What Is Litecoin?
Introduction To Litecoin For Beginners - LTC Cryptocurrency Part.1
Litecoin is amongst the first few digital coins (Altcoins) that were devised using the original Bitcoin source code provided by Satoshi Nakamoto. Termed as a Silver to Bitcoin’s Gold, it’s a peer-to-peer cryptocurrency just like Bitcoin and is very much identical to the latter in many technical aspects. However, business people and investors tend to buy Litecoin is slightly different in core functionality and it has many technical advancements over Bitcoin. Over the course of time, Litecoin has been through many crucial upgradations making it swift, secure and faster than ever before.
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For instance, Litecoin is the world’s first Cryptocurrency to effectively deal with the scaling vulnerabilities by implementing Segregated Witness (SegWit) and Lightning Network. As a result, the transactions in Litecoin are much faster than before. The Litecoin transactions are processed in seconds while in Bitcoin, the average time is 10-20 minutes for each transaction
The Origin of Litecoin
The concept of Litecoin was laid down by a former Google employee, Charlie Lee who later released it on Github as an open-source client. Litecoin was officially launched on October 13, 2011. Originally developed as a fork of the Bitcoin Core client, it was meant to overcome the vulnerabilities persisting in the Bitcoin network. Litecoin became the first Cryptocurrency to use ‘Scrypt’ hashing algorithm which in turn yielded a faster block generation rate.
The second major update arrived for Litecoin in November 2013 when Litecoin Core version 0.8.5.1 was released. The release brought many crucial fixes and added enhanced security features to the Litecoin network. During the same period, Litecoin experienced a massive surge in price value.
Another crucial update arrived in May 2017 when Litecoin became the first of its peers to successfully implement SegWit, thereby speeding up the transactions. It’s done by allowing more number of transactions per block. Days after the SegWit activation, Litecoin introduced Lightning Network to enable lightning fast transactions in a matter of seconds. The first Lightning transaction was carried out by transferring 0.00000001 LTC from Zurich to San Francisco which took less than a second.
Understanding Litecoin's specificities
First off, it is important to understand that Litecoin is just an alternative to Bitcoin and it won’t be irrelevant to call it a Bitcoin clone. Bitcoin is open-source and the source code provided by Satoshi Nakamoto is freely available. The same source-code can be used to create new digital coins with little modification. All these new coins that are created using the Bitcoin source-code are popularly known as ‘Altcoins.’ To tell you the truth, there are hundreds of Altcoins all over the world and new ones keep coming every now and then. Litecoin is just one them. But being one of the earliest adaptations of Bitcoin, it has become very popular and is the third largest Cryptocurrency as of today with a whopping market cap of $2.5 billion (at the time of writing).
Although Litecoin is derived from the same Bitcoin source-code, there are many points of difference between the two. The main points of difference are listed below.
● Litecoin uses an encryption algorithm called Scrypt against the SHA-256 which is used by Bitcoin.
● Bitcoin has a maximum coin limit of 21 million out of which 16.46 million coins have been mined so far. On contrary to this, Litecoin has a maximum coin limit of 84 million coins out of which 52 million coins have been mined.
● Litecoin is still mined using the low cost graphic cards as the mining difficulty is moderate. Bitcoin Mining now requires advanced ASIC chips that are not only expensive but also have high power requirements.
● In Litecoin, a new block is discovered every 2.5 minutes while in Bitcoin, it takes up to 10 minutes.
Highly volatile investment product. Your capital is at risk. Past performance is not an indication of future results.
Introduction To Litecoin For Beginners - LTC Cryptocurrency Part.2
Litecoin "LTC" Digital Money, Who Can Use It?
Now that you know what Litecoin is, the question worth asking is, “who can use it and how?” The answer is ‘anyone.’ You don’t need to have a technical background to be able to use Litecoin, Bitcoin or any other cryptocurrency.
It can be easily used by regular people for exchanges and purchases. You can also make quick online transfers with zero transaction fee.
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There are plenty of online retail stores and e-commerce sites that accept Cryptocurrencies including Litecoin. Some examples are Bitcoin Shop, Bitify and Bitroad. These are some websites that let you buy goods and accessories in exchange of Bitcoin, Litecoin and few other cryptocurrencies. You can also buy jewellery from a website called Allthingsluxury.biz that supports Bitcoin and Litecoin as payment methods. If you like to travel, then there’s something for you as well. There’s a British travel website called btctrips.com which sells cheap travel packages in exchange of Bitcoin and Litecoin.
Many companies are also paying their employees in Litecoin. Coinbase and Blockchain.info are the first two companies to do so followed by many others. Litecoin has also swayed the gambling industry. After Bitcoin, Litecoin is the second most widely used cryptocurrency in gambling and a large number of Casinos and Poker rooms are now accepting it. For instance, Bitcasino.io is a popular online poker site that now accepts
Litecoin as well. Some famous casinos in Vegas like ‘The D Las Vegas’ and ‘Golden Gate’ are also doing the same.
