What is Litecoin Automatic translate
Litecoin was one of the first cryptocurrencies developed after Bitcoin, which explains the similarities between the two. The main differences between these currencies are that transactions with Litecoins are confirmed about 4 times faster, the fees are lower, and the total amount in circulation is 4 times higher (84 million Litecoins versus 21 million Bitcoins). Cryptocurrency can be freely exchanged for other assets, incl. for fiat money, if you want, for example, to exchange Litecoin for Tinkoff , see the current exchange rate on the monitoring site of exchange offices to choose the most advantageous offer at the moment.
How the project started
In 2011, the Litecoin network becomes a reality. It is considered by many to be the first successful "alternative cryptocurrency" and Litecoin’s success is driving a wave of innovation. While Litecoin is not the first cryptocurrency to copy Bitcoin’s code and change its functions, it is one of the most significant in history, although there is often criticism that the project lacks a clear purpose.
To meet criticism, Litecoin developers are differentiating the technology by shortening the time it takes to add new blocks of transactions to the Litecoin blockchain network. The idea is that this change could be attractive to traders who sometimes have to wait 6 confirmations (about an hour) before they can be completely sure that the transaction has been processed.
Due to the increased interest in cryptocurrency in the mid-2010s, LTC developers took a more aggressive approach to development. The team introduced new features such as Lightning Network and Segregated Witness. Subsequently, the Bitcoin network introduced these features as well. The project differs from many other cryptocurrencies in that it has always been positioned as an addition to bitcoins. Initially, marketers portrayed LTC as "silver" and Bitcoin as "gold", and this slogan continues to attract potential investors over the years.
Who created Litecoin
Litecoin is one of the first alternative cryptocurrencies, created in 2011. It was created by a programmer and former Google employee named Charlie Lee, a computer scientist and graduate of the Massachusetts Institute of Technology (MIT). Lee started his tech career long before the Litecoin project and worked for the internet giant Google. He later moved to cryptocurrency exchange Coinbase as Director of Engineering in 2013. At the end of 2017, Lee left Coinbase to devote himself entirely to the development of his brainchild. Lee is currently the CEO of the Litecoin Foundation, a non-profit organization dedicated to the project.
What makes Litecoin unique
The developers have never been afraid to give new ideas a chance or make innovative changes to the Litecoin code. So they first implemented SegWit in 2017, months before Bitcoin. In the same year, they tested the so-called Lightning network for the first time, successfully sending 1 litoshi (the smallest unit of LTC) from one wallet to another. Litecoin is generally ahead of Bitcoin in terms of technological innovation.
Litecoin’s philosophy has never been completely clear, except for the desire to be a "subsidiary" Bitcoin network. Charlie Lee came up with the idea of creating a "lightweight" version of Bitcoin with shorter transaction confirmation times and more currency in circulation. The developers see LTC as a means of payment that anyone can use.
What makes Litecoin different from Bitcoin is that LTC uses much less processing power than Bitcoin’s hashing algorithm. Compared to the BTC block generation time, the LTC network generates network blocks four times faster - an average of 2.5 minutes compared to 10 minutes for Bitcoin. The maximum supply of 84 million litecoins in circulation is also four times the maximum supply of bitcoins.
Why would anyone use Litecoin
One of the main reasons for using Litecoin is its improved transaction speed. Transaction times are in most cases many times faster than Bitcoin transactions. Also, the LTC network is constantly being used to test new technologies, which leads to their faster implementation compared to BTC. This is also due to the fact that LTC proponents are more cohesive than BTC enthusiasts, in part due to the fact that the creator of Litecoin does not hide his real name.
Over the years, Litecoin has proven itself to be a secure cryptocurrency with a close-knit community and a long history without any problems. The strong focus of the development team and the community on the technological development of the network is probably the reason for this success.
In addition, LTC can also be used to pay for goods and services almost everywhere bitcoins and other cryptocurrencies are accepted. It is also widely traded on most of the major cryptocurrency exchanges, making it a fairly liquid and promising asset.
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