Litecoin is a cryptocurrency that was created in 2011. On the surface Litecoin is identical to Bitcoin. If you haven’t heard of Bitcoin my article on Bitcoin can be found here. The Litecoin network went live on October 13, 2011. It was basically a source fork of the Bitcoin core client with a decreased block generation time of 2.5 minutes while Bitcoin is every 10 minutes. Litecoin has a maximum supply of 84 million coins. There have been over 66 million Litecoin’s mined to this day, but like Bitcoin it will be over 100 years until Litecoin reaches full dilution (around 2140). The number of Litecoin’s mined per block will decrease every four years according to the block reward halving schedule (identical to Bitcoin) The network uses a scrypt algorithm. In the proof of work algorithm Litecoin uses scrypt which is a memory hard function requiring more memory than algorithm which is not memory centered.
Charles Lee who was a former Google employee created Litecoin as a ‘light’ version of Bitcoin. This currency was created to provide the world with fast and low-cost payments using the unique qualities of the blockchain technology. One of the main benefits of this coin is its speed and cost-effectiveness when comparing it to Bitcoin. In 2020 Litecoin also released the MimbleWimble testnet, which will allow Litecoin users to benefit from a greater level of secrecy and interchangeability. Read more about MibleWimble here.
One of the first times I bought Litecoin was in 2017. Ever since that deposit I knew and still believe that Litecoin will have a place in the cryptocurrency marketplace. Once the value of Bitcoin is finally recognized among the masses then the value of an alternative will also be recognized. Litecoin is very similar to Bitcoin and one day people will crave to hold Litecoin’s the same way people and businesses are holding Bitcoin today.
Litecoin has introduced the Litecoin Visa card. It is currently the only platform that allows users to actually keep their Litecoin until the time of purchase. This value stays in Litecoin and is your purchasing power. There are three different ways to load your Litecoin card. Either it’s a cryptocurrency transfer, direct deposit or reloading at one of thousands of retailers, Litecoin Card has all the possibilities covered.
