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What Is The Meaning Of Litecoin?

What Is Litecoin? A Beginners Guide In 360 Words.

What Is Litecoin? A Beginners Guide In 360 Words.

CryptoMarket360 has your 360-word summary on everything cryptocurrency. Launched in 2011 with the goal of becoming the silver to Bitcoins gold, Litecoin is now proving to be just that. As Bitcoin gains market value, its transaction times and fees continue to skyrocket, making it very difficult to use as a currency. Litecoin, on the other hand, suffers none of that and is quickly becomingthe currency traders now use to move Bitcoin between wallets and exchanges. No one transacts Bitcoin to Bitcoin anymore unless they have to. This is what is known as atomic swaps, meaning people can trade currencies across blockchains in real time. So what exactly is Litecoin in very simple terms? Technologically speaking, it is very similar to Bitcoin. Litecoin differs in that it generates blocks faster, uses a different form of encryption, and there are more potential Litecoins than Bitcoin (84 Million vs. 21 Million). It is these differences that allow Litecoin transactions to remain quick and its fees relatively low compared to other cryptos. While this feature recently has been the main attraction for most investors due to Bitcoins increasing transaction times and costs, Litecoins development team and community are what really make this coin stand out. Litecoin creator and lead developer Charlie Lee is very open and actively involved within the Litecoin community. Sure everyone has their haters, but this guy demands a tremendous amount of admiration and respect. For example: When I released Litecoin there were a lot of other cryptocurrencies that were pre-mined by founders that wanted to be super rich. I preannounced Litecoin on Bitcointalk, so people could mine it from the get-go. Also, he announced in December of 2017 that he sold and donated all of his Litecoin in order to avoid Continue reading >>

What Is Litecoin Mining? Learn All You Need To Get Started.

What Is Litecoin Mining? Learn All You Need To Get Started.

What is Litecoin mining? Learn all you need to get started. Litecoin mining is done by specialized computers and hardware. It serves two main purposes: 1) It secures the network and verifies transactions. 2) New litecoins are paid out as a reward to miners. The Litecoin mining industry is less developed than Bitcoins. ASICspowerful computers designed to solve Bitcoins proof of work functionare available for litecoin but difficult to purchase. Because Litecoin uses a different proof of work function Bitcoin miners cannot mine litecoins. Its possible, for example, to buy a Bitcoin Antminer S7 ASIC on Amazon for $714. No such miners are available for Litecoin. The best Litecoin mining hardware available for purchase are graphic cards , but they are not profitable. If you are serious about mining litecoins, one option is to simply mine bitcoins with hardware like the Antminer S7 and convert the earned bitcoins to litecoin. So, how does Litecoin mining secure the network? Like Bitcoin mining, Litecoin uses proof-of-work which makes mining a costly process in terms of both time and energy. In order to send litecoins, transactions must be included in a block. Litecoin miners then verify these transactions through proof-of-work. The miners check incoming transactions against previous transactions on the blockchain. If no double-spends are detected, the miners create a block with new transactions and add it to Litecoins existing blockchain. Each new block is then sent to nodes on the network. The nodes use the miners work to continue to verify and transmit transactions across the network. As mentioned earlier, Litecoin mining requires vast amounts of time and electricity, which isnt cheap. The block reward is paid to miners for each block mined, which provides an incentive for Continue reading >>

How To Trade Litecoin

How To Trade Litecoin

Cryptocurrency has come a long way since Bitcoin burst on to the scene all the way back in 2009. Today there aremany different cryptocurrencies to choose from, all with their own specific designs and niches. Litecoin was designed to be the silver to Bitcoin s gold. Its one of the most popular cryptocurrencies available. So what makes Litecoin different than Bitcoin and is it worth trading litecoin? Lets start at the beginning by answering the question, what is Litecoin? Litecoin was the brainchild of a former Google employee Charlie Lee. The cryptocurrency went live on October 13th 2013 and incorporated some of Bitcoins code. There was no pre-mine and the launch was intended to be as fair to the community as possible. In 2013 Litecoin experienced fairly explosive growth and achieved a market cap of $1 billion. In 2017 Litecoin adopted SegWit and was the first cryptocurrency to make a transfer using the Lightning Network . Litecoin (LTC) is a decentralized, open-source payment network, or cryptocurrency. It allows you receive, store, and send money to other people. Its one of the three largest cryptocurrencies, together with Bitcoin (BTC) and Ethereum (ETC). Litecoin was designed to improve on many of the perceived failings of Bitcoin and to be the silver to Bitcoins gold. To this end Litecoin has a cap of 84 million tokens, this is in comparison to the 21 million cap used by Bitcoin. It also has a block generation time of 2.5 minutes compared to Bitcoins 10. The aim was to make Litecoin easier to obtain and trade than Bitcoin. Litecoin was also created with an aim to reduce the centralization of mining. The cryptocurrency was designed to use a code called Scrypt. This was designed to be more CPU friendly to encourage more users to mine and prevent ASIC miners dominatin Continue reading >>

