In our prevous articles, we learn some of the popular and growing cryptocurrencies. In this artice, we are stepping to another fast growing cyrptocurrency in Market. We can learn about its origin and some sort of facts and informations about it. So, lets dive in and fill-in your curriosites with this as the crypto master. Enjoy reading!
Popular cryptocurrencies like Bitcoin, Ethereum, Ripple and Dogecoin has their own stories and histories. In this article, we will introducing another cryptocurrency named Litecoin. Now, continue reading it and you will find the facts about!
What is Litcoin?
According to forbes.com definition, Litecoin is a peer-to-peer crypto currency and also an opensource software project released under MIT/X11licences. Creation and transfer of coins is based on an open source cryptographic protocol and is not manage by any central authority.It is most identical to Bitcoin and its quiker and cheaper.
The Litecoin.org said that, Litecoin(LTC) is a cryptocurrency that enables instant, near-zero cost payments to anyone in the world. A gloal payment network that is fully decentralized like the other cryptocurrencies. Its features is faster transaction confirmation time and the storage effieciency.
Here are some knowledge that may guide to understand Litecoin.
History
Litecoin was created by Charlie Lee in 2011. He is the current Managing Director of Litcoin Foundation. And did you know that Mr. Lee was a former employee of Google and he also the Director Engineering of Coinbase?! Just wow!
Hash
If Bitcoin using SHA256 protocol, Litcoin hashing protocol uses Scrypt-based alogorithm.This protocol utilizes Proof-of-work concept.
Record
$375.29 USD is the maximum price hit by Litecoin in December 19, 2017 with a total market cap of $19.52 Billion.
Faster Transaction
Litecoin transaction time of 2.5 minutes is 4 times faster than Bitcoinâs transaction time of 10 minutes. Litecoinâs faster transaction is perfect for internet transaction and online shopping matters.
Origin
Litecoin is Bitcoin derivative cryptocurrency. Its fork is from the Bitcoin source code.
Litecoin is from Bitcoin
Litecoin and Bitcoin is litterraly born in the same seeds. Litecoin is from derived and improved source code of Bitcoin. They defined it as the copied off of Bitcoin, they just added some improvements of speed and low cost features.
Popularity
Litecoin entered the top cryptocurrencies in markets and exchanges. It always held the 5th rank as the most successful cryptocurrencies.
Swap Buddies
Lite has its alliance called Vertcoin another form of cryptocurrency. The two crypto can exchange without the help of third parties exchanging networks.
Invest
Investing in Litecoin is quietly similar to others crypto currencies like Bitcoin(BTC), Ethereum(ETH), Ripple(XRP) and many more. Crytpocurrencies values are volatile, you need some sort of instincts and predctions for their upcoming high rates. However, investing in Litecoin is optional, learn its rates progress and its up to you as investors if you start the move.
Segwit
Litecoin is one of the top 5 proof-of-work cryptocurrencies that adopt the Segwit in May 2017.Segwit or Segregated Witness or BIP141, it removes digital signatures data and moving it to the end of transaction to free up some space.
Payment
Companies and banks are now accepting some other crytocurrencies as mode of payments like Bitcoin. But, banks or companies are choosing those cryptos with fast transaction sytems. In that case, Litecoin is much acceptable compared to Bitcoin due to the fact that Litecoin has low-cost and faster transactions.
Usability
Litecoin has more popular usability compare to other coins.People often use it for blockchain-related processes and in lifting smart contracts.
Price
Litecoinâs current price is $46.37, its all time high price was $360.66 in December 14, 2017 and all time low price was $1.15 in January 14, 2015. Its rank is currently in Top 10 in markets.
Address
Litecoin address starts with âLâ means Legacy(none segwit addresses or in letter âMâ IN Segwit enabled adrdresses.
Every cyrptocurrencies are created with purposes and values. Some of them can give us profit, some of them can give us failures, well thatâs life. We need to learn about their current values and rates (for investors and traders) for us to start the move. Understanding and conducting reasearches about cyrptocurriences is really fun. Discovering their origins and histories can give us strong knowledge in able to us undertand the World of Cryptos.
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Nice to read this. very informative