Litecoin (LTC) - what it is?

By
Tokeneo
-
2 min reading

In a cryptocurrency environment called digital silver, which fully refers to Bitcoin. Litecoin, which is one of the oldest and most popular cryptocurrency - in this article you will learn everything about it!

litecoin what it is

Litecoin - what is it?

Litecoin (LTC) is currently one of the oldest and most desirable cryptocurrencies. Litecoin was founded in 2011 and its creator is Charlie Lee, a programmer who has been involved in large projects such as Google, but also in the crypto industry, by creating Coinbase exchange. He is a person with great experience in this field, which translates into a well created project, gaining popularity and maintaining a good position for years.

Litecoin is considered to be Bitcoin's brother because he uses his source code. It is not created under such a large turnover as Bitcoin. The idea was to create a cryptocurrency, which can be used for small transactions and online payments.

What is diffrence between Litecoin (LTC) and Bitcoin (BTC)?

Although community consider both cryptocurrencies to be brothers, they are different. First of all, it is the creator. Bitcoin was created by Satoshi, i.e. a person or a group of people with an identity unknown until today. The creator of Litecoin is a person who is well known and respected in the community, with great experience in this field.

The maximum supply of Litecoin is 4 times higher than in the case of Bitcoin and amounts to as much as 84 million. The difference is also the time between mining a single block. In the case of Bitcoin, it is about 10 minutes. Litecoin has reduced this period to 2 minutes.

Read also: 3 mistakes made by beginner crypto investors

Litecoin halving - does it exist?

Just like in the case of Bitcoin, the mining reward for miners is also reduced from time to time, specifically every 840,000 LTC blocks. Also, as in the case of BTC, halving of Litecoin takes place every about 4 years.

The last halving took place in 2019, and the prize for the block was reduced from 25 LTC to 12.5 LTC. The next halving is expected to take place in 2023.

The purpose of halving is to give a cryptocurrency character that counteracts its inflation. Increasing mining difficulties is a way to counteract the extraction of the entire 84 million coins in too short a time.

How to mine Litecoin?

Like other cryptocurrencies based on Proof of Work algorithm, Litecoin can be mined. This is possible with special cryptocurrencies excavators, which, thanks to their computing power, allow for complex mathematical calculations. Thanks to them, it is possible to extract blocks for which miners are awarded the appropriate amount of 12.5 LTC (currently). After halving, this value will fall to 6.25 LTC.

Read also: How Does Bitcoin Mining Work?

A wallet for Litecoin - which one to choose?

Choosing the right place to store your cryptocurrencies is a very important thing. Currently there are many hot wallets available for Litecoin, operating on an application basis.

Invariably, the most reliable and safest place is the hardware wallets such as Ledger or Trezor. They give the greatest certainty that after transferring our cryptocurrencies to them, they will not fall victim of hackers.

Read also: Bitcoin wallets - how they work and which one is the best?

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Tokeneo TEO OU. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the tokeneo.com/news/pl website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is TOKENEO TEO OÜ (an Estonian law limited liability company) with its registered offices in Tallinn (in the province of Harju Maakond), at 19-7K Maakri Street (in the district of Kesklinna Iinnaosa), 10-145 Tallinn, Estonia, registered on 21.12.2018 in the Estonian Business Register under number 14630242, using the EU VAT number: EE102149487.

The full document to read the Tokeneo privacy policy is available in this document.

Advanced settings can be changed in your browser.