What is Litecoin?
Litecoin (LTC) is a type of cryptocurrency created initially to serve as a lite version of Bitcoin. It was made based on Bitcoin's protocols, but it differs in its use of block transaction times, card cap, and several other factors. It's also considered different due to the hashing algorithm it utilizes and its prioritization of transactions' speed. While their confirmation speed is approximately 2.5 minutes per block, it can take up to half an hour for transactions to be fully processed due to congestion in the network.
Litecoin utilizes Scrypt and its intensive memory to allow consumer-grade hardware- like CPUs or GPU- to mine the coins. While it's no longer possible to mine for Bitcoin on Windows or Mac solo or through a pool, Litecoin can still be mined through these processes. It should be noted, however, that ASIC-based mining is not suitable for mining Litecoin. Initially, Litecoin gave block rewards of 50 Litecoin, but in 2015 this was halved to 25. Over time it will continue to halve until it reaches its hard cap of 84 million.
Litecoin is accepted by a large selection of merchants and is available for purchase at any exchange that supports it as a cryptocurrency, such as BiKi, EtherFlyer, IDCM, and many others. Litecoin can be stored in either a hot or cold wallet or on an exchange that will ensure its safekeeping. Litecoin is currently ranked #5 in the market by CoinMarketCap and has a historic ROI of 1,672.97%.
Former Google employee Charlie Lee created and released Litecoin back in 2011. It was first launched through an open-source client on GitHub and was quickly followed by the Litecoin Network going live five days later. Since its creation, Litecoin has successfully established itself as a cryptocurrency that works complementary to Bitcoin.
What are Litecoin Frequenty Asked Questions?
Where does Litecoin (LTC) rank among in terms of popularity? How relevant is it compared to competitors?
In terms of popularity, Litecoin currently ranks in position 7 out of the thousands of cryptocurrencies. It is also important to consider Litecoin‘s market cap – in general, the higher the market cap of a cryptocurrency, the more dominant it is considered to be in the market. Litecoin has a market cap of $ 9,641,071,466, which compares to Bitcoin (the most popular cryptocurrency by several metrics) with a market cap of $ 640,796,830,422, Litecoin at $ 9,641,071,466, Ethereum at $ 149,383,216,784, Tether at $ 24,533,299,136, and XRP at $ 13,178,017,555.
What is the price of Litecoin (LTC) today (updated in realtime)?
The current price of Litecoin is $ 145.37 in USD. (The price in Euros is 119,86 €; and the price in Bitcoin is Ƀ 0.00422500 BTC.)
How has Litecoin (LTC) performed recently?
Litecoin‘s price has decreased in the last 24 hours by -9.33%. This compares with a seven day change of 9.30%. The trading volume over the last 24 hours was $ 7,512,191,310. Trading volume indicates how many units of a currency are being bought and sold on specific exchanges. High trading volumes are likely to drive more on-chain activity, for example when people deposit and withdraw funds. It can be a good indicator of the general interest in the cryptocurrency.
What is Litecoin (LTC) official website?
Links to Litecoin‘s official website, social accounts, blockchain explorer, and Github repository if applicable.
Has Litecoin (LTC) performed well historically?
Here is a chart showing how Litecoin has performed historically.
Where Can I Buy Litecoin (LTC)?
Here is a breakdown of the current market prices from top cryptocurrency exchanges.
Charts & Market Data
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