Description

Litecoin is a peer-to-peer digital currency that is decentralized, free from censorship, and open-source. It enables fast, low-cost payments to any part of the world without any central authority. It's a proven medium of payment complementary to Bitcoin. Litecoin is also considered to be the first alternative cryptocurrency.

Founder(s)

Charlie Lee

Features

Every cryptocurrency has unique features that make it different from others. For Litecoin, its features are:

  • Segregated witness (Segwit)
  • Lightning network
  • MimbleWimble
  • Fast transaction speed
  • Scalability
  • Mining
  • Higher coin issuance
  • Proof of Work
  • Disposable commissions
Pricing

As with other cryptocurrencies, Litecoin pricing is driven by supply and demand. It's also determined by the halving schedule and the developments in the world of Bitcoin. This is because Litecoin is an offshoot of Bitcoin, and any changes in Bitcoin almost always influence that of Litecoin.

Cost

0

FAQs

Is Litecoin expensive?

Litecoin has a lower LTC/USD exchange rate and lesser purchasing power. This is a result of its larger supply and lower demand than other cryptocurrencies due to consumer and investor perspectives.

Is Litecoin legit?

Litecoin is a digital currency exchange platform founded two years after Bitcoin. It has similar features to Bitcoin but with a different algorithm. The goal of Litecoin is to be a medium for daily transactions.

How does Litecoin work?

Litecoin entails creating and transferring digital coins through an open-source cryptographic protocol. It utilizes blockchain technology to record a decentralized, public ledger of all transactions.

Does Litecoin provide anonymity?

The MimbleWimble feature was designed to provide absolute anonymity between transacting parties on the Litecoin network.

How does Litecoin increase in value?

Litecoin gains value from its relation with Bitcoin. It is also commonly known as the silver to Bitcoin’s gold. Both monetary units have a hard-capped supply that gives them a scarcity aspect similar to precious metals.

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