Litecoin (LTC)- A Quick Guide

Just what you need to know.

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Source: dangerouslyboot.com

Litecoin was launched in October 2011 as a lighter version of Bitcoin by Charlie Lee, an ex-Google employee. It is a peer-to-peer internet money enabling instant near-zero cost payments anywhere in the world. Litecoin is often referred to as the Silver to Bitcoin’s Gold as it is based on Bitcoin’s source code but with certain improvements.

Aim:

Bitcoin is being seen as a store of value. Litecoin, complementing Bitcoin, aims to serve as a currency for everyday purposes. A hard-fork of Bitcoin, Litecoin implemented changes which allowed it to reduce confirmation time, thereby facilitating faster transactions. Scrypt mining algorithm, which utilizes a SHA-256 mining algorithm of Bitcoin, makes calculations more serialized, thereby making the process of mining more democratic.

Working:

Litecoin works similar to Bitcoin. Employing Proof of Work, miners solve mathematical problems, but Bitcoin is more processor intensive, while Litecoin is memory intensive. Computation in mining Bitcoin can be parallelized, which gives miners or mining pools with high processing power advantage over small miners. ASICS (application specific integrated circuits) were developed to mine Bitcoin, destroying Satoshi’s vision to keep mining a democratic process. Scrypt mining algorithm makes computations serialized. As a result, even after employing high processing power, process 2 can start only after process 1 is complete.

The Block creation time in Litecoin is 2.5 minutes, while that in Bitcoin is 10 minutes. Mining rewards are well distributed among miners and quicker confirmations enable merchants to make mini transactions every day. Litecoin has already implemented Segwit. The lightning network was also first tested on Litecoin. The team is also working to carry out atomic swaps using Hashed TimeLock Contracts (HTLCs). Decred and Litecoin have already managed to carry out an Atomic Swap by using a smart contract running on Script.

Consensus Mechanism:

Proof of Work (PoW).

Advantages:

  1. Faster confirmation time thereby enabling faster transactions.
  2. More democratic mining environment as compared to Bitcoin.
  3. Great partnerships with merchants and companies.
  4. Segwit implemented.
  5. Atomic Swaps will soon be carried out.

Disadvantages:

  1. Companies like Zeus and Flower technology have managed to make Scrypt ASICS.
  2. More orphaned blocks are formed.
  3. An immense strain on blockchain due to more transactions (solved to an extent by Segwit).
  4. Charlie Lee sold all his locked up LTC in December 2017 during the market high raising concerns and questions.

Competitors:

Bitcoin, Bitcoin Cash, Dash, Monero, Ripple.

Partnerships:

Litecoin partnered with TenX Pay in April 2018. Support was added on the TenX wallet for both iOS and Android. Along with the Litecoin Foundation, TenX will work and launch a co-branded Litecoin payment card. Other big businesses accepting litecoin payments are: Ellenet, Sean’s Outpost, eGifter, KnCMiner, and Benz and Beamer. After the Verge paid partnership with Pornhub, VRPorn added Litecoin payment to their site.

You can read more regarding Litecoin Foundation business here.

Market 

Buy Litecoin (LTC) from:

  • Abucoins (BTC)
  • Acx (AUD)
  • BCEX (BTC/CKUSD)
  • BTC38 (CNY/BTC)
  • BTCE (GBP/RUB/BTC/CNH/EUR/USD)
  • BTCMarkets (BTC/AUD)
  • BTER (CNY/BTC)
  • BXinth (BTC/THB)
  • Bibox (BTC/ETH/USDT)
  • Bigone (BTC)
  • Binance (BTC/ETH/USDT/BNB)
  • Bit2C (ILS/BTC)
  • Bitbay (PLN/USD/BTC/EUR)
  • BitMarket (BTC/PLN)
  • BitZ (BTC)
  • Bitfinex (USD/BTC)
  • Bithumb (KRW)
  • Bitso (BTC/MXN)
  • Bitstamp (USD/EUR/BTC)
  • Bittrex (BTC/ETH/USDT)
  • Bleutrade (BTC/DOGE/ETH/USDT)
  • Braziliex (BRL/BTC/USDT/BCH)
  • Btcturk (TRY)
  • CCEDK (EUR/USD/DKK/GBP/BTC)
  • CCEX (BTC/USD)
  • CHBTC (CNY)
  • Cobinhood (BTC/USDT)
  • CoinBene (BTC/USDT)
  • CoinEX (BTC/USDT/BCH)
  • CoinSpot (AUD)
  • CoinSquare (BTC)
  • Coinbase (BTC/EUR/USD)
  • Coinexchange (BTC/DOGE)
  • Cryptopia (BTC/NZDT/USDT)
  • Exmo (BTC/USD/EUR/RUB)
  • GDAX (BTC/EUR/USD)
  • Gateio (USDT/BTC)
  • Getecoin (BTC/ETH/USD/EUR/HKD)
  • HitBTC (USD/ETH/TUSD/DAI/EURS)
  • HuobiPro (BTC/USDT/HT)
  • Kraken (BTC/EUR/USD)
  • Kucoin (BTC/ETH/USDT/KCS)
  • Liqui (BTC/ETH/USDT)
  • Mercatox (BTC)
  • Nanex (NANO)
  • Novaexchange (ETH/BTC)
  • OKEX (BTC/USDT/ETH/OKB)
  • Poloniex (BTC/USDT/XMR)
  • Qryptos (BTC)
  • StellarTerm (XLM)
  • StocksExchange (USDT/BTC/TUSD)
  • Tidex (BTC/WAVES/WUSD/WEUR/ETH/USDT)
  • TradeSatoshi (BTC/USDT/BCH/DOGE/ETH)
  • TrustDEX (BTC/VND/USDT/AIC)
  • WavesDEX (SXAS/WGO/RBX/BCH/USD/BTC/WAVESEOT/WCT/WTRY/OCL/OCTANOX/WDESK/WCASH/WNET/ZEC/TKS/WGR/EUR/ETH/P2P/EQUA/AKCHE/MRT)

Storing Litecoin:

Open Source Wallets to store LTC are:

Hardware Wallets:

Useful Links:

I am a metalhead cryptocurrency and Blockchain enthusiast, studying architectural designing and construction to shape a new world for my own.

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