Litecoin is a decentralized peer-to-peer cryptocurrency, similar to that of Bitcoin. It was released on October 7th 2011, and went live on October 13th 2011, 2 years after the notable cryptocurrency, Bitcoin, went live. It was created by ex-Google employee and Massachusetts Institute of Technology (MIT) graduate, Charlie Lee. After discovering Bitcoin, and while working as a software engineer at Google, he began developing the idea of Litecoin as an alternative to Bitcoin, rather than a competitor. Lee promotes Litecoin as the new route to smaller transactions, like online shopping, and says it was aimed to be a solution to present bottlenecking issues that Bitcoin contains, including, the limited number of transactions that can be processed at one time.
By having Litecoin as a complimentary payment solution alternative to Bitcoin, it has often been described as the Silver to Bitcoin’s Gold. Litecoin has been created with a variety of facets that Bitcoin does not contain. It is able to accomplish the same job as Bitcoin, but at a faster and cheaper rate. Litecoin blockchain technology has the ability to handle a higher volume of transactions than Bitcoin, and has a higher block-generation frequency. It uses the same encryption techniques as Bitcoin, it can also be purchased or sold for traditional currencies, and can be used anywhere in the world without an intermediary having to process the transaction.
Litecoin is said to have more advantageous qualities than Bitcoin as its transaction speed is 4 times faster. Litecoin was the first to identify Bitcoin’s limited supply of 21 million units, surpassing it by confirming their ability to produce 84 million units, with 53 million in circulation, and 31 million units yet to be mined. Litecoin was also designed to process one block every 2.5 minutes, with Bitcoin quadrupling that by processing one block every 10 minutes. These characteristics make Litecoin the ninth-largest cryptocurrency to exist, with it being valued at £116 for 1 Litecoin at the time this article was written.
The most familiar route to purchasing Litecoins is known as a cryptocurrency exchange, which are platforms, mobile apps and websites which allow investors to purchase Litecoin with money or other cryptocurrencies. Coinbase is a cheap and fast way to buy Litecoin, although this route is limited to 43 countries. An alternative to this is Changelly, which provides the availability to buy Bitcoin and Litecoins where your country is not included in Coinbase.
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