If Bitcoin is the Digital Gold in the cryptocurrency arena, Litecoin is the silver. The digital currency is the brainchild of former Google employee Charlie Lee. It’s now counted amongst the largest cryptocurrencies and offers a number of advantages over Bitcoin.
Litecoin’s code was released by Lee in the first week of October, 2011. Lee had experiences in working in not only Google, but also in the cryptocurrency exchange Coinbase. This gave him a unique insight of not only the coding, but the financial aspects also.
What is Litecoin?
Litecoin is basically a fork of Bitcoin, giving it many of the same characteristics to that of the market leader. However Lee made changes that streamlined the fundamentals of considerably more ‘bloated’ Bitcoin:
- Shorter block time of 2.5 minutes.
- A totally different algorithm (scrypt instead of SHA-256) giving efficiencies.
- ASIC devices difficult to produce, creating resistant to mining farms.
- Lower transaction fee.
- 84 million coins instead of 21 million.
Is Litecoin a practical currency?
LTC is a very popular cryptocurrency due to its low latency and cheap transfer fee. Today, there are thousands of merchants across the globe that accept LTC as a payment method. While most of the merchants are located in United States and Europe, Asian countries like India, Sri Lanka, Indonesia and Malaysia are also popular among the crypto’s users.
The Litecoin Foundation is one of the most active community in the crypto sphere, and has been very active in promoting and sponsoring different activities.
For example, Litecoin is the official cryptocurrency of US NFL team Miami Dolphins!
Through the partnership, home game attendees are able to pay with LTC when purchasing tickets for the team’s 50/50 raffle, where half of the proceeds benefit the Miami Dolphins Foundation and its charitable causes.
Litecoin has also been the official sponsor of Mammoth Film Festival.
Apart from sponsorships, Litecoin is preferred by many people since Bitcoin, the market leader, has become too expensive to buy and transact in for many people.
Is it worth investing in?
Cryptocurrencies are facing ever more adoption and the market is maturing. Although it will not dethrone the king Bitcoin, Litecoin’s more practical usage gives it a faster adoption speed. The cryptocurrency is subject to the high level of volatility like all other, but nearly all experts have a positive long term prediction of its value.
As an investment, it’s a fantastic option. Don’t expect it to have a meteoric rise soon though. Charlie Lee has designed the coin to be more practical and be primarily be used as a medium of exchange, not a store of value.
If you are looking for investing in a cryptocurrency that has relatively lower volatility, good liquidity with a wide range of options to spend in the real world, Litecoin is for you.
How can I get my own LTC?
There are a number of ways to get Dogecoin, but the most popular way is with cryptocurrency faucets like the ones on our Top LTC Faucets page.
These cryptocurrency faucets give you a small amount of free LTC at regular intervals, and are sent either to your wallet, or a microwallet to save on transaction fees.
Alternatively, you can purchase LTC from a number of exchanges. We recommend Kraken, as they have low transaction fees and always send you purchases quickly.