Litecoin - Definition And Meaning - Market Business News

Litecoin - Definition And Meaning - Market Business News

Decryptionary.com has the following definition of the digital currency : Litecoin is a cryptocurrency based on bitcoins technology with improvements to transaction speed, and a reduction of transaction cost. Litecoin is the silver to bitcoins gold. Not only is it cheaper, it always seems to trace bitcoins price on a lower scale. However, Litecoin, unlike Bitcoin, concentrates on using the latest technology to enhance user experience and improve performance. WeUseCoins says the following regarding the cryptocurrency : With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin. With Litecoin you can buy goods and services and make payments to anybody, anywhere in the world, at near-zero cost. Litecoin is a cryptocurrency that has existed since 2011. Cryptocurrencies first went into circulation in 2009. So, what is a cryptocurrency? A cryptocurrency is a kind of money that exists electronically , i.e., digital money. Cryptocurrency creators designed them to be super-secure, and in most cases, also anonymous. In other words, people can use cryptocurrencies to buy and sell things without revealing their identities. The word cryptocurrency is a combination of crypto and currency. Crypto is short for cryptography, i.e., the art of making codes and also deciphering them. A currency is a type of money, such as the dollar, pound, euro, etc., that a country uses. Currency may sometimes mean banknotes and coins when we are talking about the money supply. The creators of cryptocurrencies used encryption techniques to regulate the generation of new currency units. Encryption techniques means sophisticated codes. Their encryption techniques also validate and verify the transfer of funds. Unlike the dollar, yen, euro Continue reading >>

What Is Litecoin? A Short Guide

What Is Litecoin? A Short Guide

Litecoin is a cryptocurrency similar to Bitcoin . It lets you send money to a friend over the internet or buy something from an online retailer that accepts this method of payment. Unlike fiat currencies like the dollar and euro, Litecoin is not managed b any authority like a central bank. It basically cuts out the middleman (banks and other financial institutions), which speeds up transactions, reduces fees, and offers anonymity. The cryptocurrency runs on a publicly disclosed blockchain that records each transaction. Litecoin was founded in 2011 by a former Google employee by the name of Charlie Lee. His goal was to create a cryptocurrency similar to Bitcoin that would solve some of the issues Bitcoin is facing. The basic idea of Litecoin and Bitcoin is the same. Both cryptocurrencies hold value and can be spent online or used as investments. They give you the option of doing business without the help of banks that typically charge high fees for international money transfers, which can also take up to a few days to get through the system. Things are different with Litecoin and Bitcoin. For example, you can send someone a Litecoin almost instantly and pay a lot less in fees (more on this later) than you would by going through a bank. Although its worth noting that confirmation times and fees have been increasing as more people use Litecoin as well as other cryptocurrencies. Although Litecoin and Bitcoin are similar on the surface, there are a few differences between them. The transaction processing speed is one of them. An average Bitcoin transaction takes around 10 minutes to get confirmed compared to Litecoins 2.5 minutes this makes Litecoin four times faster than its biggest competitor. Then there are the transaction fees: sending someone a Litecoin costs approxima Continue reading >>

Litecoin - Wikipedia

Litecoin - Wikipedia

Litecoin (LTC or [1] ) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license . [2] Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. [2] [3] While inspired by, and in most regards technically nearly identical to Bitcoin (BTC), Litecoin has some minor technical differences compared to Bitcoin and other major cryptocurrencies. Limited release ( geometric series , rate halves every 4 years reaching a final total of 84 million LTC) Increasing difficulty per every 2016 blocks produced. Litecoin was released via an open-source client on GitHub on October 7, 2011 by Charlie Lee, a former Google employee. [4] The Litecoin network went live on October 13, 2011. [5] It was a fork of the Bitcoin Core client, differing primarily by having a decreased block generation time (2.5 minutes), increased maximum number of coins, different hashing algorithm ( scrypt , instead of SHA-256 ), and a slightly modified GUI . [6] During the month of November 2013, the aggregate value of Litecoin experienced massive growth which included a 100% leap within 24 hours. [7] Litecoin reached a $1 billion market capitalization in November 2013. [8] By late November 2017, its market capitalization was US$4,600,081,733 ($85.18 per coin). [9] [10] In May 2017, Litecoin became the first of the top-5 (by market cap) cryptocurrencies to adopt Segregated Witness . [11] Later in May of the same year, the first Lightning Network transaction was completed through Litecoin, transferring 0.00000001 LTC from Zrich to San Francisco in under one second. [12] Litecoin is different in some ways from Bitcoin . The Litecoin Network aims to process a block every 2.5 minutes, rather than Bitcoin's 10 mi Continue reading >>

