lite coin

When someone says cryptocurrency, even if Bitcoin comes to mind, there are many more currencies that are at least as valuable as it. Litecoin, defined as Bitcoin’s brother, is one of those cryptocurrencies. In 2017, it attracted attention with its sudden and excessive increasing prices. Also, after the cost of Bitcoin was high, it turned out to be one of the best alternatives.

Litecoin has recently come up with interesting explanations of the developer Charlie Lee. Because he sold all his Litecoins and told that the cryptocurrencies started out of their purpose. These statements had a decreasing effect on Litecoin prices. Then, it has begun to reappear after a few small declines.

 

 

What is Litecoin?

 

How to use Litecoin
How to use Litecoin

Litecoin is the first altcoin that is inspired by Bitcoin’s open-source software. At the same time, gold is likened to Bitcoin, while silver is used for Litecoin. The abbreviation is LTC and appeared on October 13, 2011. At first, the developer’s name is kept secret; but later it was identified as Charlie Lee, a Google engineer. The rise in Litecoin prices, about two years after its production, has made it stand out.

Just like Bitcoin, Litecoin is an open source global payment network that is not centralized. The reason why Charlie Lee sells all the Litecoins in his hand is also hidden here. According to Lee, cryptocurrencies be produced to be accepted as a global payment method. But the current form of use has turned into monetization, taking advantage of the rapid increase in prices and speculation. Lee has sold all his Litecoins for this reason.

Who is the Developer of Litecoin?

Although Bitcoin developer hides as a secret, the same thing has not happened for Litecoin. Charlie Lee, with a growing interest in Bitcoin, has undertaken an investigation and produced Litecoin. At first, the main aim was to learn the code structure of Bitcoin but later decided to launch Litecoin on the market.

Charlie Lee is a Google engineer, and for a while, it was thought to be the real Satoshi. These views have strengthened because they use Twitter account as “satoshilite”. The fact that he is a former engineer of Coinbase has also influenced this view. However, he gave a statement about he is not the real Satoshi.

How did Litecoin Appear?

Litecoin, the first altcoin of the cryptocurrency world, has been developed with Bitcoin’s open-source software. Litecoin, created by Charlie Lee, has emerged with the beginning of interest in Bitcoin. In 2011, Lee started to think about Bitcoin, and soon he launched the Litecoin on the market. His goal was not to create a new cryptocurrency but to learn the code of Bitcoin. By contrast, Litecoin is at least as famous as Bitcoin, and we do not know about the feature.

Charlie Lee, who decided that Litecoin could be a better altcoin, made the code open to everyone. Because of this decision, Litecoin has emerged as an alternative and in some ways an altcoin that is better than Bitcoin.

How is Litecoin Produced?

What is Litecoin
What is Litecoin

Litecoin’s production rationale is based on the Bitcoin protocol. However, there are some differences. Litecoin was developed using the Scrypt algorithm and is now produced with ASIC minerals. On the other hand, the number of firms producing ASIC minerals is minimal and entry to the country is difficult. So, Litecoin production is a serious problem. For this reason, many people are investigating whether mining can be done without buying a device. However, the fact that it is not possible.

The production amount of Litecoin is limited to 83 million tokens. This is one of the difficulties in production. Increasing the amount of circulation is difficult even if you have devices. Because of the increase in the amount of circulation of a cryptocurrency, production will be more difficult. For this reason, a device rental business known as Cloud Mining has emerged. However, the point to note here is that you do not have to attend a titanium chain group. In this way, you will stay away from many fraud cases.

How to Use Litecoin?

Litecoin is a cryptocurrency, just like the Bitcoin, which could be out future payment system. Even if they appear to be investment ways, the logic of creation is that payments can be made quickly without any extra services. Litecoin Lightning Network, smart contracts and products like atomic swap, are seen as positive aspects of their adoption as a global payment network.

It is known that the primary usage of Litecoin is providing the exchange of goods between two persons in milliseconds. So, when you want to buy a car, you will be able to process it instantly thanks to the Litecoin smart contracts you will create. It is known that these contracts are closed to fraud cases because they are controlled and secured by a sizeable block-chain technology.

 

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About the author

I am graduated from the faculty of communication. I have worked for major companies in the communication field, and acquire more than 12+ years of experience. I like to read empowering books, traveling and researching useful stuff on the internet. For a few years now, I have cultivated and developed a passion in the cryptocurrency world. I have decided to dedicate my time to create some posts on my blog about cryptocurrencies in general. Cryptocurrency World is growing fastly and will have longevity future however it has just born. I intend to improve myself on blockchain technology and share my knowledge.

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