Litecoin Cryptocurrency: A Accomplish Guide for Absolute Beginners
The rush to collect cryptocurrencies proceeds well into 2018.
If you are fresh to the crypto space, you might have heard of only Bitcoin.
But there are hundreds of altcoins (or alternative cryptocurrencies) other than Bitcoin. Each altcoin comes up with its own unique technology and vision to switch the world.
Joy fact: Litecoin prices surged more than 1000% ter last one year.
Litecoin is the world’s very first altcoin. Like Bitcoin, Litecoin also exists on the internet spil digital money. No one can feel, touch, or mint it.
But there are still fundamental differences inbetween both currencies.
What Is Litecoin Cryptocurrency Used For?
Litecoin is a cryptocurrency like Bitcoin, but it is based on an entirely different protocol. It wasgoed conceived to act like zuivere digital money.
The official Litecoin webpagina says:
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone ter the world.
Litecoin is also open source, decentralized, and backed by cryptographic math to secure transactions.
Litecoin wasgoed not made to contest against Bitcoin, but instead to act spil a complimentary payment solution alternative.
Think of Litecoin spil the silver to Bitcoin’s gold.
When And Why Wasgoed Litecoin Created?
Litecoin wasgoed created on 7th Oct 2011 by Charlie Lee, an ex-Google employee. Litecoin wasgoed designed to complement Bitcoin by solving problems like concentrated mining pools and transaction timings. Charlie is very active on Twitter, and you can read his blog here.
Litecoin came from Bitcoin’s core code with some modifications. Charlie Lee modified the code and protocol ter the way he considered best te order to achieve large-scale adoption of the currency.
Lee wished to reduce block confirmation timings of Ten minutes to Two.Five minutes so that a higher volume of transactions could be confirmed.
By doing so, Lee enhanced the Litecoin transaction speed by 4X (when compared to Bitcoin).
The original Bitcoin core’s algorithm of SHA-256 wasgoed switched to the Scrypt algorithm, which is very memory-consuming. The Scrypt algorithm makes it difficult to operate concentrated mining pools.
This one is very interesting.
Te 2011, Charlie Lee released Litecoin on GitHub.
From 2011-2016, Litecoin didn’t have any full-time developers. Primarily, only Charlie Lee (the creator of Litecoin) and Warren Togami (the lead developer) were associated with the Litecoin open source project.
Te 2016, a developer under the zogeheten name “Shaolinfry” joined Litecoin.
There are also several other contributors who run the community and look after releases. More informatie here.
At present Warren Togami works with Blockstream and Charlie Lee announced his comeback to LTC after working with Coinbase for a while.
Today’s my last day at @coinbase! I will miss working with you all.
I’m going to shift my concentrate to Litecoin now. To the moon! pic.twitter.com/Ys9dZwtTFO
How Many Litecoins Will There Be?
Litecoin wasgoed the very first one to identify the limited supply of 21 million bitcoins. So, Litecoin came up with a 4X supply of bitcoins.
The total number of Litecoin to everzwijn be produced is 84 million units. At present, there are approx. 53 million units te circulation and 31 million units yet to be mined.
Every Two.Five minutes, a Litecoin block is mined, and 25 coins are generated, which makes 14,400 Litecoins vanaf day.
How Much Is One Litecoin Worth?
At the time of this article, the price of each unit of Litecoin (LTC) is worth $50 with 53,240,232 LTC te circulation.
Hence, the market capitalization of Litecoin is $ Two.7 billion, putting it ter the top Five list of cryptocurrencies by market cap.
How To Buy Litecoin (Best Websites to Buy Litecoin [LTC] )
Usually buying altcoins with fiat is difficult because of liquidity. But Litecoin being one of the oldest players amongst the altcoin has sufficient liquidity and it is possible to buy LTC for USD, EUR, CNY, GBP etc. So here is the list of sources from where you can buy LTC.
A cheap and swift way of buying Litecoin is through Coinbase, provided that they serve your country.
You can check to see if their service is available ter your country overheen here.
Here’s what you do:
- Register an account at Coinbase.
- Configure your handelsbank account.
- Transfer your national currency into your Coinbase wallet.
- Exchange your currency for Litecoin.
If you are from one of those countries where Coinbase is not operational, then you can buy Bitcoins &, exchange it for Litecoins.
One of the easiest ways to get ahold of your very first Litecoin (LTC) is to get it exchanged from Changelly. I like using Changelly because of their competitive exchange rates.
To do this, you will need the following things:
- Your Litecoin address where you would like to get your Litecoin. (I have mentioned the wallets for LTC below.)
- Bitcoins/other altcoins to exchange for Litecoin.
Note: Tho’ this guide shows how to buy Ripple ter exchange for BTC, the process is exactly the same for buying Litecoin.
Shapeshift.io also offers an exchange toneelpodium similar to Changelly. Here you can also buy your very first Litecoin by exchanging any supported cryptocurrency.
At present, Shapeshift supports 33 cryptocurrencies (including Litecoin).
If you need a step by step process of exchanging your currencies for LTC, see our Shapeshift guide here.
Note: However this guide is for exchanging ETH for BTC, the process is exactly the same for buying LTC.
Buy Litecoin from Popular Exchanges
- Bitfinex – Supported pairs are LTC/USD
- Bittrex– Supported pairs are LTC/BTC, LTC/USDT, LTC/ETH
- Livecoin – Supported pairs are LTC/BTC, LTC/USD.
