Litecoin (LTC): What it is, How it works and history?

Litecoin (LTC) is a coin that many cryptocurrency investors have chosen as a fast and low-cost means of transaction. Created in 2011 by Charlie Lee, LTC has become one of the leading virtual currencies with a solid infrastructure.

To better understand how Litecoin works and its development history, follow AZCoin article.

What is Litecoin (LTC)?

Litecoin (LTC) is a P2P cryptocurrency, issued under the MIT/X11 license and is a fork of Bitcoin. Using the Scrypt algorithm, Litecoin allows fast transactions with almost zero costs. 

Litecoin purpose is to provide a fast, efficient and highly secure payment method for users globally.

What is Litecoin Halving?

Litecoin Halving is a halving event of the Litecoin network that takes place every 4 years, after every 840,000 blocks. Initially, the reward is 50 LTC per block, and after each Halving, the reward is halved.

The purpose of Litecoin Halving is to protect the value of the coin, promote the sustainable development of the cryptocurrency ecosystem, and encourage investment and use by the user community.

Litecoin exchange information

Founding team

Litecoin Foundation’s leadership team includes Charlie Lee, former Chief Technical Officer at Coinbase, Alan Austin and Xinxi Wang. 

Charlie Lee, known as the “father” of Litecoin, released Litecoin on GitHub in 2011, initiating the development of this currency.

Official partner of Litecoin

After 13 years of development, Litecoin has attracted a series of official partners in many fields, including Travala.com with more than 567,928 hotels worldwide, Travelbybit.com allowing airline and hotel bookings with money cryptocurrency, and BlockFi offers wealth management products for cryptocurrency investors, all powered by blockchain technology.

Roadmap

Below are some highlights of Litecoin’s development roadmap for 2024 and beyond, based on available information and expert predictions:

2023

Blockchain Life Forum 2023 with the participation of Dr. Xinxi Wang from Litecoin Foundation.

  • Litecoin Birthday Cruise event to celebrate Litecoin’s 12th anniversary.
  • Proof of Work Summit 2023 in Prague2.
  • Discussing Litecoin during the CoinMarketCap Pioneering the Crypto Space event.

2024

  • Litecoin price is expected to range from 40-115 USD.
  • Host Litecoin Summit 2024 on July 24 in Nashville.
  • Participation from more traditional investors is expected as regulatory regulation improves.

How Litecoin works

Litecoin (LTC) operates on an open source global payment network, not controlled by any central authority. It differs from Bitcoin in its faster block generation rate and use of the Scrypt hash algorithm. Every transaction on the Litecoin network is confirmed through a proof of work process, ensuring it is secure and irreversible.

What are the outstanding features of Litecoin?

Litecoin (LTC) has several outstanding features that make it an attractive option in the cryptocurrency world such as: 

  • Fast transaction speed: Litecoin has a block generation time of only about 2.5 minutes, compared to Bitcoin’s 10 minutes, helping to confirm transactions faster.
  • Large maximum supply: Litecoin’s total supply is 84 million coins, four times that of Bitcoin.
  • Anonymous transactions: Litecoin offers security features such as anonymous transactions to enhance user privacy.
  • Atomic Swaps: Allows direct exchange between different cryptocurrencies without the need for an intermediary.
  • Scrypt Algorithm: Uses the Scrypt hashing algorithm, which prevents ASIC mining and makes Litecoin mining easier for regular users.

Basic information about Litecoin coin

  • Token name: Litecoin
  • Ticker: LTC
  • Blockchain: Lightning Network
  • Consensus mechanism: Proof of Work (PoW)
  • Token standard: ERC-20
  • Token type: Coin, Mineable
  • Smart contract: 0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce
  • Block time: 20 second
  • Market capitalization: 74.560.508
  • Circulation supply: 589.262.985.398.179
  • 24-hour trading volume (May 23, 2024): 419.374.709 US$

See more articles in the same category: Potential Bitcoin cash, Quality Polkadot Coin or Top Tron Coin.

Which exchange to buy LTC coin on?

To buy Litecoin (LTC), you can use the best crypto exchanges in the world such as Binance, Coinbase Exchange, Bybit, OKX, Gate.io,…. These are exchanges with high volume Large transactions, high reliability and support for many different cryptocurrencies.

Wallet to store LTC coin

Regarding storing Litecoin, you can choose one of the following wallets:

  • Hardware Wallets such as Trezor Model T or Ledger Nano S for high security.
  • Mobile Wallets such as Trust Wallet or Coinomi for transaction convenience.
  • Desktop Wallets like Litecoin Core or Electrum-LTC offer a balance between security and utility.
  • Web Wallets such as CryptoWallet.com or Exodus provide easy access through a web browser.

Risks encountered when trading LTC

Litecoin trading carries potential risks that investors need to consider. The cryptocurrency market is highly dependent on supply and demand, leading to large fluctuations in the value of LTC. This can create great opportunities, but can also cause risks of asset loss. 

Additionally, the volatile nature of digital currencies makes LTC a risky investment option for investors. Finally, capital controls from governments could have a significant impact on Litecoin’s value and stability in the market.

Is Litecoin a good investment?

Up to this point, the price of Litecoin (LTC) is at 86 USD/1 LTC (23/05/2024). In recent months, the cryptocurrency market has experienced a period of strong growth, with LTC reaching a record high price of 410,26 USD/1 LTC on May 10, 2021. Although there have been major fluctuations in the value of LTC over the years, the coin has maintained its position, however, compared to Bitcoin, LTC’s growth rate is not as high.

Regarding the future, with a market capitalization of $9.9 billion and ranked 13th on the largest capitalization ranking, Litecoin is still listed on many major exchanges. Although it has undergone major fluctuations, the appeal of LTC still exists, especially during periods of economic crisis when it can serve as a safe option and an alternative solution. attractive position for Bitcoin. At the same time, Litecoin’s blockchain has been proven to be secure and trustworthy, with no vulnerabilities found in the source code.

Conclusion

The article about the hot digital currency Litecoin (LTC) ends here, everything you need to know has been fully updated for you. If you need further help, you can contact AZCoin below.

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