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What is Litecoin
And Why Do You Need It?
One of the first altcoins to develop from Bitcoin, Litecoin launched in 2011 and has taken the world by storm. So, what is Litecoin? Litecoin is a cryptocurrency differing slightly from Bitcoin, but designed to complement it. Litecoin’s founder Charlie Lee opted to alter a few core concepts, namely four times faster transaction speeds than Bitcoin, a different hashing algorithm, and an increased total supply, amounting to 84,000,000 LTC. This top 10 cryptocurrency by market cap is a must-have for any serious crypto portfolio.
Litecoin At A Glance
In understanding ‘what is Litecoin’, one must know that the cryptocurrency was created in 2011 by former Google and Coinbase engineer Charlie Lee as a faster alternative to Bitcoin. By decreasing the amount of time it takes to create a block, Litecoin is able to process transactions much more quickly. In May 2017, Litecoin transferred 0.00000001 LTC from Zürich to San Francisco in under one second.
Not designed to replace Bitcoin, Litecoin was created to complement the OG cryptocurrency. Considered to be a “lite version” of Bitcoin, the altcoin is affectionately known as digital silver, compared to digital gold (what Bitcoin is often referred to as).
Litecoin operates off of blockchain technology, ensuring that it is transparent, immutable, and community-driven. Using a slightly different method to Bitcoin, the altcoin is still mined by active members of the network, with all transactions being verified in the same manner. With no central authority in control, Litecoin is a powerful decentralized currency.
What Is Litecoin Worth
And How Is Litecoin Useful?
Value of Litecoin
Since its inception in 2011, Litecoin has gained approximately 960% in value. Ranking in the top 10 of cryptocurrencies based on market capitalization, establishing the value of Litecoin requires checking the current market price in the moment as cryptocurrencies tend to fluctuate their prices. Keen adopters of the altcoin see its value in high-speed transactions and an excellent means to send money cheaply to international locations.
Great Transfer Option
When looking to send fiat to a foreign location, Litecoin offers an excellent means to do so. The cryptocurrency is designed to process blocks in 2.5 minutes, as opposed to 10 minutes on the Bitcoin network, meaning that your money can reach its destination in a quarter of the time, and at a significantly less cost than transferring the funds through fiat.
Strong Investment
Cryptocurrencies have gained much traction over the past few years for being a viable investment option. Initially labelled as a speculative asset, the digital asset industry has proven itself to provide incredible returns on investment for adopters, both from the early days as well as more recently. The earliest adopters of Litecoin are currently looking at a return on investment (ROI) of over 1,800%.
History Of Cryptocurrencies
Cryptocurrencies came into fruition following the global financial crisis of 2007 to 2009. Watching the collapse of banks, financial institutions, and people’s hard earned money, the anonymous entity Satoshi Nakamoto set out to create a decentralized digital payment system. Bitcoin was announced to the world in late 2008, with the official Genesis block (the first block in a blockchain) being created in early 2009. It was two years later that Litecoin’s founder Charlie Lee hard forked the Bitcoin blockchain and created Litecoin. Often considered to be the most successful hard fork of Bitcoin, Litecoin has done well to prove itself as a top cryptocurrency and remain in the top 10, often top 5, cryptocurrencies based on market capitalization.
What Is A Hard Fork?
When people refer to a hard fork they are referring to the structure, or creation, that the blockchain unwent. Cryptocurrencies can undergo a soft or hard fork of their network, resulting in either an updated version of the original blockchain, or a new one entirely. Litecoin was created from a hard fork of the Bitcoin network, with a few tweaks implemented to give it its own unique spin. Charlie Lee wanted to create a faster and cheaper version of Bitcoin, and that’s exactly what they did. The development team behind Litecoin implemented a different hashing algorithm, an increased total supply (84,000,000 LTC) and cut the transaction speed by three quarters. In just two years from inception, Litecoin’s market value was over $1 billion.
Cryptocurrency And Banks
While it may seem that many banks and financial institutions detest the new age digital assets, that notion is fast changing. Following the international demise of many foreign economies and markets due to the pandemic, cryptocurrencies proved themselves to be a reliable and resilient asset. In fact, the year that the pandemic caused international destruction, Bitcoin created a new all time high. The same year many large companies put their money behind cryptocurrencies, with corporations like Square and MicroStrategy putting their reserves in Bitcoin, while payment giant PayPal announced they will be incorporating cryptocurrencies onto their platform. Many banks are now exploring Central Bank Digital Currencies (CBDC).
Litecoin
Versus Bitcoin
As Bitcoin was the first cryptocurrency to come into existence, and the fact that it (currently) holds over 60% of the market share, it is a common occurrence to compare Bitcoin to other cryptocurrencies. While this isn’t as simple as some people might imagine, there are certainly parallels between Litecoin and Bitcoin. On the whole, each cryptocurrency provides the market with a solution, so when comparing cryptocurrencies one should always look at what solution the asset is providing, how far along they’ve come, and how successful they have been at executing the solution. Hence why it is not that easy to compare different networks. When looking at Litecoin versus Bitcoin, as Litecoin is a hard fork of the original Bitcoin network, the comparison is a lot simpler. Let’s start with average transaction times, Bitcoin takes roughly 10 minutes to verify a transaction while Litecoin takes a quarter of that, two and a half minutes. When looking at the mining rewards for each block, miners on the Bitcoin network earn 6.5 BTC per block while Litecoin miners earn 12.5 LTC for mining on their network. Cryptocurrency is often designed to have a limited supply in order to beat inflation and ensure that the value only increases over time. Bitcoin has a fixed maximum supply of 21 million BTC while Litecoin has a max supply of 84 million LTC.
