In the cryptocurrency market, besides Bitcoin, there are many other coins, including Litecoin. Let’s explore what Litecoin is? How does it differ from Bitcoin, along with many other useful information through the following article!
What is Litecoin?
Litecoin (LTC) is an open-source P2P cryptocurrency similar to Bitcoin.
LTC is a coin not regulated by any government, bank, or organization; it operates on a fully decentralized network, with rapid, instant transaction speeds, making it the second most prominent after BTC.
The history of Litecoin’s creation
The creator of Litecoin is Charlie Lee — a former Google employee, LTC was created with the hope of becoming a more optimized version of BTC.
On October 7, 2011, Litecoin was officially released on GitHub, and on October 13, 2011, the LTC network went live.
Differences between Litecoin and Bitcoin
Although both share similar basic technologies, Litecoin was designed to be a more optimized version of Bitcoin with notable advantages:
- Faster transaction speed with a block creation time of 2.5 minutes, 7.5 minutes faster than BTC.
- LTC uses the Scrypt algorithm, making mining more accessible, compared to Bitcoin’s SHA-256 algorithm which is more chain-like.
- The block reward is 12.5 LTC awarded to miners every 840,000 blocks, roughly every 4 years during the halving event.
- Litecoin features anonymous transactions enabled via soft-fork and Bulletproof MimbleWimble, unlike Bitcoin, ETH, BCH which process transactions on their respective blockchains.
- The total supply of Litecoin is large, up to 84 million LTC, compared to Bitcoin’s 21 million BTC.
- Atomic swaps (using Hashlock TimeLock Contracts) are a unique and interesting feature of LTC. For example, exchanging 1 BTC for LTC can be done directly between users without fees via atomic swaps, instead of on centralized exchanges.
Where to create a Litecoin (LTC) wallet?
You can create Litecoin storage wallets from various options, here are 5 suggestions:
- Online web wallets: Consider Coinbase, currently regarded as the best online web wallet.
- Hardware wallets: Very secure but somewhat complex for beginners. Consider wallets like Trezor, Ledger, or Jaxx for LTC storage.
- Desktop wallets: Available for Windows, Linux, and Mac OS for storing LTC.
- Mobile wallets: LoafWallet is a good option for mobile LTC storage.
- Exchange wallets: Storing LTC on exchanges is less secure but convenient for frequent trading, buying/selling LTC or other coins.
Where to buy and sell Litecoin (LTC)?
Many crypto exchanges support LTC trading in Vietnam and worldwide. The concern is which platforms are secure and reputable. Consider the following exchanges:
Vietnamese exchanges
The Aliniex platform in Vietnam is currently rated as the most trustworthy for trading and buying/selling LTC with VND.
International exchanges
Globally, several well-known and reputable exchanges offer Litecoin trading, including Binance, Huobi, Bittrex, CoinEx, etc. These platforms allow buying LTC with BTC, USDT, or ETH.
Should you invest in LTC?
Investors in the crypto market know that it can be highly profitable but also risky. Successful investment demands analytical skills, experience, and sometimes luck.
Compared to Ethereum or Ripple, Litecoin is somewhat less prominent, but personal analysis suggests investing a small amount in LTC. You can also profit through Litecoin mining.
Additional information
Unit of Litecoin
LTC is divisible into 1 million units, including:
- 0.001 mLTC (millicoin)
- 0.000001 µLTC (microcoin)
- 0.00000001 as the smallest unit
Litecoin mining map
Litecoin partners
Over 9 years of existence, Litecoin has partnered with many entities, big, small, and medium. Notable partners include:
- Travala.com: Covering 567,928 hotels across 210 countries and 82,311 destinations.
- BlockFi: Providing all asset management products supported by blockchain technology for investors.
- Travelbybit.com: Facilitating flight and hotel bookings with cryptocurrency.
- Other e-commerce partners.
Conclusion
Through this article on Litecoin: what it is, how to create a wallet and buy/sell LTC coins, I hope to provide many useful information. Wishing you success with LTC.