How To Use Litecoin?
It is now very easy to buy Litecoin with paypal and credit card.
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Litecoin is the second most valuable Cryptocurrency after Bitcoin. Although, its popularity has receded over the last couple of years, the eminence of Litecoin remains intact. Litecoin has a great potential as a payment method but there are fewer trade and exchange mediums available for this Cryptocurrency as compared to Bitcoin and Ether.
As for the use, anybody can buy Litecoin and use it to make online transfers with extreme ease. The first thing you need is a Litecoin wallet which holds your public and private keys and enables you to store, send and receive funds in LTC. Some popular Litecoin wallets are Electrum, LiteVault and Exodus.
Now if you have a Litecoin Wallet, it is of no use unless you feed it with the LTC tokens. You can buy these tokens from any online exchange. There are plenty of online exchanges that let you buy LTC in exchange of fiat currency. Some examples are Bitfinex, Kraken, Shapeshift, Okcoin and Litecoinlocal.net. You can also sell your existing Litecoins on these online exchanges if you intend to do so.
Another option is buying BTC first then converting it into LTC via exchanges like Poloniex. In the end, there are many Bitcoin ATMs that also give you the same facility.
Litecoin for Business
Perhaps the best way to make your small business flourish is to expand into international markets. There’s no denying that going global can give you certain benefits in terms of revenue and brand value. As it turns out, the use of Cryptocurrencies like Litecoin can actually help your business grow and paves way for its global expansion. Besides, it gives you an edge over your competitors who are yet to embrace this Peer-to-Peer payment method.
Litecoin is decentralized, which means it doesn’t have to rely on a bank, exchange or a central system. This can be quite beneficial for the businesses as they can accept payments in LTC without any hassle. They are also exempted from paying an exorbitant transaction fee usually charged by the banks.
Owing to the involvement of Blockchain, Litecoin provides a high level of security and transparency to the network. This very well reduces the chances of fraud and thefts that may prove catastrophic for a business. Over the years, there has been an unprecedented rise in the number of cyber crimes that have raised some serious security concerns. Many leading businesses have been victimised by cyber criminals causing massive losses. A rough estimation is that more than $500 billion are lost to cyber crimes every year. Forbes predicts that the annual losses encountered due to cyber crimes may reach up to $2 trillion by the year 2019. The credit card thefts alone cause sizable losses to the merchants that add up to $190 billion every year. This is where cryptocurrencies like Litecoin bring a significant change in the picture.
Companies are beginning to realize the real potential of cryptocurrencies. Many leading companies like Amazon and Tesla have already embraced this payment method and are using it in everyday transactions. A rough estimation is that more than 100,000 businesses are using cryptocurrencies as of now, with hundreds of new companies joining every day.
What Makes Litcoin So Special?
Litecoin is no doubt a brilliant invention. It offers exceptional features and lightning fast transactions which makes it stand apart from the competition. As already told, it has successfully implemented SegWit and Lightning Network thereby effectively dealing with the potential scalability issues before they even arrived. Litecoin transactions are processed in seconds and impose no transaction fee whatsoever. Owing to the SegWit support, it is capable of handling a large number of transactions simultaneously. Also, when it comes to mining, Litecoin is a much better option. Not only does it offer great rewards to the miners, but also mining difficulties are less severe, compared to Bitcoin.
Litecoin Price Prediction And Future
Litecoin has some crucial updates coming its way. The company has already released its roadmap and it has some big plans for the future. For all we know, Litecoin is going to launch a new version 0.13.3 of its desktop client (Litecoin Core) in the coming weeks which would bring many notable changes, fixes and improvements to the existing client. Litecoin is also going to relaunch its Android app with user-focussed improvements. Meanwhile, the developers like Shaolinfry and Adrian Gallagher (Thrasher) are working on the Litecoin project.
Seeing the growing market of Cryptocurrencies, the future of Litecoin seems bright. Charlie Lee, the creator of Litecoin is adamant that Litecoin is hundred times better than Bitcoin and it can easily supersede the latter in a long run if it gets a little more support from the community.
Litecoin has a coin limit of 84 million. Thus, it can sustain its sovereignty for a long period of time. Turns out that many companies are considering it over Bitcoin and other cryptocurrencies. Few examples are Ellenet, KnC Miner, Sean’s Outpost, Benz and Beamer etc. It is obvious that the Litecoin network is going to expand in the future as the user base is already growing at a tremendous pace.
All these events will ultimately lead to a mega surge in LTC price.
Use your credit card or paypal account to buy Litecoin online.