What is
Litecoin Mining?
Another imperative step in understanding ”what is Litecoin” is understanding how the mining process works. Similar to Bitcoin the cryptocurrency is mined using mining rigs operated by members of the community. While Bitcoin uses the SHA-256 mining algorithm, Litecoin uses a newer proof of work mining algorithm, called Scrypt. This memory intensive manner of mining allows individual users to be able to mine, as opposed to being a part of a large mining pool (how Bitcoin is now run).
How Do Litecoin
Transactions Work?
In the same way as Bitcoin transactions work, Litecoin transactions are added to a “waiting list” of transactions that need to be verified, and are then verified by a miner on the network. Once the transaction is verified it is added to a block with several other transactions. This block is then added to the blockchain and shared with the entire network. Once the blockchain is updated, the funds will reflect in the receiver’s wallet. As we’ve previously mentioned, Litecoin requires a shorter block generation time meaning your transaction is verified more quickly on the Litecoin network than on the Bitcoin network. Due to the nature of Litecoin’s blockchain, Litecoin is a faster payment method when compared to Bitcoin. ----
What Are
Litecoin Transaction Fees?
Much like other cryptocurrencies, the process of transferring them from one wallet to another requires a transaction fee. So what are Litecoin transactions fees? To Litecoin’s advantage, their transaction fees are significantly smaller than most other cryptocurrencies. No matter the size of your transaction, it will always cost 1/1,000 of a Litecoin to process it. Faster and cheaper, Litecoin is a force to be reckoned with.
What Is
SegWit?
In April 2017, Litecoin became the first cryptocurrency to activate Segregated Witness, a protocol layer commonly referred to as SegWit. This layer reduces the size of transactions, allowing more transactions to be added to a block. This in turn means that more transactions can take place for a smaller cost and at a faster rate. Shortly after Litecoin implemented SegWit, Bitcoin too adopted it and since then many others have followed suit.
What Is
A Litecoin Wallet?
When it comes to storing cryptocurrency, users and investors alike will need to obtain a wallet. This digital wallet enables users to send, receive, spend and store their cryptocurrencies much like you would keep your fiat money in an online bank account. Litecoin wallet addresses come in three variations: P2PKH format (Pay to Public Key Hash) which start with L; P2SH-P2WPKH format (Pay to Script Hash-Pay to Witness Public Key Hash) which start with M; and Native SegWit format addresses which start with ltc. While it’s not necessary to know these three formats, it is necessary to keep your private keys safe. Each wallet is made up of a public and private key: the public key enables users to be able to send you Litecoin while the private key acts as your “pin code” enabling you to send Litecoin. Essentially, your public key is akin to your fiat bank account details and the private key is similar to your pin code.
What Does The
Future Of Litecoin Hold?
The future of Litecoin looks bright. The team of developers have already started working on a number of updates that we look forward to seeing the results of in several months, and even years, time. Some updates that the network is looking to implement in the near future are confidential transactions, multi signature transaction capabilities through Merkelized Abstract Syntax Trees (MAST) and Schnorr signatures. With these updates, Litecoin will be a formiddbile asset in the cryptocurrency market, as well as a high ranking payment method.
How To Buy
Litecoin In The UK
As interest in buying and owning cryptocurrencies rises in the UK, many individuals are tapping into the streamlined product offering from Tap Global. The fully functioning app allows users to instantly purchase cryptocurrencies like Bitcoin, Ethereum and Litecoin, from the comfort of their mobile phones. The reliable app is incredibly secure,easy to navigate, and provides a stress free experience for both new and existing crypto enthusiasts. Tap Global also provides access to a secure wallet where users can safely store their cryptocurrencies. The wallet is instantly set up upon registration and can easily be viewed and accessed from the app’s homepage. Users in the UK will need to convert their GBP to Euros in order to make a deposit.
Why Tap Global is the answer to your
Litecoin needs
Based in the USA
Trustworthy, reliable and global trading based in the USA
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We can process transactions as small or as large as you want
Convenient Ways to Pay
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Secured and Insured
We secure and insure your money, so you're always safe with us
For Experts
And Amateurs
Whether you’re an expert crypto investor or a first timer in the world of cryptocurrency, the Tap Global app is where you need to go. We’re at the forefront of cryptocurrency security, and our digital wallet is as safe as you can get. You can easily buy and sell currencies on our secure platform for only the cost of purchase, so you’ll get the best possible deal. Even better, with our Prepaid Mastercard you can easily spend your cryptocurrencies when you need to, without having to go through the trouble of converting them.
Why Tap Global Is The Best For
Buying Litecoin
Buy Litecoin
With Tap Global you can buy Litecoin anytime, anywhere, with our easy to use and secure app. With us, you can track markets and keep up to date with the latest changes to make sure you get the best price.
Hold Litecoin
Tap Global is a digital wallet with a difference. Your cryptocurrency assets are always secure and always accessible, allowing you to hold them when you want, and be certain that they’re safe.
Sell Litecoin
It’s important to be able to sell when the time is right, and with Tap Global that’s never been easier. Our app is the perfect platform for selling cryptocurrency at the perfect time, and making sure you get the most for your money.
Spend Litecoin
It used to be hard to spend cryptocurrency, but the Tap Global Prepaid Mastercard makes it easier than ever. You can pay for purchases with your cryptocurrency without having to worry about transfer times and steep charges.
