What is a Litecoin cryptocurrency?
06 May, 2020
Litecoin, also known as LTC, is a decentralized peer-to-peer cryptocurrency and payment network. In technical terms, Litecoin operates much like Bіtсоіn (BTC). Here’s how it works:
Transactions using Litecoin are recorded and verified anonymously on a public ledger known as a blockchain, allowing the money to change hands without passing through any third-party authority such as a government or bank.
To process the transactions, computers solve cryptographic tasks and are rewarded for their contribution with litecoins in an activity known as ‘mining’.
Litecoin is stored in a ‘wallet’, a software program or hardware device that holds the owner’s private keys, that are used to access their cryptocurrency.
The LTC crypto coin functions like Bitcoin, but transactions are processed much faster. This makes Litecoin one of the most attractive altcoins for use as currency, as well as trading. According to the latest information from Coinmarketcap, Litecoin ranks 7th among cryptocurrencies by market share and trading volume.
It’s impossible to talk about the history of Litecoin without also mentioning Bitcoin, as Litecoin was created as a response to the apparent flaws of the first cryptocurrency. In contrast to Satoshi Nakomoto, the mysterious and silent founder of Bitcoin, Litecoin creator Charlie Lee maintains a well-known public profile, tweeting under the tongue-in-cheek handle