Litecoin Archives - 2100NEWS

UrbanDecember 26, 2018

14min782

Often referred to as the little brother of bitcoin, litecoin is a peer-to-peer cryptocurrency that has gained fairly widespread adoption since its inception in 2011. A form of digital money that utilizes a blockchain to easily maintain a public ledger of all transactions, litecoin is used to transfer funds directly between individuals or businesses without the need for an intermediary such as a bank or payment processing service.

What Makes Litecoin Different

Three things make Litecoin different:

  • Speed
  • Number of Coins
  • Market Cap

Speed
Litecoin is based on the same open-source code behind bitcoin, with some notable differences. Created by engineer Charlie Lee to be the silver to bitcoin’s gold, one of the main disparities between the two cryptocurrencies lies in their transaction speeds.

Because it generates blocks about four times faster than bitcoin, litecoin can confirm the legitimacy of transactions a lot quicker as well as process a much higher number of them over the same time frame.

For more information about how blocks are created and transactions are confirmed, be sure to read our primer on blockchain technology — which functions as the underpinning of litecoin and most other p2p virtual currencies.

Number of Coins
One of the reasons some cryptocurrencies hold intrinsic value is because of their limited supply. Once a certain number of bitcoin (btc) or litecoin (ltc) are created, that’s it. There can be no more new coins at that point.

While bitcoin has a limit of 21 million coins, litecoin will max out at the 84 million mark.

Market Cap
Although its market cap pales in comparison to bitcoin, litecoin still ranks among the top 5 cryptocurrencies at the time of publication.

These rankings fluctuate based on price and number of coins in circulation.

Mining Litecoin

Another significant difference between bitcoin and litecoin is the hashing algorithm that each uses to solve a block, as well as how many coins are distributed each time a solution is found. When a transaction is made, it is then grouped with others that have been recently submitted within one of these cryptographically-protected blocks.

Computers known as miners utilize their GPU (Graphics Processing Unit) and/or CPUcycles to solve rather complex mathematical problems, passing the data within a block through the aforementioned algorithm until their collective power discovers a solution. It is at this point that all transactions within the respective block are fully verified and stamped as legitimate.

Miners also reap the fruits of their labor each time a block gets solved, as a predefined number of coins is distributed among those who helped out – with the more powerful hashers getting the lion’s share. People looking to mine cryptocurrency typically join pools, where their computing power is combined with others in the group to obtain these rewards.

As mentioned above, litecoin and bitcoin utilize contrasting algorithms when hashing. While bitcoin employs SHA-256 (short for Secure Hash Algorithm 2) which is considered to be relatively more complex, litecoin uses a memory-intensive algorithm referred to as scrypt.

Different proof-of-work algorithms mean different hardware, and you need to be sure that your mining rig meets the proper specifications for producing litecoin.

If you’re interested in moving forward with Litecoin mining, here are some copy-paste sample CGminer.conf and Bat Files to try.

How to Buy Litecoin

If you’d like to own some litecoin but aren’t interested in mining it, the cryptocurrency can be purchased with another cryptocurrency such as bitcoin on websites known as exchanges. Some of these exchanges, as well as other services like Coinbase, also allow you to purchase ltc with actual fiat currency including US dollars.

Editor’s Note: When investing and trading cryptocurrencies, be sure to watch for red flags.

Litecoin Wallets

Like bitcoin and many other cryptocurrencies, litecoin is typically stored in a digital wallet. There are different kinds of wallets including those that are software-based and reside on your computer or mobile device, as well as physical hardware wallets. Another secure yet admittedly outdated and somewhat complex method to store your litecoin is to create a paper wallet, which involves generating and printing out a private key on a computer not connected to the web as one of its steps.

Each wallet has private keys required to receive and send coins to and from your litecoin address. Because these keys are stored offline in a hardware wallet, they are inherently more secure than wallets connected to the internet.

These application-centric wallets exist in the form of desktop or mobile software and are available for almost all popular operating systems and devices. In addition to third-party applications such as Electrum, laptop and desktop users also have the option to install Litecoin Core, which is the full-fledged client created and updated by the Litecoin Development team. Litecoin Core downloads the entire blockchain directly from the peer-to-peer network, avoiding any middleman involvement in the process.

