properties as bitcoin.
What is the uniqueness of the project?
After Bitcoin, LTC is the second most popular cryptocurrency. This success is largely due to its simplicity and the clear benefits of utilities.
Why should you trust this project:
| Spreading | As of January 2021, Litecoin is one of the most widely accepted cryptocurrencies, with over 2,000 merchants and shops, currently accepting LTC worldwide. |
| Speed | Its main advantage lies in its speed and cost effectiveness. Litecoin transactions are usually confirmed in just a few minutes and the transaction fees are almost negligible. |
This makes it an attractive alternative to bitcoin in developing countries where transaction fees can be the deciding factor on which cryptocurrency to support. At the end of 2020, Litecoin released the MimbleWimble (MW) testnet, which helps to test confidential transactions. Once this feature is available on the mainnet, users of the project will also benefit from vastly improved privacy and interoperability.
Where can I buy a token?
Like most proof-of-work (POW) cryptocurrencies, the amount of Litecoin in circulation gradually increases with each newly mined block. LTC is one of the few cryptocurrencies with a wide variety of fiat trading pairs, which you can exchange for US Dollars (USD), Korean Won (KRW), Euros (EUR) and more with the purchase of LTC. Some of the most famous names include:
- Huobi Global;
- Binance;
- Coinbase Pro;
- OKEx;
- Kraken.
Popular price pairs include: LTC/USD, LTC/GBP, LTC/KRW and LTC/EUR.