Litecoin Definition | Investopedia

Litecoin Definition | Investopedia

Launched in the year 2011, Litecoin is an alternative cryptocurrency based on the model of Bitcoin . Charlie Lee, a MIT graduate and former Google engineer, is Litecoin's creator. Litecoin is based on an open source global payment network that is not controlled by any central authority. Litecoin differs from Bitcoins in aspects like faster block generation rate and use of scrypt as a proof of work scheme. Litecoins were launched with the aim of being the "silver" to Bitcoin's "gold," and have gained much popularity since the time of inception. Litecoin is a peer-to-peer internet currency. It is a fully decentralized open source, global payment network. Litecoin was developed with the aim to improve on Bitcoin's shortcomings, and has earned industry support along with high trade volume and liquidity over the years. The broader differences between the two cryptocurrencies are listed in the table below. Continue reading >>

What Is Litecoin? | Holytransaction

What Is Litecoin? | Holytransaction

Litecoin is a digital currency similar to Bitcoin but with a few keydifferences. Litecoin is based on a similar to Bitcoin in thatit isopen-source and not managed by a central authority. Litecoin wasreleased in late 2011, two years after Bitcoin. On the outside, Litecoin functions in the same way as Bitcoin. Block generation is faster in Litecoin. In Litecoin a new block isgenerated four times as fast as in Bitcoin . Thefaster block generationdecreases the efficacy of a double spending attack, but also increasesorphaned blocks which decreases the predictability of mining. There will be in total 84 million Litecoins in circulation. Litecoin uses Scrypt rather than SHA 256. The difference here is thatScrypt uses more memory than the SHA 256 algorithm used in miningBitcoins, meaning that Litecoin mining was more accessible for a longerperiod of time. Although Litecoin has now come to the point where it isnot possible for the individual user to successfully mine, individualscan still pool their resources to mine together collectively. Continue reading >>

Bitcoin And Litecoin - What's The Difference?

Bitcoin And Litecoin - What's The Difference?

Bitcoin And Litecoin - What's The Difference? Most people have heard of Bitcoin by now the digital currency which has made headlines in recent years thanks to its phenomenal rise (and occasional crash) in value. But Bitcoin is just the first of many digital currencies known as cryptocurrencies due to their use of sophisticated computer encryption which prevents them being spent more than once, hence giving them their intrinsic value. In fact, there are now well over 1,000 cryptocurrencies, with more emerging all the time. One of the most popular and enduring is Litecoin. But how is it different from Bitcoin and other cryptocurrencies? Heres my overview of the currency that is often considered the silver to Bitcoins gold. Before we dive in, as always, remember that investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment. The code used to create Bitcoin was released into the public domain or made open source by the mysterious creator, Satoshi Nakamoto. This means that anyone can take it, modify it and use it to launch their own cryptocurrencies. Which many people have done and Litecoin was one of the first to gain traction. Although it was originally based on the same code, Bitcoin and Litecoin transfers are recorded on entirely separate blockchains , effectively meaning they are different currencies. Litecoin was created in 2011 by former Google engineer Charlie Lee. The aim was to create a blockchain-based currency which would solve some of the problems inherent to Bitcoin in particular the slow transfer speeds. When it was launched in 2009, Bitcoin transactions would take around 10 minutes to complete. Due to the growth in size of the network and the Bitcoi Continue reading >>

