Litecoin - what is it?



29 listopada 2021
Litecoin - what is it?

What is Litecoin and when was it created? Price, Litecoin reviews

There is no denying that cryptocurrencies are becoming more and more popular every day. Since its inception in 2009 until now, the interest in them is growing and more players are entering the exchanges. The fame of bitcoin - the first cryptocurrency in history - made many people want to create their own virtual currency to compete with it. This is how the idea of altcoins was born - that is, alternative currencies that work in a similar way to BTC, but with some improvements or changes that allow or make it easier to "mine" them using different methods. One of the most popular cryptocurrencies on the market today is Litecoin. When was it created, what are its characteristics and what is its price? We answer these and other questions about this cryptocurrency in the article below.

Litecoin - what is it?

Litecoin is currently one of the most popular cryptocurrencies on the market. It runs on a peer-to-peer system, and Charlie Lee is responsible for its creation, who made it available to users in 2011. At the time of Litecoin's creation, Lee was working at Google, but he had long dreamed of creating his own big project, which is the cryptocurrency we know today. The main idea of Litecoin is to reduce the cost of transactions, as well as increase efficiency during everyday use. So, in a nutshell, we can say that it is an attempt to bring cryptocurrencies closer to traditional means of payment while retaining all the advantages of bitcoin. LTC, unlike BTC, uses a special Scrypt algorithm (rather than SHA-256). The main issue with the choice of Scrypt was that it was inefficient to mine Litecoin using ASIC miners - it was intended to be a currency accessible to all, and its mining should be done using ordinary personal computers, but the idea failed - ASIC miners very quickly found a way to configure their devices so that they were as efficient as possible when digging LTC.

Litecoin - opinions

Opponents of cryptocurrencies about each of them have equally negative opinions, so here we will focus only on the experiences of people who have been or still are in contact with the market and at some stage of their adventure with cryptocurrencies came into contact with LTC. Litecoin has been very well received among users. The cost of transactions using it is quite low and the turnaround time is incredibly short. Many people also mention that there is never a problem with access to the virtual coins - there are four times more of them than BTC, which means that there are still really a lot of Litecoins waiting to be mined and traded.

Is it worth investing in Litecoin? Price and value fluctuations

At the time of writing this article, the price of Litecoin was almost 270 US dollars (USD), per LTC coin. Fate has not been kind to this currency lately - it has been making small, though regular, declines. Nevertheless, it is one of the most popular currencies, with the use of which various transactions are carried out very often. Litecoin is also a low-risk cryptocurrency, and it may soon start appreciating in value, so it is definitely worth buying it now, when its prices are really attractive.

Where to buy and sell Litecoins?

There are many ways how you can successfully buy and sell different types of cryptocurrencies, including Litecoin. Among them we can mention the main three - on your own, through an exchange and in an exchange office. In the case of the first way there is a very high risk of fraud and loss of funds. Selling any currency on your own carries a lot of danger, so you should be very vigilant. You can also use the services of a cryptocurrency exchange, but a person who is just starting his adventure with crypto can have a lot of problems to find his way there, which can cause trouble with the process of selling and making money on it. So the safest option remains a cryptocurrency exchange like ours. With us, you can easily convert your cryptocurrencies into traditional currencies and use them.

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