Litecoin is a peer-to-peer cryptocurrency that was released by Charlie Lee, a former Google employee, on the 7th October 2011. As a fork of Bitcoin Core, Litecoin featured several improvements upon the original Bitcoin protocol including reduced blocktimes, decreased to 2.5 minutes instead of 10 minutes, increased total supply and a different proof of work algorithm (scrypt vs SHA-256). The Litecoin network is scheduled to produce 84 million currency units with a halving in reward every four years just like bitcoin.
The adoption of a faster blocktime meant that transactions were quicker to settle and be written into the blockchain, whilst the adoption of the memory intensive scrypt algorithm was intended to defeat the ASIC dominance of mining. However, due to the popularity of Litecoin, ASICs have been already developed and deployed that are able to mine the scrypt algorithm.
Often considered to be the silver to Bitcoinu2019s gold status, improvements and upgrades are often rolled out to the Litecoin network before they reach the Bitcoin network (such as the SegWit and Lightning Network upgrades). This practice has also led to some people derisively calling Litecoin the test-network for Bitcoin.
The scrypt algorithm that Litecoin is using happens to be safer than the other hashing algorithms. In this case, the Scrypt provides for more efficient processing power unlike in the SHA-256 algorithm.
The Litecoin blockchain is capable of handling higher transaction volume than its counterpart - Bitcoin. Due to more frequent block generation, the network supports more transactions without a need to modify the software in the future. As a result, merchants get faster confirmation times, while still having ability to wait for more confirmations when selling bigger ticket items.
Decentralized access allowing any party with the open-source software and internet access to send and receive Bitcoin irreversibly without third party interference or trust.
Litecoin is not subjected to inflation because there is a fixed maximum supply of 84 million litecoin.
Feel free to explore the FAQ or Contact us for any problem or question you may have.
You will have to pick a Subject and doing so will result in a quicker and more effective resolution.
Afterwards, you will have to enter your Email address and our support team will review your request as soon as possible.
We usually solve most issues in less than 1 hour.
We are always happy to assist you!
Users reported an ongoing scam. Do not trust people you meet online and do not send funds to an account that is not yours. Treat any “too good to be true“ deals, bonuses, discounts, etc with extra caution! Please stay safe!