what is litecoin

What Is Litecoin?

Litecoin (ticker LTC) is a cryptocurrency that is unique because it enables instant, almost zero cost payments to anyone worldwide. Litecoin is an open-source, decentralized network that operates without any intermediary. 
Litecoin is the 21st largest cryptocurrency as ranged by Coinmarketcap.com. It was created as an alternative cryptocurrency in October 2011 by Charles “Charlie” Lee, a former Google engineer. Litecoin was mainly based on Bitcoin’s open-source code but of course with some modifications and improvements. Litecoin differs from Bitcoin in terms of faster block generation rate and use of Scrypt as a proof of work scheme.

What is Litecoin use cases?

One of the main goals of Lee and his team is to make LTC a decent pay method that can be used worldwide.
In 2021 PayPal’s Venmo payment app added Litecoin as one of the digital currencies users could “buy, sell, and store” within their Venmo profiles.
In the same year, the Litecoin Foundation launched a VISA debit card that converts LTC into US dollars for “users to make payments anywhere VISA is accepted.” online shopping and digital services to retailers and restaurants. Here’s a list of well-known companies that started accepting LTC Directory with 3100+ companies, services, merchants, stores accepting LTC as a payment. Pay with Litecoin!

Main features of LTC

  • Litecoin runs on the Lightning Network. That gives an opportunity for small transactions to process off of the main blockchain. 
  • Litecoin has been known since 2011 and is one of the most popular cryptocurrencies together with Bitcoin and Ethereum.
  • It has a loyal, involved community and it’s listened on almost all exchange platforms.
  • It’s blockchain has been running for many years flawlessly and has a proven track record proving its security.
  • The transaction fees of its are lower than on Bitcoin.
  •  It uses a Scrypt hashing algorithm. So miners gain newly minted Litecoin’s as a reward. The Scrypt algorithm prevents miners from pooling together.

LTC Factfile

  • LTC’s market cap at the moment of writing is 8.554B
  • Large companies such as UFC (Ultimate Fighting Champion), gaming giant Atari and Overstock.com, Travala, and many others are using LTC. 
  • Litecoin is one of the most liquid coins in the market. 
  • Litecoin is among of fastest cryptocurrencies over there. Users can process transactions on its platform four times faster than on the Bitcoin blockchain.

Litecoin community

Litecoin has a strong and loyal community worldwide, so you’ll reach those enthusiasts with ease on Twitter, Telegram, Litecoin forum, Reddit, etc. There is also Litecoin Wiki where you can find all the information you need. 

Where to buy LTC?

Litecoin (LTC) is available for purchase on all prominent exchanges such as Coinbase, Binance, Gemini, SimpleSwap etc. You can also buy it directly with a Paypal, credit card, or cash.
If you want to buy and sell with USD, you can also use Coinmama exchange, the easiest way to make such transactions. Users worldwide can use it to buy Litecoins with USD. 

Choosing Litecoin wallet

Your Litecoin wallet should be easy to use, quick and sharp in reactions, both nicely and smartly designed, giving you an opportunity to be a part of crypto flawlessly. We are happy to offer you a SimpleHold wallet as an option cause it was built for beginners to make all crypto operations as easy as possible. Plus, it’s an extremely secure wallet, that is pretty crucial for our team’s vision and our user. With SimpleHold you don’t have to be scared of data leakage at all. Just try to download an app for iOS or Android or an extension for your favorite browser and test an incredibly convenient wallet you haven’t had before!

Final thoughts

Litecoin remains a decent option for cryptocurrency investors and traders looking for Ethereum and Bitcoin substitution. It’s much faster, its adoption is continually increasing, and you can also mine a token by installing Litecoin Core and meeting all the requirements.
Written by SimpleHold