What is Litecoin? ($LTC)
The inspiration to develop and build the Litecoin network came from former Google developer Charlie Lee. The initial inspiration for Litecoin was derived from its official big brother - Bitcoin. In fact, the original source code for Bitcoin was used by the Litecoin development team, with specific modifications implemented in an aim to build upon what was seen as some limitations of the BTC network. Litecoin is therefore referred to as a “fork” of Bitcoin.
Litecoin was developed and deployed to introduce lower fees which would make for more likely normal transactional use of the network, in comparison to BTC. Litecoin was first launched in 2011, just 2 years after Bitcoin’s break into the mainstream, and the first time the digital currency passed over the $1 price mark - also during 2011.
At present, Litecoin is still a mineable coin and is used primarily for peer-to-peer payments. Detailed price information about Litecoin, including the ability to buy and sell, is available on Firstrade cryptocurrency trading platform.
More about Litecoin ($LTC)
Whilst Litecoin ($LTC) is close to Bitcoin in features, the algorithm itself is completely different, with the aim being frequent, daily transactions and a less expensive decentralized payment option. The transaction costs associated with the Litecoin network are traditionally cheaper than BTC, and transaction processing times are also notably faster, which substantiates the aim of the digital currency as an effective alternative payment medium.
The proof-of-work network rewards validators, computers which represent nodes on the decentralized blockchain network, with Litecoin for their part in the network processing. These computers work to validate transactions which represent actions, including but not limited to payments, on the decentralized system. Of the 84 million total Litecoins available to be mined, 14 million remain as of April 2022.
Firstrade full web and mobile cryptocurrency platforms allow customers to learn more about Litecoin ($LTC) and check the most current cryptocurrency prices.