Litecoin (LTC) is a cryptocurrency designed for fast, secure and cheap payments using the unique features of blockchain technology. Check out our Litecoin deep dive to learn more about this project.
Cryptocurrencies are based on the Bitcoin (BTC) protocol but differ in the hashing algorithm used, strict limits, block transaction times, and several other factors. Litecoin has a block time of just 2.5 minutes and very low transaction fees, making it ideal for microtransactions and point-of-sale payments.
What is Litecoin (LTC)?
Litecoin (LTC) is a cryptocurrency designed for fast, secure and cheap payments using the unique features of blockchain technology. Check out our Litecoin deep dive to learn more about this project.
Cryptocurrencies are based on the Bitcoin (BTC) protocol but differ in the hashing algorithm used, strict restrictions, block transaction times, and several other factors. Litecoin has a block time of only 2.5 minutes and very low transaction fees, making it ideal for microtransactions and point-of-sale payments.
Litecoin was released via an open-source client on GitHub on October 7, 2011, and the Litecoin network went live five days later on October 13, 2011. Since then, it has exploded in merchant usage and acceptance. One of the top ten cryptocurrencies by market capitalization most of the time.
The cryptocurrency was created by former Google employee Charlie Lee, who aimed to make Litecoin a “simple version of Bitcoin” that has many of the same features as Bitcoin but weighs less.
Who Are the Founders of Litecoin?
As we mentioned earlier, Litecoin was founded by Charlie Lee, an early cryptocurrency adopter, and has a high reputation in the cryptocurrency industry.
Charlie Lee, also known as “Chocobo”, is a former Google software engineer, Bitcoin miner and computer scientist. In addition, Charlie Lee served as Director of Engineering at Coinbase from 2015 to 2017 before moving on to other ventures.
Today, Charlie Lee is an outspoken supporter of cryptocurrency and the managing director of the Litecoin Foundation, a non-profit organization that works with the Litecoin Core Development team to help develop Litecoin.
In addition to Li, the Litecoin Foundation also has three people on its board: Cincy Wang, Alan Austin, and Xing Yang, all of whom are self-made.
Litecoin (LTC) Token Price Prediction
| Name | Price | 24H (%) |
|---|---|---|
 Tether (USDT) | $1.00 | 0.03% |
 Litecoin (LTC) | $96.23 | -0.62% |
What Makes Litecoin Special?
Litecoin is the second most popular pure cryptocurrency behind Bitcoin. This success can be attributed to its simplicity and obvious benefits.
As of January 2021, Litecoin is one of the most widely accepted cryptocurrencies, with over 2,000 merchants and stores worldwide now accepting LTC.
Its main advantages are speed and economy. Litecoin transactions are usually confirmed within minutes and transaction fees are almost negligible. This makes Bitcoin an attractive alternative to developing countries, where transaction fees are a deciding factor in which cryptocurrencies to support.
In late 2020, Litecoin launched the MimbleWimble (MW) testnet, which is used to test Mimblewimble-based cryptographic transactions on Litecoin. Once this feature becomes available on the mainnet, Litecoin users will experience a significant increase in privacy and portability.
How Many Litecoin (LTC) Coins Are in Circulation?
Like most proof-of-stake (POW) cryptocurrencies, the amount of Litecoin in circulation increases gradually with each new block mined.
As of January 2021, 66.245 million LTC have been mined from a peak supply of 84 million. The Litecoin Foundation recently estimated that it will be more than 100 years until Litecoin is fully diluted (around 2140) – because the number of LTC mined per block decreases every four years according to the block reward halving schedule.
About 500,000 LTC were settled on the first day after the LTC genesis block was mined, and Charlie Lee and other Litecoin developers were likely among the first miners.
However, as a fairly distributed asset, Litecoin developers or Charlie Lee do not directly profit from the operation of Litecoin beyond whatever they may find as part of the normal mining process.
In 2011, Litecoin hit $0.30 when it launched on several markets. It then went on a massive bull run from November to December 2013, when Litecoin reached a record high of $44.73. However, the bear market and Mt. Gox hack caused the price of Litecoin to drop in 2014, and prices have been consolidating in the $2-$4 range for several years.
In November and December 2017, Litecoin rose 500% to $358.34 in a crypto bull market. Litecoin price reached an all-time high on May 9, 2021, at $386.45 in the latest crypto bull session in May 2021.
How Is the Litecoin Network Secured?
As a blockchain-based cryptocurrency, Litecoin is protected by extremely strong cryptographic security, making it nearly impossible to crack.
Like Bitcoin and several other cryptocurrencies, Litecoin uses a PoW consensus algorithm to ensure transactions are quickly and error-free. The combined power of the Litecoin mining network prevents double-spending and many other attacks, making the network 100% operational.
Where Can I Buy Litecoin (LTC)?
Litecoin is one of the few cryptocurrencies with multiple fiat trading pairs, and when you buy Litecoin, you can exchange it for US Dollars (USD), Korean Won (KRW), Euros (EUR), and more. The most popular names include Huobi Global, Binance, Coinbase Pro, OKEx, and Kraken.
Litecoin is one of the few cryptocurrencies with multiple fiat trading pairs and can be exchanged for the US dollar (USD), Korean won (KRW), euro (EUR) and other currencies.
To check the Litecoin price in your chosen currency, you can use CoinMarketCap’s converter feature directly from the Litecoin currency page. Or use the special currency converter page. Popular Litecoin price pairs include: LTC/USD, LTC/GBP, LTC/KRW, and LTC/EUR.
