What is Litecoin (LTC)?
From $4.33USD on the 1st of January 2017 to $103.26USD on the 5th of December, what makes Litecoin (LTC) 🚀+ 2,384%?
“Being able to securely store it and still have easy access to your money is the holy grail of crypto. Once we solve that, then it could take over.” ~ Charlie Lee, Litecoin Creator
Litecoin is a copy of Bitcoin, but it uses a different way of making sure the amount of money going to someone is correct. This was done to make it easier for a normal person to use their computer to find out if the amount of money is right. But now, some people built their own computers that are much better at checking if the amount of money sent is correct.
The info about the sending of money are placed into things called blocks. People try to find these blocks using computers. For Bitcoin, it is made so that each block is found roughly every 10 minutes — but for Litecoin, it is made so that each block is found every 2 and a half minutes.
When a block is found, the person whose computer found it gets a reward in either Bitcoin or Litecoin depending on which one they were trying to find. All of the rewards added together from everyone cannot go more than 21,000,000 Bitcoin and no more than 84,000,000 Litecoin.
It’s important to realise that Litecoin is a fork(copy) of the the bitcoin core, with the main differences being the faster processing and larger maximum supply of 84,000,000 LTC compared to Bitcoins 21,000,000 BTC.
Today’s my last day at @coinbase! I will miss working with you all.
I’m going to shift my focus to Litecoin now. To the moon! ? pic.twitter.com/Ys9dZwtTFO
— Charlie Lee (@SatoshiLite) June 10, 2017
Charlie’s move was well received by the market (Litecoin’s price). It was a significant move for the development and maturity of Litecoin as Charlie Lee was a know quantity with a proven history in cryptocurrencies. His move to pursue Litecoin’s development full-time was also a stark contrast to other altcoins which have volunteer developer communities working casually and part-time on the development of the technology.
As of the 5th December 2017 Litecoin’s market capitalisation was $5,609,567,185 USD.
This post is intended for those new to the cryptocurrency space, and who are looking for a high-level explanation of Litecoin and associated technologies. For readers who are already familiar with the basics and want to know more about Litecoin and other cryptocurrencies, we’d recommend the Litecoin Wiki and the original bitcoin whitepaper or Blockchain at Berkeley to start.
Would you rather do what you do and have someone else invest your spare change in Litecoin’s growth?
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If you’d like to know more about bitcoin, check out; What is Bitcoin?
If you’d like to know more about ethereum, check out; What is Ethereum?