- Poloniex – Supported pairs are LTC/BTC, LTC/USDT, LTC/XMR
- Openbreken – Supported pairs are LTC/BTC, LTC/USD, LTC/EUR.
- BitStamp-Supported pairs are LTC/BTC, LTC/USD, LTC/EUR.
- Bitsquare – Add your national currency or cryptocurrency and get commenced.
- Coincut – Online exchange supporting GBP handelsbank transfer for LTC, BTC, and XMR.
Popular Litecoin Wallets
Hardware wallets like the Ledger Nano S &, Trezor provide a sturdy and secure wallet for your crypto assets.
Both wallets support Litecoin, however, I choose using the Ledger Nano S for my funds.
The Ledger Nano S is also the cheapest multi-currency hardware wallet available (only $65!).
If you hold slew of cryptocurrencies, consider getting a Ledger Nano S or Trezor.
Here is a movie playlist that will help you learn how to use the Ledger Nano S. This is going to help you a loterijlot te your Bitcoin &, Litecoin future:
Leegloop is a multi-cryptocurrency desktop wallet that supports Litecoin.
It is a wallet which concentrates on effortless usability along with ensuring the security of your digital assets. It also has a one-click email recovery feature.
And the 12-word recovery seed key feature enables you to restore your funds if you run into any issues with your device.
Leegloop is available on Mac, Linux, and Windows.
Jaxx is a multi-cryptocurrency mobile wallet which supports Litecoin.
It has one seed key recovery phrase feature which enables you to restore your Litecoins ter case your device is lost or bruised.
Jaxx is available on iOS mobile/tablet, Chrome &, Firefox Extensions, and MAC/Linux desktops.
If paper wallets work for you, then head toward liteaddress.org and make one.
If you don’t know how to make a paper wallet, see our guide on how to make a Bitcoin paper wallet. However this guide is for making a Bitcoin paper wallet, it will still help you make a paper wallet for Litecoin (it’s the same process).
SegWit, Litecoin &, Atomic Exchange
Segregated Witness (aka SegWit) is a blockchain scaling solution. On Ten th May 2018, the Litecoin blockchain implemented SegWit with a community overeenstemming of 95%.
— Charlie Lee [LTC] (@SatoshiLite) May Ten, 2018
Ter plain English, SegWit means separating the witness signatures from the transactions.
For example: Consider Litecoin blocks spil wagons of a train which carry a fresh passenger and their luggage every Two.Five minutes. Now, you want to carry even more passengers te that same train car. To do this, you begin sending the passenger’s luggage separately. Now, there is more space on the wagon for more passengers.
So for every 1 MB Litecoin block, that block carries a transaction and their witnesses (i.e. signatures) every Two.Five minutes. If wij embark sending the signatures separately, then more transactions would be able to toebijten ter that 1 MB block.
So that’s what Litecoin SegWit did. The Litecoin community separated transactions and signatures, hence enhancing the volume of transactions getting verified every Two.Five minutes.
Another mind-blowing feat that Litecoin has achieved after Charlie Lee returned full-time on the project is Atomic Exchanges. On 20th September Litecoin and Decred were atomically interchanged.
Just ended the very first $DCR <,>, $LTC cross-chain atomic exchange with @SatoshiLite. Hefty shout-out for debugging with us! More informatie soon™… pic.twitter.com/o2viQm3LTR
Atomic interchange ter ordinary terms means a zuigeling of on-chain barter exchange of cryptocurrencies. It is a trustless way of exchanging two cryptocurrencies without any intermediary exchange or escrow. This type of exchange has some pre-requisites which should be present te both the cryptocurrencies that are intended to be exchanged.
This type of interchange or exchange would be very harmful to escrow services or centralized exchanges like Bittrex or Poloniex etc because thesis atomic interchange technology is free to use and has no exchange or transaction toverfee.
But the other thing to note is that this technology is ter its infancy and I believe it would take atleast 12-18 months more before it hits mainstream adoption. If you want more for more technical details of atomic interchanges see here and here.
Litecoin &, Bitcoin: Differences &, Similarities
At the time of this writing, Litecoin is six years old and Bitcoin is eight years old.
Litecoin works ter a very similar way to Bitcoin.
Both currencies also have their fair share of the market. Despite the Bitcoin boom, Litecoin has proven to be a safe toevluchthaven, spil it is less volatile, unlike Bitcoin.
A year back, if you made an investment of $1000 te Litecoin, it would be worth around $50,000 at present.
Litecoin also has very minimal transaction fees ter comparison to Bitcoin. This makes it spil an evident choice for merchants.
And the transaction confirmation timing is four times swifter than Bitcoin.
And now, Litecoin is acting spil a testing ground for blockchain solutions such spil SegWit, Atomic Exchanges, and Lightning Networks. Ter 2018, Litecoin went on implementing SegWit and experimenting Atomic Exchanges, and now it is expected to implement Lightning Networks soon.
Litecoin is a good option for a long-term, less volatile investment for low-risk appetite investors.
Below are some linksom that may help you stay updated on Litecoin:
So when are you buying your very first Litecoin? Which wallet are you using to store your Litecoins and other altcoins? Do let mij know your comments and terugkoppeling ter the comments section below!