What is Litecoin?
Litecoin is a decentralized, peer-to-peer (P2P) digital currency that enables users to send and receive payments without the need for intermediaries. Litecoin is based on an open source cryptographic protocol, and its source code is published openly on Github. Its transactions are verified using a proof of work consensus algorithm called ‘Scrypt.’ With the launch of Litecoin, developers sought to create a more efficient and convenient payment system than Bitcoin.
Put simply, Litecoin is a cryptocurrency that allows for faster, more affordable transaction times. It was designed to be a ‘lighter’ version of Bitcoin, providing users with an alternative method for transferring funds worldwide without incurring high fees or delays.
Features of Litecoin
The most crucial feature of Litecoin is its use of the Scrypt algorithm. This was designed to make it more secure, making it much harder for malicious actors to conduct a ‘51% attack’ (wherein one party can control 51% of the network). The result is a more secure and reliable network that helps protect users from fraud and other malicious activities.
In addition, due to its faster transaction times and lower fees, Litecoin has become a popular choice among merchants who want an easy way to accept payments in cryptocurrency. Finally, Litecoin also offers users innovative features such as atomic swaps, which allow users to quickly and securely exchange their funds without the need for an intermediary.
What is the Purpose of Litecoin?
Litecoin is a form of digital currency that is based on a decentralized network. Its purpose is to provide users with an alternative method for transferring funds worldwide without incurring high fees or delays. Litecoin was designed to be lighter than Bitcoin, providing users with faster transaction times and lower costs.
Litecoin is highly sought after by investors and traders due to its low transaction fees and fast confirmation times. While Bitcoin processes transactions within 10 minutes, Litecoin can do it in just 2.5 minutes – making it much faster when compared to traditional payment methods like credit cards or bank transfers. In addition, its low fees have made it an attractive option for those looking to send or receive money without incurring additional costs.
Who Founded Litecoin?
Software engineer and former Google employee Charlie Lee created Litecoin in 2011. Since then, the project has become one of the most popular cryptocurrencies in use today. The Litecoin network is maintained by a community of developers, miners, and users dedicated to making this revolutionary technology a success.
How Does Litecoin Work?
Let’s look at four major features defining how Litecoin works.
- Block Time: Litecoin’s block time is 2.5 minutes, four times faster than Bitcoin’s 10-minute block time. The quicker block time allows users to send and receive payments faster and more efficiently.
- Consensus Mechanism: Litecoin uses a proof-of-work consensus mechanism called ‘Scrypt.’ This algorithm was designed with the aim of making it harder for malicious actors to control 51% of the network. It also acts as a deterrent, as those who try to take control of the network will need to dedicate huge amounts of computing power in order to do so – thereby incurring high costs and risking their investments.
- Atomic Swaps: Litecoin allows users to quickly and conveniently exchange their funds without an intermediary. This is done through atomic swaps, which enable individuals to trade Litecoin with other cryptocurrencies, such as Bitcoin or Ethereum, with minimal effort.
- Litecoin Halving: Every 840,000 blocks (roughly every four years), the reward for mining a single block is halved. This is known as the ‘halving’ and helps keep inflation in check by reducing the supply increase rate.
How to Buy Litecoin From Huobi
So far, we have looked at the features and purpose of Litecoin. Now, let’s look at how to purchase this cryptocurrency from Huobi.
- Create an Account on Huobi
To get started, you will need to create a Huobi account by going to their website and clicking on ‘Sign Up.’ You will need to provide some basic information, such as your name, email address, and date of birth. After submitting these details, you should be able to access your account.
- Verify Your Identity
Next, you will need to verify your identity to complete the registration process. This is done by providing proof of identity, such as a driver’s license or passport. Once your documents have been successfully uploaded, it should take no longer than 24 hours for the verification process to be completed.
- Select Litecoin and Click on Trade
After verifying your identity, you can then proceed to select ‘Litecoin’ from the list of available currencies. You will then see an option to click on ‘Trade,’ which will bring up a new page with more detailed information about this cryptocurrency.
- Set Up a Payment Method
Before you are able to purchase any Litecoin, you will need to set up a payment method. This can be done by linking your bank account or entering your debit/credit card details. Once this has been completed, you should now have access to all your funds that are required for the purchase.
- Specify the Amount of Litecoin to Purchase and Execute the Trade
Once your account is set up and ready to go, you can then specify how much Litecoin you would like to purchase. After doing this, click on ‘Buy’ and confirm the transaction to be executed.
Finally, let’s look at how Litecoin compares to a few of its main competitors.
Litecoin Vs. Ethereum
Ethereum is another popular cryptocurrency that was launched in 2015. It differs from Litecoin in that it uses a proof-of-stake consensus mechanism, as opposed to proof-of-work like Litecoin does. While Ethereum’s use case is more focused on providing a platform for decentralized applications and smart contracts, Litecoin’s is more focused on making low fees payments. Ethereum has a much larger market cap than Litecoin, currently sitting at around $149 billion compared to just over $5 billion for Litecoin.
