Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open-source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances.
Litecoin CryptoCurrencies features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.
Litecoin price today is $114.44 USD with a 24-hour trading volume of $8,477,524,836 USD. is down 3.65% in the last 24 hours. The current CoinMarketCap ranking is #5, with a market cap of $7,568,358,174 USD. It has a circulating supply of 66,133,136 LTC coins and a max. supply of 84,000,000 LTC coins.
Find general information as well as a list of services and exchanges that support Litecoin at theWiki. Up-to-date network statistics can be found at Block Explorer Charts. Source code for Litecoin Core and related projects are available on GitHub.
Now you know the basic process of how a Litecoin transaction works, let’s look a little deeper at how good the technology really is! So, the whole point of was to improve on Bitcoin’s flaws, right? Well, then – how do they compare? Well, each Bitcoin block takes 10 minutes to confirm. Litecoin is 4 times faster than this, at 2.5 minutes. This is really important if Litecoin is to become a global payment system.
After 2.5 minutes, the block has 1 confirmation. This means that it can’t be reversed. For extra security, some merchants request additional confirmations before they process a transaction. However, in the time it would take 1 block confirmation with Bitcoin,would have 4
Open Source Software
Litecoin CryptoCurrencies is an open-source software project released under the MIT/X11 license which gives you the power to run, modify, and copy the software and to distribute, at your option, modified copies of the software. The software is released in a transparent process that allows for independent verification of binaries and their corresponding source code.
The Litecoin blockchain is capable of handling higher transaction volume than its counterpart – Bitcoin. Due to more frequent block generation, the network supports more transactions without a need to modify the software in the future. As a result, merchants get faster confirmation times, while still having the ability to wait for more confirmations when selling bigger ticket items.
Wallet encryption allows you to secure your wallet so that you can view transactions and your account balance, but are required to enter your password before spending. This provides protection from wallet-stealing viruses and trojans as well as a sanity check before sending payments.
Miners are currently awarded with 12.5 new per block, an amount which gets halved roughly every 4 years (every 840,000 blocks). The network is therefore scheduled to produce 84 million, which is 4 times as many currency units as Bitcoin.
How Do You Mine Litecoin?
Unlike Bitcoin, uses the memory intensive Scrypt proof of work mining algorithm. Scrypt allows consumer-grade hardware such as GPU to mine those coins, meaning that you can still mine Litecoin on a Mac or on Windows either solo or via a pool, something no longer possible for Bitcoin mining.
Scrypt, by design, is more accessible for users that want to mine via CPUs or GPU, as ASIC-based mining rigs are not suitable for mining. In the beginning, The block rewards were 50 Litecoin, but the block reward was halved in 2015 to 25 and will continue to halve until its hard cap of 84 million is reached.
Where Can You Store Litecoin?
Litecoin CryptoCurrencies can be stored like most cryptocurrencies either on an exchange or in a cold or hot storage wallet.
How Can You Buy Litecoin?
You can buy Litecoin at any exchange that supports the cryptocurrency. For the latest list of exchanges and trading pairs for this cryptocurrency, click on the market pairs tab. Remember to do your own research before choosing an exchange.
The Information Presented Here Does Not Constitute Investment Advice Or An Offer To Invest. The Statements, Views, And Opinions Expressed In This Article Are Solely Those Of The Author/company And Do Not Represent Those Of Coinworldstory. We Strongly Advise Our Readers To Do Your Own Research (DYOR) Before Investing In Any Cryptocurrency, Blockchain Project, Or Ico, Particularly Those That Guarantee Profits. Furthermore, Coinworldstory Does Not Guarantee Or Imply That The Cryptocurrencies Or Projects Published Are Legal In Any Specific Reader’s Location. It Is The Reader’s Responsibility To Know The Laws Regarding Cryptocurrencies And Icos In His Or Her Country. Please Respect Your Country Law & Take Advice From Your Advisor .
One of Coinworldstory's longest-tenured contributors, and now one of our news,ico,hyip editors, Verna has authored over 6900+ stories for the site. When not writing or editing, He likes to play basketball, play guitar or visit remote places. Verna, to his regret, holds a very small amount of digital currencies.