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YKOFX | Litecoin

Litecoin is a peer-to-peer electronic cash system that allows efficient international transfers. Since cryptography is used to encrypt the Litecoin network, validate transactions and control the creation of new coins, this digital currency is categorized as a cryptocurrency. Litecoin is an open-source cryptocurrency created by Charles Lee in October 2011 and maintained by the Litecoin Core team on GitHub with the help of volunteers. LTC is the abbreviation for Litecoin.

Litecoin, like Bitcoin, is a mined cryptocurrency that is designed to implement scarcity and prevent inflation. According to the design of Litecoin, there can only be 84 million Litecoins in circulation at any given time. Apart from Bitcoins, Litecoins must be mined in order to maximize the number of coins in circulation and mining involves a charge: it necessitates a significant number of resources, and thus serves as another inflation deterrent, assisting in the maintenance of an appropriate degree of scarcity.

Unlike other digital currencies, Litecoin is highly divisible, which helps to compensate for the high valuation of a single Litecoin. Key features of Litecoin include: more frequent block generation, lower transaction fees, a higher supply limit and the use of scrypt algorithm as opposed to SHA-256 that Bitcoin uses.

Other benefits of Litecoin are:

  • The opportunity to send money without having to use costly wire transfers, and transactions can be completed in a timely manner, even though they go all the way around the world.
  • Transactions on the network necessitate mining, which comes at a cost per transaction and this tends to discourage network unclarities. 
  • It is easy and convenient to create a Litecoin wallet and accept funds through storing the private keys in a safe place.
  • By buying your own miner, you will contribute to the network and improve local connectivity.

The value of a Litecoin is determined by demand and supply, and the price in a given currency is equal to Litecoin’s market cap in that particular currency divided by its circulating supply in LTC. Following recent cryptocurrency figures is one of the most helpful features whether you are just getting started with cryptocurrencies or are involved in cryptocurrency investments. Since Litecoin trading pairs are common on the exchange, Litecoins can be traded quickly and reliably with a variety of other cryptocurrencies. As a result, you can trade Litecoin for Bitcoin or Ethereum. Litecoin is also available in a variety of stable coin trading pairs, allowing you to protect yourself from price drops.