What is Litecoin (LTC) Cryptocurrency?
Litecoin is a digital currency similar to Bitcoin. The digital currency was created by Charlie Lee who is an ex-Google employee. According to Lee when he first heard of Bitcoin he thought it was a digital Gold and therefore he wanted to create a digital silver. He launched the digital currency in 2011 through Github. Before Litecoin was launched in 2011 people had started creating their own digital currency to rival Bitcoin. However, these people wanted to make money and would mine most of the coins before trying to promote it.
In Lee's case, he launched Litecoin without pre-mining it and made it very open for all the interested people. Lee's strategy worked very well because today Litecoin is among the world's top ten digital currencies.
Speed – Litecoin is very fast when compared to Bitcoin. Verification period for Litecoin id 2.5 minutes while that of Bitcoin is about 10 minutes. This means that for every verification done in Bitcoin four are done in Litecoin.
Cost- Litecoin is too cheap when compared to Bitcoin. Transactions fees in Litecoin are estimated to be $0.09 while Bitcoin transactions are charged $5.
Mining- Bitcoin is very limited and there can only be a total of 21million Bitcoin Mined in its lifetime. On the other hand in Litecoin there can be 84 million coins mined. The increased number of possible coins in Litecoin is very good because it reduces mining competition. Less competition is also evident in transaction fees because it has remained low.
What is the future of Litecoin?
As much as Litecoin already lost its position of being the second best and popular digital currency the digital coin has kept moving forward. Its developers are working on very interesting tech features which are aimed and driving Litecoin towards becoming mainstream. One of the current projects is MAST which is being designed to create space on Litecoin's blockchain so as to allow for the creation of smart contracts. Litecoin developers are also working on a Lightning Network which will allow instant transactions at a very low price.
Litecoin's founder has stated that he is also planning to develop Atomic Swaps which will allow trading of different coins without the need for exchanges. This platform will require the lightning network which is far from completion and therefore can take years before it's implemented. Other than the massive potential Litecoin has the coin is also user-friendly, desirable and reliable too.
Litecoin is made up of two different groups which work hand in hand to push the project forward. The first team is the Litecoin Foundation which is a non-profit organization from Singapore which works to advance Litecoin and promote blockchain technology. The other team is the Litecoin Core Development Team. This is the team behind the software which is used by companies, miners, and users. They work to ensure that the system is safe and secure.
ExagonPay is an online platform which makes it easy for businesses to receive payments in all the popular digital currencies like Litecoin. To do away with volatility which scares away investors the platform automatically converts all payments into either the Euro, USD or even Bitcoin depending on what the client prefers.
To start accepting Litecoin, Bitcoin, Bitcoin Cash, Ethereum, Ripple and all other digital currencies in your platform sign up with ExagonPay. If you want to use the platform for e-commerce then create API credentials but if you want to use it for either donations or simple transactions then create a payments button.
For clients who want their digital currencies to be converted to cash note that identity verification is compulsory so as to keep your transactions safe. However, those who want to keep their payments in digital currencies verification is not compulsory.