Litecoin Cryptocurrency: A Complete Guide For Absolute Beginners

Litecoin Cryptocurrency: A Complete Guide For Absolute Beginners

Litecoin Cryptocurrency: A Complete Guide for Absolute Beginners By: Sudhir Khatwani In: Cryptocurrency Last Updated: The rush to collect cryptocurrencies continues well into 2017. If you are new to the crypto space, you might have heard of only Bitcoin . <br /> Can't load widget<br /> But there are hundreds of altcoins(or alternative cryptocurrencies) other than Bitcoin. Each altcoin comes up with its own unique technology and vision to change the world. One such cryptocurrency goes by the name of Litecoin. Fun fact: Litecoin prices surged more than 1000% in last one year. Litecoin is the worlds first altcoin. Like Bitcoin, Litecoin also exists on the internet as digital money. No one can feel, touch, or mint it. But there are still fundamental differences between both currencies. What Is Litecoin Cryptocurrency Used For? Litecoin is a cryptocurrency like Bitcoin, but it is based on an entirely different protocol. It was conceived to act like pure digital money. Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is also open source, decentralized, and backed by cryptographic math to secure transactions. Litecoin was not made to compete against Bitcoin, but instead to act as a complimentary payment solution alternative. Think of Litecoin as the silver to Bitcoins gold. Litecoin was created on 7th Oct 2011 by Charlie Lee, an ex-Google employee. Litecoin was 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 Bitcoins core code with some modifications. Charlie Lee modified the code and protocol in the way he considered best in orde Continue reading >>

Flippenning Will Push Litecoin (ltc) To Over $1000!

Flippenning Will Push Litecoin (ltc) To Over $1000!

Its an interesting time to be a Litecoin (LTC) investor. A few hours ago, Litecoin founder Charles Lee sent out the following tweet , The flippenning (ETH>BTC) will never happen. But the flappening (LTC>BCH) will happen this year. He also shared a chart showing how Litecoin (LTC) market share is slowly closing the gap with the market cap of Bitcoin cash. You are probably, what does flippenning even mean, and how does it relate to my Litecoin holdings? Well, flippenning means a point in time when any other cryptocurrency will have a large enough market share so as to dethrone bitcoin. If this is what is about to happen to Litecoin as Charles Lee is insinuating, then you can be sure that the value of Litecoin (LTC) is about to head to the moon, and for good reason. First of all, if you have been following the cryptocurrency market for some time now, then you may have noticed a trend where the value of altcoins is somehow correlated to that Bitcoin. Whenever the value of bitcoin goes up the value of most altcoins follows suite. Conversely, whenever bitcoin crashes, Altcoins follow suite even though there may be no fundamental reason for them to crash. Therefore, Bitcoin acts as some sort of prohibitive value meter for the altcoins market. If Litecoin gets itself out of this bitcoin stranglehold, you can rest assured that its value will skyrocket. It could easily be worth thousands of dollars within a few years. And this is not just a case of throwing figures around, as is common in crypto space, its an analogy that has a serious fundamental backing to it. For starters, Litecoin is almost similar to bitcoin in many aspects, but bests it on issues such as transaction speeds and costs . In essence, the only reason why Bitcoin is worth a lot more than Litecoin at this point i Continue reading >>

What Is Litecoin?

What Is Litecoin?

Opinions expressed by Forbes Contributors are their own. The author is a Forbes contributor. The opinions expressed are those of the writer. This story appears in the {{article.article.magazine.pretty_date}} issue of {{article.article.magazine.pubName}}. {{article.article.magazine.subscription_text}} What is Litecoin? originally appeared on Quora : the place to gain and share knowledge, empowering people to learn from others and better understand the world. Answer by Joseph Kennedy , Founder of Content Pathway, on Quora : Ltn (LTC r [1]) is a r-t-r rturrn nd open ur software project released under MIT/X11 ln. Crtn nd transfer f n bd on an n source rtgrh rtl and nt mngd b n ntrl authority. Whl inspired b, and in mt regards technically almost dntl t Btn (BTC), Litecoin far qukr nd cheaper. Litecoin prices, which have been having a great year, recently surged to a fresh, all-time high. On December 18th 2017, Litecoin reached its all-time high, $360.93, which, when compared to the price one year before ($4.40), was an incredible 8200% rise. This is wholly reflective of a booming cryptocurrency marketplace, whose total market cap ballooned from $17.7bn to around $650bn in just one year, an increase of over 3,600%. Litecoin is frequently compared to Bitcoin, which functions almost exactly the same, aside for the cost of transactions, which are around 1/50th of the size. For many cryptocurrency traders and users, Litecoin pricing acts more rationally than Bitcoin, and with a more sustainable future. As we see some online stores begin to accept cryptocurrencies, we will see it becoming possible to buy jewellery, groceries, clothes, electronics and more. Since the value of Litecoin is determined by demand on currency trading websites like Bitfinex, OKEx, GDAX and Coinbase, it i Continue reading >>

What Is Litecoin? Litecoin Vs Bitcoin, Which Wins?

What Is Litecoin? Litecoin Vs Bitcoin, Which Wins?

