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 Litecoin transactions are confirmed approximately 4 times faster, fees are lower, and the total amount in circulation is 4 times higher (84 million Litecoins compared to 21 million Bitcoins). Cryptocurrency is freely exchanged for other assets, incl. for fiat money, if you want, for example, to exchange Litecoin for Tinkoff , look at the current exchange rate on the website for monitoring exchange offices to choose the most advantageous offer at the moment.

How the project started

In 2011, the Litecoin network becomes a reality. Considered by many to be the first successful "alternative cryptocurrency", Litecoin’s success is leading to a wave of innovation. While Litecoin is not the first cryptocurrency to copy Bitcoin’s code and change its functionality, it is one of the most significant in history, although there is often criticism that the project does not have a clear goal.

To meet criticism, Litecoin developers are differentiating the technology by reducing the time it takes to add new transaction blocks to the Litecoin blockchain network. The idea is that this change could be attractive to traders who are sometimes forced to wait 6 confirmations (about an hour) before they can be completely sure that a transaction has processed.

Due to increased interest in cryptocurrency in the mid-2010s, LTC developers took a more aggressive approach to development. The team introduced new features such as the Lightning Network and Segregated Witness. Subsequently, the Bitcoin network also introduced these features. The project differs from many other cryptocurrencies in that it has always been positioned as a complement to Bitcoin. Marketers initially portrayed LTC as “silver” and Bitcoin as “gold,” a slogan that continues to attract potential investors years later.

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 began his career in technology long before the start of 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 now the executive director of the Litecoin Foundation, a non-profit organization dedicated to this 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, a few months before Bitcoin. That 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 entirely clear, other than the desire to be a "satellite" network to Bitcoin. Charlie Lee came up with the idea of ​​​​creating a “lite” version of Bitcoin with shorter transaction confirmation times and a larger volume of currency in circulation. The developers consider LTC as a means of payment that can be used by anyone.

What makes Litecoin different from Bitcoin is that LTC uses much less computing power than Bitcoin’s hashing algorithm. Compared to the block generation time of BTC, the LTC network generates network blocks four times faster - an average of 2.5 minutes compared to 10 minutes for Bitcoin. The maximum number of 84 million Litecoins in circulation is also four times the maximum number of Bitcoins.

Why would anyone use Litecoin?

One of the main reasons to use Litecoin is the improved transaction speed. Transaction times are many times faster than Bitcoin transactions in most cases. Also, the LTC network is constantly used to test new technologies, which leads to their faster adoption compared to BTC. This is also due to the fact that LTC supporters are more united than BTC enthusiasts, partly due to the fact that the creator of Litecoin does not hide his real name.

Over the years, Litecoin has seamlessly proven itself to be a secure cryptocurrency with a close-knit community and a long history. The strong focus of the development team and community on the technological development of the network is likely the reason for this success.

In addition, LTC can also be used to pay for goods and services almost anywhere where Bitcoin and other cryptocurrencies are accepted. It is also widely traded on most major cryptocurrency exchanges, making it a fairly liquid and promising asset.