What is cryptocurrency Litecoin

Litecoin arose from nowhere and for a short time became one of the most popular, known and valuable cryptocurrencies in the world.

Litecoin describes himself as follows: "Peer Internet currency which allows to register payments practically with the zero commission to any person in the world. Litecoin is a global payment network with an open source code which is completely decentralized as has no central governing bodies".

Litecoin enters in top-5 the leading cryptocurrencies in the world on market capitalization, passing bitcoin, эфириум, Ripple and Bitcoin Cash forward.

History of a Litecoin

Litecoin appeared on October 7, 2011 that makes him to one of the oldest cryptocurrencies. His source code represents форк the client of Bitcoin Core with several noticeable changes and improvements, such as reduction of time of generation of blocks, use of different hashing algorithms, and reduction of time necessary for payment processing.

Team of a Litecoin

Charlie Li created лайткоин while he worked in Google. In Charlie's Google participated in work on several known projects, such as Google Play, Chrome OS and YouTube. Li left Google in 2013 to be engaged in Coinbase full time. Now Coinbase — one of the largest the cryptoexchanges in the world. However Charlie already left her and completely devoted himself to a Litecoin.

Litecoin has the team of the specialists working on his different aspects.

How to purchase and where to store Litecoina?

Litecoin — one of the most popular cryptocurrencies available to purchase practically at any cryptoexchange. Litecoina it is possible to purchase directly for fiatny currency, unlike many other cryptocurrencies which are on sale only for bitcoins (that is at first it is necessary to purchase bitcoins, and already then to make exchange for digital currency necessary to you).

There are different Litecoin-purses which can be loaded free of charge. There are Litecoin-purses for all operating systems: Windows, Mac OS X, iOS, Linux, Android and Blackberry. In addition to standard purses there is several unusual, such as Electrum LTC, LiteVault and LiteAddress.

Electrum LTC — an easy purse which does not demand synchronization with the used network. All you need is, is a password from 12 words.

LiteVault is an online purse which works in the browser, using the cryptography which is built in him. It allows you to get access to the coins from any computer. For the purpose of safety of LiteVault cannot see your personal keys.

References to different purses can be found on the website of a Litecoin.

What Litecoin differs from bitcoin in?

As bitcoin — a leader in the world of cryptocurrencies, it is useful to compare лайткоин to him and to understand in what parameters our hero exceeds the most known digital currency.

According to the destination лайткоин and bitcoin practically identichena (if to consider an initial purpose of bitcoin — commission of transactions). However in functionality there are some noticeable distinctions.

Quoting the website of a Litecoin, distinctions between Litecoiny and bitcoin can be described as follows: "The blockchain of a Litecoin is capable to process the bigger amount of transactions, than a bitcoin blockchain. Thanks to more frequent generation of blocks the network supports more transactions without the need for modification of the software in the future. As a result sellers quickly receive payment confirmations, however at sales on the large amounts of additional confirmations it is necessary to wait longer".

The brief summary of benefits of a Litecoin before bitcoin

- Transactions of a Litecoin are made quicker. The money sent by means of a Litecoin usually appears in a purse within several minutes, at that time the bitcoin transaction can take 10-15 minutes.
- The commission for transactions of a Litecoin is much lower. The block is larger, the more you have to pay mayner for transactions. At a Litecoin less blocks in comparison with bitcoin, therefore, mayner charge the smaller fee.
- Litecoin has noticeable technical improvements, such as Segregated Witness (SegWit) and Lightning Network.
- Litecoin copes with the large volume of transactions better, and the bitcoin and an efirium in the past with it had serious problems.
- 84 million Litecoin will be in total extracted that is four times more than a stock of bitcoins.

Why Litecoin?

The bitcoin faced a critical problem of scalability. Even with the changes made on August 1, 2017 the bitcoin all the same will never be able to service an any number of users. In process of growth of popularity of bitcoin also the transactions commission will grow. It is not such large sum at commission of rare and large deals like purchase of the house or the car. But what about purchase of a cup of coffee?

Litecoin can solve all these problems, offering inexpensive and instant transactions and being capable to be scaled much more effectively, than bitcoin. Litecoin will solve this problem, studying bitcoin errors.

To explain similarities and differences between two cryptocurrencies, the bitcoin is usually compared to gold, and лайткоин — to silver. Gold was traditionally used for accumulation and storage in the reliable place, and silver was melted into coins and used for shopping.

Analogy to gold and silver belongs also to usefulness of a coin, and to its value. As bitcoins will always be less (as gold), the first cryptocurrency will be used less, but to be more expensive. Litecoinov is more (silver), and they will be used more often, but to cost cheaper. Therefore it is more probable what in the future лайткоин will be applied to small daily transactions.

Think whether it is reasonable to pay for something in a small amount of gold. Provide that you try to pay for goods from grocery store gold dust! As silver is less valuable, it is simpler to use it for daily calculations.

In the theory you can use both gold, and silver. You can purchase the house for the truck of silver coins (Litecoina) or for one gold bar (bitcoin). As a result you receive the same result.

Future of a Litecoin

Litecoin has all functionality of bitcoin with noticeable improvements. It is quite possible that over time bitcoin and лайткоин can become gold and silver standards, not only for purchases, but also for all cryptocurrencies and tokens. In the future, when you will need to purchase other type of digital assets or a physical product, you will be able just to change coins which you already have, for the fact that it is necessary for you.

Good analogy — purchase of fuel for the car. If you have a car, it does not mean at all that you have to buy barrels of crude oil. You just come around on gas station and you exchange the money that it is necessary for you when you need it.

To a sensation in the press around bitcoin and an efirium лайткоин had every chance to become the international cryptocurrency standard. Once digital currencies will be officially recognized, and this question will return on the agenda.