Jordan Tuwiner Last updated July 13, 2017 Litecoin is a cryptocurrency just like Bitcoin. It can be sent globally around the world almost instantly, for very low fees. Litecoin was actually one of the first forks of Bitcoin. Its creator, Charlie Lee, was a former Google employee and created Litecoin when he got into cryptocurrency. Litecoin has value for many of the reasons Bitcoin has value. The main reason Bitcoin has value is because its very useful and scarce. Litecoin is the same. Only 84 million LTC will ever exist, which creates the scarcity. Litecoin is also very useful because it can be sent anywhere in the world instantly for very low fees. Litecoin mining is much, much different than it used to be. At the time of writing, Litecoin is about $32. In its early days, Litecoin was very easy to mine because it was cheap and there was no competition. Litecoin is one of the most popular cryptocurrencies, so its actually gotten pretty easy to buy compared to many of the other small altcoins. Coinbase is the easiest way to buy bitcoins in the USA, Europe, UK, Australia, and Canada. You can buy with either a credit card or bank account. If you live in South America, Africa or Asia then the easiest way is to buy bitcoins then convert using Changelly. The number of Litecoin wallets are actually somewhat limited. Bitcoin is still the only cryptocurrency that people really use on a daily basis. So, the demand is not strong for many Litecoin wallets so not many exist. Probably the best, most feature packed Litecoin wallet is Electrum LTC . It is a fork of the popular Bitcoin wallet Electrum. It is open-source software and can be used on Mac, PC, or Desktop. If you want secure storage of your LTC, we recommend using a hardware wallet like the Ledger Nano S or the TREZOR. Tho Continue reading >>

A Beginners Guide Tolitecoin

A Beginners Guide Tolitecoin

According to the Litecoin website , Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. If youre familiar with the digital currency Bitcoin, the above definition might sound similar. Thats because Litecoin is based on Bitcoins open source codebase, but with a few technological differences. Litecoin was never intended to replace Bitcoin but to complement it like the silver to Bitcoins gold. This beginners guide should help those who are new to Litecoin to understand the high level differences between these two digital currencies. The great thing about open source software projects such as Bitcoin is that anyone in the world can fork the original codebase to include new features they want. The value assigned to each digital currency is determined by the community of adopters that decide to hold and use it. While Bitcoin is currently the largest digital currency by market capitalization, this doesnt mean that there isnt room for other digital currencies to coexist or to serve a specific use case or community. Litecoin founder Charlie Lee wanted to modify Bitcoins rules in ways he considered beneficial. Specifically Charlie wanted to reduce the amount of time required to confirm a new transaction as well as change the Bitcoin mining algorithm (the way new coins are generated) to ensure anyone could participate in the network. Bitcoins transaction confirmation time is 10 minutes while Litecoins is only 2.5 minutes. Litecoin is able to process a higher volume of transactions due to the faster transaction confirmation time. Bitcoin mining uses the algorithm SHA-256 which is processor intensive while Litecoin mining uses scrypt which is more memory intensive. Early on Bitcoin was able to be mined using regular comp Continue reading >>

Litecoin Surges Ahead Of Upcoming Hard Fork

Litecoin Surges Ahead Of Upcoming Hard Fork

Litecoin surges ahead of upcoming hard fork Litecoin (LTC) has had a rough few months. From its all-time high of $375 in December, the Bitcoin fork dropped to a mere $105 just nine days ago. Along the way it seemingly lost support from its creator, Charlie Lee, who sold all of his holdings late last year. But things are looking up again. From its recent low of $105, LTC has spiked over 100 percent to hit prices of $212 as of this writing. In the last 24 hours alone, the volatile cryptocurrency is up more than 30 percent. LTC seems to be soaring on news of an upcoming hard fork on February 18. A hard fork is when developers split a currency in two, much like Bitcoin/Bitcoin Cash last year. After a fork, those holding the underlying currency are given free tokens based on their holdings in the older asset. In this case, users who own Litecoin will see a 10 to 1 offering of the newer currency, Litecoin Cash (LCC). Meaning, for every Litecoin you hold, youll be given 10 Litecoin Cash tokens for free. Now, whether those ultimately carry any value in the months to come is still a mystery. Some, like Bitcoin Cash skyrocket upon creation, while others fizzle out completely. Not a lot, really. LCC will use the SHA-256 encryption algorithm for mining, instead of LTCs Scrypt protocol. The biggest benefit of this will be to miners, who can now use the same mining hardware for Bitcoin and LCC. Aside from that, the forked currency makes the same promises as most: faster transactions speeds and lower costs. According to the development team, LCC transactions will be 90 percent cheaper than LTC, and provide four times the transaction bandwidth, which will speed up the verification process and allow for faster transfer. This is all well and good, and probably true, but most currencies Continue reading >>

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