Litecoin Vs. Bitcoin Cash
Bitcoin Cash is another offshoot of the original Bitcoin blockchain and uses a proof-of-work consensus mechanism like Litecoin does. They both have the same blocksize limit of 1MB. However, Litecoin has a market cap of over $5B, while Bitcoin Cash has a market cap of $1.9B.
Litecoin Vs. Dogecoin
Lastly, we have Dogecoin, launched in 2013 and uses a proof-of-work consensus mechanism like Litecoin. The main difference between the two currencies is that Dogecoin has an unlimited supply, while Litecoin has a hard cap of 84 million coins. Furthermore, Dogecoin also has a larger market cap of $10B, while Litecoin has a market cap of $5B.
|BlockTime||150 seconds||12 seconds||600 seconds||60 seconds|
|Consensus Mechanism||Proof of work||Proof of stake||Proof of work||Proof of Work|
|Maximum Supply||84 million coins||Unlimited||21 million||Unlimited|
Is Litecoin a Good Investment?
Now that we have looked at Litecoin’s features and compared it to a few of its competitors, you may wonder whether it is a good investment. Generally speaking, Litecoin has been doing reasonably well since its launch in 2011, and its market cap has consistently increased over the years. Furthermore, given that it is one of the most popular cryptocurrencies around with a strong development team behind it, there could be potential for this currency to increase even further in the future.
Is Litecoin Safe?
When it comes to safety and security, Litecoin takes measures such as using advanced encryption protocols to ensure that your coins are safe from external threats. Additionally, they also use SegWit (Segregated Witness), which helps to reduce the size of transactions and consequently lower fees. Furthermore, Litecoin has also implemented lightning network technology, allowing faster and more secure payments than ever before. All these features make Litecoin a great choice if you want to purchase cryptocurrency with safety in mind.
Litecoin is a popular cryptocurrency that offers its users low transaction fees, fast speeds, and advanced security measures. It can be purchased on platforms like Huobi and is a good investment for those looking to diversify their portfolios. It also has a strong development team behind it, so we expect to see more innovative features in the future.
The primary characteristics of Litecoin are as follows.
|Cryptocurrency Features||Litecoin (LTC)|
|Publisher or Developers||Charlie Lee|
|Jurisdiction of Incorporation (Registration Number)||Singapore|
|Published Date (CMC Registration)||2013-04-28|
|Max Supply||84,000,000 LTC|
Investment Suitability of Litecoin in 2023
The results of the Litecoin investment suitability evaluation conducted by Coin-Labs are as follows.
|Investment Suitability Rating Items||Scores and Current Status|
|Company Activation Rate||/ 10.0 CAR|
|Communication Rate||/ 10.0 CR|
|Technology Transparency Rate||/ 10.0 TTR|
|Development Participation Rate||/ 10.0 DPR|
|Listing Status on the Top 4 Exchanges in Korea||Listed on Exchanges|
|Listing Status on the World's Top 10 Exchanges||Listed on 8 Exchanges|
|Number of Available Pairs Worldwide||869 Pairs|
|Market Cap of the Cryptocurrency||7,839,191,221,545 KRW (Rank #13)|
The price and recent trading volume of Litecoin are as follows. (Data of 2023-01-27 17:30:25)
|Price Items||Price and Trading Volume of Litecoin|
|Litecoin Price||108,656.433 KRW|
|Price Change 24h||-1.25%|
|Price Change 7d||4.93%|
|Trading Volume 24h||606,922,060,451 KRW|
|Trading Volume Change 24h||-6.84%|
You can check the development status and social media information of Litecoin through the links in the table below.
|🌎 Official Website||https://litecoin.org/|
|📖 White Paper|
|🛰️ Source Code (GitHub)||https://github.com/litecoin-project/litecoin|
|🎺 Message Board||https://litecointalk.io/|
Korean Crypto Exchanges where Litecoin is Listed
Korean crypto exchanges where Litecoin is listed in 2023 are as follows.
|Top4 Exchanges||Listed Status||Page URL|
World Crypto Exchanges where Litecoin is Listed
World crypto exchanges where Litecoin is listed in 2023 are as follows.
|Top10 Exchanges||Listed Status||Page URL|
Frequently Asked Questions
What is the current price of Litecoin?
Litecoin price today is 108,656.433 KRW. Furthermore, the price of Litecoin has fluctuated by -1.25% from 24 hours ago, and by 4.93% from a week ago.
Where is Litecoin listed?
Currently, it is listed on a total of among the 4 largest exchanges in Korea, and is listed on a total of 8 among the world top 10 exchanges.
What is the market cap of Litecoin now?
Currently, Litecoin has a market cap of 7,839,191,221,545 KRW, which is ranking 13 among cryptocurrencies worldwide.
How much is the trade volume of Litecoin?
Currently, 72,146,591 LTC coins are circulating through 869 market pairs. As a result, in the last 24 hours, 606,922,060,451 KRW of LTC coins were traded in the market.