Litecoin (LTC) – What it is, definition and concept

Litecoin (LTC) is a cryptocurrency managed by Litecoin, which has a decentralized cryptographic protocol

It was published under license from the Massachusetts Institute of Technology (MIT), its main objective being an alternative to Bitcoin. In this way, among others, it would allow low-value transfers, allowing fractionation into smaller units.

Litecoin

Origin of Litecoin (LTC)

Litecoin Core, an open source client, launched Litecoin on Github in October 2011. In turn, clients such as Electrum Litecoin, a lightweight open source wallet, were introduced.

SegWit support came in 2017.

Regarding its price (in relation to Bitcoin) in 2013 it was 0.03 BTC. In addition, in 2019 it was trading (in dollars) at $ 64.

In 2021, its capitalization exceeded 12 billion dollars. On the other hand, in September of that same year it was trading at 215 USD.

Litecoin (LTC) Features

Let’s look at some of the features of Litecoin (LTC).

  • It is a cheaper alternative to Bitcoin. This advantage has made it an attractive cryptocurrency for many investors.
  • The generation of blocks is much faster than its competitor, Bitcoin. In addition, its average weight is very low. First of all, it allows both fiat money and cryptocurrencies in its transactions. This sale usually occurs on online platforms.
  • On the other hand, credit card-based media are much less common. This is due to the irreversibility of your transactions.

Litecoin (LTC) data of interest

We are facing a currency that has a peer-to-peer encryption. His open software project operates under the MIT license. This allows for faster transaction confirmation times than its Bitcoin counterpart.

It has four times more units than its competitor, specifically 84 million. In addition, it allows division into up to eight decimal places. On the other hand, it can be exchanged for most existing virtual currencies.

Currency with a future

Although it was born as an alternative to Bitcoin, in a decade it managed to be one of the most valued currencies. Two of its factors most appreciated by users are the speed and security of transactions.

One of the environments where it has grown the most is in electronic commerce. For this reason, every day more companies use it as a form of payment in their transactions. Being open source and decentralized, Litecoin (LTC) inspires a lot of trust.

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