Litecoin is one of the fasting growing cryptocurrencies on the market.
What is Litecoin? No, it’s not Bitcoin on a diet. It’s not the Bing to Litecoin’s Google. Litecoin is an alternative cryptocurrency, and its exponential growth has everyone paying attention. Surging from $80 vanaf coin at the end of November to its present $300 price ter just two weeks, Litecoin has managed to outperform Bitcoin by the numbers. Here’s everything you need to know about Litecoin.
What is Litecoin?
Ter 2011, Google employee and MIT grad Charles Lee sought to create a cryptocurrency that Bitcoin investors could get on houtvezelplaat with to diversify their portfolios. While still working at Google, Lee released the silver to Bitcoin’s gold that October on GitHub, an open-source client. Where other cryptocurrencies from that time failed, Lee’s succeeded by taking Bitcoin’s original technology and tweaking it slightly to appeal to Bitcoin miners and improve upon Satoshi Nakamoto’s monster. It’s also significant to note that Charles Lee left Google te 2013 to become the third hire at cryptocurrency webpagina, Coinbase . Today, Coinbase is one of the most widely known and easy-to-use websites for purchasing and storing bitcoins and litecoins.
How is Litecoin different from Bitcoin?
The major benefit to investing te Litecoin overheen Bitcoin is the transaction speed. Litecoin blocks (or transactional histories) can be generated four times quicker than Bitcoin blocks, which makes buying and selling Litecoin enormously prompt. Because of the improved transaction speed, Litecoin’s blocks are also fatter and can treat higher volumes of information.
There’s also more litecoins ter existence. Where there can only be 21 million bitcoins, 84 million litecoins can be mined.
Then, there’s scrypt. Ter order to mine Litecoin, miners vereiste use a entirely different algorithm than Bitcoin, called scrypt. Because large mining conglomerates cannot lightly switch inbetween scrypt and SHA256 (Bitcoin mining tech), it makes it difficult for miners to maximize profits by going back and forward inbetween Litecoin and Bitcoin. To cryptopurists, this is significant spil it permits for a more decentralized practice.
Why has it grown so much this year?
Factors like Bitcoin’s media exposure, Charles Lee’s latest appearances on money talk shows, and Coinbase’s latest influx of 100,000 users, and a latest ad shove by the coin, have no doubt contributed to Litecoin’s spike.
Why invest ter Litecoin?
Charles Lee himself has called investing ter his own cryptocurrency “risky.” But many proponents of Litecoin have commented that having a creator who is willing to stand behind his technology is already leaps and bounds ahead of Bitcoin. Satoshi Nakamoto is like Shakespeare: It has bot speculated that the Bitcoin creator is anywhere from a group of people to Julian Assange.
Litecoin’s immobile coin amount of 84 million, its swifter transaction speed, and its lesser-known status also make the cryptocurrency attractive to investors who don’t want to bury it all just on Bitcoin.
Creator Charlie Lee caused a stir on Dec. 20, 2018, when he announced te a Reddit postbode that has “ sold and donated” all of his Litecoins, however he did not disclose how many litecoins that entailed or at what price he sold them. Lee said the decision wasgoed motivated ter part by criticism of his tweets about Litecoin, which have major swaying power ter the market.
“ Overheen the past year, I attempt to stay away from price related tweets, but it’s hard because price is such an significant facet of Litecoin growth. And whenever I tweet about Litecoin price or even just good or bads news, I get accused of doing it for individual benefit. Some people even think I brief LTC! So te a sense, it is conflict of rente for mij to hold LTC and tweet about it because I have so much influence. I have always refrained from buying/selling LTC before or after my major tweets, but this is something only I know. And there will always be a doubt on whether any of my deeds were to further my own private wealth above the success of Litecoin and crypto-currency te general.”
Lee said he plans to proceed working with Litecoin and that this stir will permit him better concentrate his efforts.
“ I will still spend all my time working on Litecoin,” Lee said. “When Litecoin succeeds, I will still be rewarded te lots of different ways, just not directly via ownership of coins. I now believe this is the best way for mij to proceed to oversee Litecoin’s growth.”
How to buy litecoins
You can buy Litecoin on Coinbase (of course), or excellent Litecoin wallets like Uittocht and Jaxx . For more detailed information on how to physically switch your contant to cryptocurrency, check out our explainer on how to invest ter Bitcoin . Buying Litecoin is no different and you should get it ter a flash!
Claire Downs is a freelance contributor for the Daily Dot, covering the intersection of technology and speelpop culture. Hier work can also be seen te Cosmopolitan, VICE Motherboard, VH1.com, and Merry Jane.