Litecoin Facts

Litecoin is a digital currency in the same vein as many other cryptocurrencies. On the whole, Litecoin is a decentralized digital currency similar to Bitcoin. However, Litecoin does stand out from the crowd of digital currencies.

In summary, the biggest advantage of Litecoin is the greater number of coins available in comparison to other cryptocurrencies.

When you learn more about different cryptocurrencies like Litecoin then you realize the numerous advantages and disadvantages. For example, Litecoin utlizies a faster payment confirmation schedule and more that is different from Ethereum or especially Bitcoin.

An important factor to consider when you think about Litecoin is that has around four times the supply limit of Bitcoin. At present, around a comparison of 84 million vs 21 million! Learn more about this longtime and less known cryptocurrency below.

Litecoin founding and start in the cryptocurrency world

Litecoin founding and start in the cryptocurrency world

Litecoin was created on October 13, 201. It is a decentralized currency that was initially designed and developed by Charlie Lee, who worked with Google. At first, Litecoin was called the “The Silver to Bitcoin’s Gold.”

Of course there is inspiration from Bitcoin as with many of these cryptocurrencies. Moreover, the inventor, a computer scientist named Charlie Lee, was drawn to cryptocurrency after becoming more experienced with Bitcoin.

After some inspiration from Bitcoin design and ideas, Litecoin or (LTC) was born. From then on, the founder worked with Coinbase and then eventually Litecoin was validated and publicized among cryptocurrency exchanges.

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Litecoin Name Origin has an interesting story that has a meaning

Litecoin Name Origin has an interesting story that has a meaning

Every name has a different story and meaning behind it. It is no different with Litecoin. Basically, the name origin does say something about the social media buzz or simply the person behind the cryptocurrency.

When you look at the name closer, it is that crypto means “Lite”  light, and “coin” as it would denote or mean currency. In sum total, the currency simply known as LTC,  Litecoin, is the symbol Ł that is also most often used overall.

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Litecoin is a developmental Fork of Bitcoin similar to Bitcoin Cash

Litecoin is a developmental Fork of Bitcoin similar to Bitcoin Cash

To understand the true meaning of this fact, we need to understand forks in cryptocurrency.  In summary, forks are changes in the systematic operation of the bitcoin network. For instance, this may happen when two or  more blocks have the same dimensions as block height.

Like Bitcoin, LItecoin had several forks that changed the platform completely. In software development, the fork is a change of direction that copies source code from a particular kind software package to create an independent separate one.

All in all, it was Bitcoin’s fork that created and drove the founding and design of Litecoin. Moreover, Litecoin uses the same protocol as BTC.

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Litecoin involves mining that is proactive

Litecoin involves mining that is proactive

When you want to mine then you need the right and most productive cryptocurrency. So, if you want new Litecoins then you need to be ready to know how to create it no matter how costly and time consuming.

As it stands, it is possible to routinely create coins through mining. In particular, this type of process is seen as a  record-keeping service or exercise that has some similarities  to most cryptocurrencies.

In general, Litecoin blocks are normally more than usual challenging to make and produce. However, miners can have the ability to create a cryptographic hash of all the blocks. In this case, the blocks need to contain specific criteria or requirements.  In the end, the sole way to discover the best creation of a block is to formulate how many you can find that fit.

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Litecoin offer rewards for Miners to create and be productive

Litecoin offer rewards for Miners to create and be productive

Litecoin mining has been developing to be more profitable and productive recently. In the last year, Litecoin has been offering more rewards overall to users.

At the moment, Litecoin is offering rewards to every individual who mines a block. In the beginning when Litecoin began the reward was around 50 LTC for a block. In general, it would be surmised that every 840,000 blocks the reward is divided in half.

To sum up the rewards program, it would be about every 840,000 blocks that are mined produce rewards. However, do remember that this amount of mining takes 4 years or so. Currently, the block reward is at 12.5 coins every block and thus decreases after being divided.