Litecoin Block Explorer

As is the case with other public cryptocurrencies, all litecoin transactions within its blockchain are public and searchable. The easiest way to peruse these records or search for an individual block, transaction or even address balance is through a litecoin block explorer. There are many to select from, and a simple Google search will allow you to find one that suits your individual needs.


Luka KovičNovember 26, 2018
Weekly-1.jpg

3min1176

The #1 cryptocurrency could soon overtake Mastercard’s daily transfer volume, judging by the official numbers released by Mastercard. This means Bitcoin is becoming a serious rival of the leading traditional money transfer system.

According to company’s public records, Mastercard has a daily volume of $11 billion, while Bitcoin on the other hand, transfers around $8 billion per day, meaning that it moves 73% of Mastercard’s volume. While Bitcoin daily transfer is especially noteable given the current situation in the crypto markets, it may seem that the cryptocurrency is already moving amount comparable to those handled by Mastercard.

Mastercardreports that it has processed transactions worth a incredible $4.4trillion since the beginning of the year. Although there’s no such statistic accessible for Bitcoin, it’s possible to accumulate it’s daily transfers. Supposably $8 billion daily transfer volume would mean Bitcoin could have an annual volume of $3 trillion, which is a incredible number for any transfer system, especially a cryptocurrency.

Ethereum, which transfers the second-highest daily volume, processed around $600 million in the 24-hour span. That would mean it equals approximately $0.25 trillion annualy. Moreover, Litecoin and Bitcoin Cash are also having a noteable amount of daily transfers, approximately $170 million and $120 million, respectively.

Despite having a far lower capacity in transactions per second, it could be speculated that all cryptocurrencies put together could rival Mastercard’s daily transfers. While Mastercards volume mostly stems from small purchases, cryptocurrency transaction could be worth millions. Although Mastercard’s main rival is Visa, which is handling 65.000 transactions per second, processes around $30 billion daily volume, that equals  roughly $11 trillion a year. Given that Bitcoin supports 7 tx/s on-chain, it would equal only 0.01% of Visa’s transaction capacity, the premier cryptocurrency still transfers around 25% of the value processed by Visa.


Luka GlogoskiMarch 28, 2018

2min675

Looks like mainstream bankers have killed another promising crypto-project. This time it’s Litepay getting the axe.


 

Litepay has been officially killed off, after VISA and MasterCard both said they will re-classify cryptocurrency purchases on their cards as cash advances, which incur much higher fees.

Hopes were set high after the creator of Litecoin himself, Charlie Lee promoted Litepay as the next big thing for Litecoin.

Unfortunately those hopes were dashed after the company behind Litepay failed to deliver the project on time and the Litecoin Foundation decided to pull the plug on it, due to concerns around transparency and poor communication from Litepay CEO.

Prior to that, the foundation had approached Kenneth regarding his less than transparent nature with the company and to express our, and the community’s, concerns regarding his recent Reddit AMA. It was at this time that Kenneth asked the foundation for more funds to continue operations. The foundation refused any further funding as he was unable to provide a satisfactory picture of where the money had been spent and refused to go into exact details about the company and show objective evidence to back up his statements. – said Litecoin Foundation in their statement to the LTC community.

It looks like due diligence in the crypto world is still very much lacking even at the highest levels. This is certainly a bad news story, not just for Litecoin but for crypto in general, as it makes the ecosystem look incompetent and scammy.

At least the Litecoin Foundation came out relatively quickly with an official statement and Litecoin hasn’t suffered too much despite the current negative market sentiment.



About us

We are the new economy news hub. 2100NEWS is the professional index, data, and tools provider in the digital asset space, offering Crypto Market Intelligence, providing the perspective you can trust and equipping you with information edge you need to stay ahead. (Real-time data of token issuers and news, analysis and commentary from community.) We are very excited to contribute to the evolution of the industry and build an ecosystem around our offering (the institutional-grade data infrastructure required to enable institutional investments in digital assets). We want our contributions (Contents and Tools on 2100NEWS.com) to be useful for helping investors.


CONTACT US

CALL US ANYTIME



Latest posts



Newsletter


  • ethereumEthereum (ETH) $ 385.25 0.71%
  • rippleXRP (XRP) $ 0.239620 1.32%
  • litecoinLitecoin (LTC) $ 54.87 0.61%