If you are familiar with cryptocurrencies and the most popular one named Bitcoin, you probably know that there are many alternative cryptocurrencies in this virtual space known as altcoins. Well, Litecoin (LTC) is one of the altcoins which exists and was created as a fork of Bitcoin.
Litecoin shares many of the same characteristics as Bitcoin but aims to be lighter and faster. What is most interesting is the fact that Litecoin never meant to rival Bitcoin or compete against it – but to complement it – becoming the silver to Bitcoin’s gold.
Start Here: Understanding The Main Things About Litecoin
Released on October 7, 2011, by a former employee in Google named Charlie Lee, Litecoin is an open-source, peer-to-peer cryptocurrency. It is a digital currency that operates independently of any country’s central bank.
Despite its similarity to Bitcoin in many ways, LTC has also incorporated a lot of features (such as Segregated Witness) whose main goal is to reduce bottlenecks in the network as well as increase the speed with which transactions are carried out.
In May 2017, Litecoin LTC adopted Segregated Witness (also known as SegWit) which is a system that splits transactions into two segments. This made LTC the first cryptocurrency which adopted this system and started removing signatures (the “witness” part) from the original data. This gave LTC a big push and made the processing of all transactions faster which is one of the key advantages that Litecoin has over Bitcoin.
LTC mining, on the other hand, uses a scrypt which is more memory intensive. Due to the increase in mining difficulty over the past years (created by the competition), the only way mining is profitable after the electricity and other equipment costs is through the use of Application Specific Integrated Circuit (ASIC) chips – known as ASICs.
However, since only some people have the resources to buy these chips, the founder of Litecoin did not want the Litecoin mining to be dominated by ASICs. This is why he created the coin with a memory-intensive mining algorithm to make mining LTC less efficient for ASICs and more accessible to everyone.
Our Litecoin Guide Will Show You:
- Who was the founder of (LTC) and what was his main idea
- The technology behind Litecoin – fully explained
- The main features of Litecoin – fully explained
- All of the systems and protocols that the Litecoin infrastructure uses
- Everything About Litecoin’s tokens, how they are created and other things
- The value an LTC token has, how it was overtime and what defines it
- How and where you can spend LTC
- Why is Litecoin one of the most popular cryptocurrencies and crypto projects
- What Can The SegWit Do For LTC
- What was the record price of LTC’s token
- Should you invest in LTC
- Price analysis for LTC in the upcoming months and years
- The risk attached to LTC and its disadvantages
- Lectures 14
- Quizzes 1
- Duration 33 hours
- Skill level Beginner
- Language English
- Students 7959
- Assessments Yes
Litecoin For Beginners
Litecoin For Advanced