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Litecoin is popular among the gambling community worldwide

Litecoin gambling is a thing that has become more popular along with other digital currencies. In general, the more common digital currencies are widely used within the gambling industry presently. The trend is showing that you can easily see more and more Litecoin casinos offering gambling options for crypto.

More and more around the world, gaming and gambling is not allowed or has become outlawed due to various restrictions or bans.  Many countries have made it more difficult for casinos  to operate and manage especially with the fiat currencies.

Crypto coins have helped develop and innovate gambling around the world. Litecoin is decentralized, which means that transactions are hidden or for a better word — anonymous. For gambling authorities,  cryptocoins like Litecoin have a  high capitalization, so they are more trustworthy. which makes it a reliable method of payment.

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Litecoin is heavily dependent and affected by a small group of users known as whales

Litecoin whales

In various recent studies, it has been shown that Litecoin in particular has been heavily affected by what is known as Whales in cryptocurrency. In summary, a whale is defined as people or entities that have massive amounts of “specific” digital currency like Litecoin or Bitcoin.

In theory, what needs to be known is that Whales have enough cryptocurrency that they can manipulate the currency valuations overall. Recent research is telling, 140,000 crypto addresses show that very few accounts are needed to build and control majority ownership of various cryptocoins.

For example, it has been shown that around half of all Litecoin  is held in 189 accounts or emails. Moreover, among the ERC20 tokens it showed that most are owned by around 34 addresses only. Therefore, almost 1 in 4 Litecoin tokens had a majority owned or controlled by the project founder. Bitcoin requires more accounts and e-wallet purchasing power.

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Economic markets and global issues affect Litecoin more than other Cryptocurrencies

Economic markets and global issues affect Litecoin

In theory, every digital currency is greatly influenced by external factors like economies of scale. However, Litecoin is more easily affected than any other cryptocurrency perhaps overall. At one point, Litecoin had to grapple and face a 30-40$ fall.

Litecoin is heavily dependent on the economies of scale in that many factors seem to falter if one financial indicator is off. For example, in March 2020 Litecoin was completely wrecked by the financial pressure from Covid-19. The pandemic affected Litecoin more than the other digital currencies.

In general, many things are connected to the world market, especially oil prices, but Litecoin needs to be more financially viable to withstand pressure and ups and downs. The oil price and supply issue meant that there were market forces from OPEC and beyond affecting Litecoin and its value.

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Litecoin works on a P2P basis and how it is runs is unique

Litecoin works on a P2P basis

In general, Litecoin is a peer to peer internet crypto digital currency. To sum everything up, Litecoin can best be described as a digital currency protocol held electronically that gains interest over time. P2P is a decentralized platform where two individuals interact directly without interference or third parties.

Litecoin is not governed or controlled by a central authority, so the P2P system is vital. Moreover, Litecoin has the ability to offer high value payments from anyone around the world. The proof-of-work proves to all various parties in any said network that a certain amount of effort or work has been met or fulfilled.

In the end, what makes Litecoin stick out is that it is one of the original more well known cryptocurrencies, founded in 2011m which runs as a peer-to-peer (P2P) coin.

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The Differences between Litecoin and Bitcoin are important to understand

The Differences between Litecoin and Bitcoin

Litecoin came about as a developmental fork from Bitcoin inspiration, but there are plenty of differences. The main one is Litecoin and Bitcoin use different cryptographic proof of work algorithms or formulas. This is a big difference because Litecoin’s algorithm is originally intended to create around four times as many coins as Bitcoin does.

Another big difference comes in regards to Market Capitalization. All in all, it is clear that Bitcoin outstrips Litecoin in comparison of market capitalization, it is $109 billion compared to around $3.25 billion.

The last major difference occurs in regards to Transaction Processing. All in all, Transactions can take a long time to be confirmed at times between blockchain network members.

But, a big positive difference is that Litecoin transaction processing is quite a bit faster than Bitcoin’s. It is precisely this reason that made Litecoin an attractive option for businesses using cryptocoins; efficiency and speed.

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