What is litecoin
Learning about litecoin
Litecoin is a cryptocurrency created on Litecoin blockchain whose transaction takes place from one peer to another without involvement by the government thus is being considered to be decentralized. Unlike bitcoin, the transaction at litecoin is very fast due to its lightning network.
Litecoin transaction takes place on the Llitecoin blockchain Explorer based on Llitecoin blocks and timestamp. To view how Litecoin transaction takes place on the Litecoin blockchain explorer, simply follow the link below;
Litecoin was first released to the public in 2011
Founder Of Litecoin
Litecoin was created by Charlie Lee who is a cote Dvoire born citizen and a computer programmer. Lee was also a former employee of Google and coinbase
Process of creating Litecoin
Litecoin is creating through the mining process by aid of GPU, CPU and ASICS hardware in the presence of internet and electricity. To mine using CPU and GPU, you have to download the software while to mine using ASICS hardware, you have to purchase the hardware. You can do it on a contract basis by purchasing these contract online. To own a contract and start mining litecoin, follow the link below;
Maximum circulation of Litecoin
The maximum number of Litecoin expected to be in circulation upon completion of its mining process is 84,000,000 Litecoin. After every 4 years, the number of litecoin mined will be halved.
Currently, 1 litecoin is worth more than $120 and its price is expected to increase over the next period of time. Litecoin has a symbol of LTC or Ł
Storing my Litecoin
To store your litecoin, you need a litecoin wallet or other supported cryptocurrency wallets.You can use coinbase, coinpayment or other supported litecoin wallets. For the safety of your litecoin, you can use offline litecoin wallet like electrum litecoin wallet.
Transferring my Litecoin to other Users
If you want to transfer your LTC to another user, the two of you must have trust on each other. The trust should be the LTC address provided for the receiver while the sender must have the LTC to send to the receiver . Here is how it looks like;
Now that you know, i think that it is time for you to start owning LTC. If you feel that i should also own some for helping you to know more about this cryptocurrency, here is my LTC address ;