“Peer-to-peer internet currency that allows payments with close to zero costs to anyone. Rings any bells? Yes, it’s the definition of Bitcoin, but also the one of Litecoin….”
Coin Name: Litecoin
Birth of project: 2011
Project Status: Litepay
Circulating Supply: 55,322,933 LTC
Official website: https://litecoin.com/
Official Wallet: https://litecoin.com/#wallets
Introduction to Litecoin (LTC)
Peer-to-peer internet currency that allows payments with close to zero costs to anyone. Rings any bells? Yes, it’s the definition of Bitcoin, but also the one of Litecoin.
Bitcoin was created in 2009 with open source code, and this allowed the creation of many altcoins, and in 2011 many altcoins came to life, but the one that retained the most value from now until today was Litecoin.
Its developer is well-known, Charlie Lee – and before he tried to improve on Bitcoin, he funded himself by mining some Bitcoin and gained some insight on what he wanted to improve.
October 2011 Litecoin was born and developed with two primary goals, or two primary improvements to Bitcoin: make it faster (just 2.5 minutes, meaning, 4 times faster than Bitcoin – important for merchants), and a different proof-of-work (PoW).
The purpose of this different PoW is related with the distribution of the currency, making it easier to mine, and not giving a much bigger edge to those mining with specialized hardware, so that just about anyone could mine it and access it.
Apart from these two differences, Litecoin is pretty much like Bitcoin. Following the logic, we realize that if the blocks are mined four times faster, we will have four times more Litecoin than Bitcoin when they are all mined.
In reality, it’s as simple as multiplying by four: Bitcoin will have 21 million units, and Litecoin will have 84 million. Halving rewards also happen (at 840.000 blocks), so the more Litecoin mined, the less reward to the miners.
Funny enough, one Litecoin should be worth one fourth of a Bitcoin, and even if this is far from happening now, it might be a good indicator that the price of Litecoin might still be climbing a lot. For this to happen massive Litecoin adoption would have to happen, and with Litepay and others, we just might have seen the first steps for that rise.
Litepay is a payment infrastructure that businesses can use enabling users to make Litecoin payments, but also having VISA Litecoin debit cards. In the same sense, Coinbase launched Coinbase Commerce, which also enables merchants to accept payments in Litecoin, Bitcoin, Bitcoin Cash and Ethereum.
These are just some of the platforms that are adding Litecoin as a payment method, and these measures are steps being given in direction of general adoption.
This is a brief introduction to Litecoin, but if you want to know more about the coin, what people are saying about it, technical details, jump right in any of the links we present below. They are well worth reading before investing!
Feb 19, 2018: $215.42
Jan 19, 2018: $191.19
Dec 19, 2017: $359.13
Nov 19, 2017: $69.51