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Largest cryptocurrencies mixed as Litecoin rises

May 19, 2022 No Comments

The largest cryptocurrencies were mixed during morning trading on Thursday, with Ripple XRPUSD, +0.69% seeing the biggest move, declining 1.48% to 41 cents. Litecoin LTCUSD,

Read More »

Taxation of Bitcoin, Ether, Litecoin and Co.: Taxable income for cryptocurrencies – but still, private investors can breathe a sigh of relief!

May 19, 2022 No Comments

After a year of wrangling, the German Federal Ministry of Finance (BMF) has finally published explanations on how virtual currencies (e.g., Bitcoin, Ether, Litecoin and

Read More »

‘Litecoin : What It Is, What It’s Worth and Should You Be Investing?’ – … – Latest Tweet by Litecoin

May 19, 2022 No Comments

‘Litecoin (LTC): What It Is, What It’s Worth and Should You Be Investing?’ – @Nasdaqhttps://t.co/Ib703FD3OL— Litecoin (@litecoin) May 19, 2022 (SocialLY brings you all the

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Taxation of Bitcoin, Ether, Litecoin and Co.: Taxable income for cryptocurrencies – but still, private investors can breathe a sigh of relief! | Morrison & Foerster LLP

May 18, 2022 No Comments

After a year of wrangling, the German Federal Ministry of Finance (BMF) has finally published explanations on how virtual currencies (e.g., Bitcoin, Ether, Litecoin and

Read More »

Litecoin price will drop back to $50

May 18, 2022 No Comments

A brief technical and on-chain analysis on Litecoin  price. Here, FXStreet’s analysts evaluate where LTC could be heading next. Please, subscribe to our YouTube channel, follow us

Read More »

Ripple(XRP), Logarithmic Finance (LOG) And Litecoin (LTE)

May 18, 2022 No Comments

Everyone is eagerly predicting the next cryptocurrency to soar in value, even more so now that the crypto market is showing huge signs of recovery following

Read More »
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Litecoin (LTC)

Litecoin is a peer-to-peer cryptocurrency created by Charlie Lee. It was created based on the Bitcoin protocol but differs in terms of the hashing algorithm used. Litecoin uses the memory intensive Scrypt proof of work mining algorithm. Scrypt allows consumer-grade hardware such as GPU to mine those coins.

Why Litecoin Litecoin is a cryptocurrency that has evolved from Bitcoin after its own popularity in the industry, this alternative, or altcoin has emerged to allow investors to diversify their digital currency package, according to Investopedia. Litecoin is one of the most prominent altcoins and was created by former Google employee and Director of Engineering at Coinbase, Charlie Lee. Litecoin was the first to alter Bitcoin and the most significant difference is that it takes 2.5 minutes for Litecoin to generate a block, or transaction, in comparison to Bitcoin’s 10 minutes.

While this matters little to traders, miners who use hardware to run Bitcoin’s network cannot switch over to Litecoin. This keeps bigger mining conglomerates away from Litecoin because they cannot easily optimize their profits by swapping to another coin, contributing to a more decentralized experience. Litecoin also has bigger blocks, and more coins in circulation, making it more affordable and swift when transacting, Investopedia explained.

As explained above, Litecoin can transact a lot faster than Bitcoin, but there are also a number of other characteristics that investors need to know before trading. Litecoin can handle higher volumes of transactions because of the capability of transacting faster and if Bitcoin attempted to transact on the scale of its altcoin, a code update would be needed. However, Litecoins blocks would be larger, but with more orphaned blocks’. The faster block time of litecoin reduces the risk of double spending attacks – this is theoretical in the case of both networks having the same hashing power.

Litecoin Technical Details: The transaction confirmation time taken for Litecoin is about 2.5 minutes on average (as compared to Bitcoin’s 10 minutes). The Litecoin network is scheduled to cap at 84 million currency units.

Litecoin has inspired many other popular alternative currencies (eg. Dogecoin) because of its Scrypt hashing algorithm in order to prevent ASIC miners from mining those coins. However it is said that by the end of this year, Scrypt ASIC will enter the mass market.

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