Litecoin is a cryptocurrency similar to Bitcoin with a few differences. If Bitcoin was the gold of cryptocurrencies, Litecoin would be the silver. Unlike some other coins, it uses ther same encryption to create and transfer value and to confirm transactions in the block. One of the main differences is that it has vastly more coins than Bitcoin and has a faster transaction speed.
Litecoin was created in October 2011 by one Charles Lee, a former Google engineer. Lee’s track record also includes time at Coinbase, one of the largest cryptocurrency exchangers so one could not call him a veteran but certainly experienced in this very young industry. Litecoin went ‘live’ on October the 13th 2011 and was set up as a fork of the Bitcoin Core with the decreasing block generation time (2.5 minutes), an increased number of coins and the use of a Scrypt algorithm instead of ther SHGA256.
In November 2013 Litecoin experienced a massive growth of 100% within 24 hours.[and reached a One billion market capitalisation. In May 2017 it adopted Segregated Witness and later that year the first lightening network transaction was concluded with the transference of .00000001 Litecoin (LTC) from Zurich to San Francisco in less than one second.
Both Bitcoin and Litecoin use a proof of work algorithm but Litecoins allows for a faster rate, on average about 25 percent that of Bitcoin. In addition the number of Litecoins that can be created is a staggering 84 million which is four time that of Bitcoin. Without getting too technical, this is because Litecoin uses the Scrypt hashing algorithm as distinct to the SHA256 used by Bitcoin. The Scrypt algorithm is faster and easier to use and can run on almost any CPU (Central processing Unit – the part of a computer that controls and performs functions in a computer) hence tends to be more favoured as a mining tool. An additional plus are the smaller fees attached to each transaction, considerably less than Bitcoin, making it idea for small transactions of lesser value. Litecoin enthusiasts were quick to spot the potential of Litecoin and the price rose quickly and is (at the time of writing) in the 150USD range.
Reddit lists over a hundred and twenty places that accept Litecoin covering a range of services and goods such as Jewelry, clothing, domain names, plane tickets, electronics, and music, gold and silver, gifts. The list goes on. Litecoin is what could be called a convenient cryptocurrency. It is quick, easy to use and not expensive in value or fees.
This is sure to increase over time and the popularity and convenience of Litecoin is sure to increase.
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