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10 Jan 2025 12:18
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Litecoin
Litecoin is a peer-to-peer cryptocurrency, like Bitcoin. Litecoin’s main task is to improve the transaction technology so that users worldwide can receive a transfer with a minimum commission within seconds and effectively store currencies. When Bitcoin is the best cryptocurrency for investments, Litecoin is perfect for speedy transactions.
History of Litecoin
Litecoin was developed by former Google employee Charlie Lee in 2011. The digital coin is based on the Bitcoin protocol but differs in the use of the hashing algorithm, strict time limits for block transactions, etc.
Charlie Lee wanted to create the "lite" version of Bitcoin. According to the cryptocurrency’s developers, Litecoin plays the role of "silver to Bitcoin's gold."
Features and Benefits of Litecoin
In addition to fast transaction confirmation and effective storing, Litecoin has the following advantages:
Litecoin vs Bitcoin
Although Litecoin is similar to Bitcoin (in terms of transparency, complete anonymity, availability, and decentralization), it is still an independent currency of the crypto world.
Litecoin is different from BTC in the following ways:
One key advantage of Litecoin over BTC is high protection against hacking. Since new blocks on the Litecoin network are generated 4 times faster than on Bitcoin’s, cyber criminals will have 4 times less time left to carry out a hacker attack. That is why high transaction throughput does not work in fraudsters’ favour.
How to trade Litecoin
There are two ways to purchase Litecoin:
Forecasts of the company's analysts featured on this page under the chart will provide you with details on Litecoin trading.
Storage of Litecoin
Litecoins are stored in the original wallet – Litecoin Core. It can be installed for free on a desktop, but requires enough computer memory.
Electrum-LTC is a lightweight desktop wallet. Meanwhile, wallets like Jaxx and Exodus allow users to store multiple cryptocurrencies, which means they can keep Bitcoins and Litecoins in the same place.
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