What is Litecoin

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Each block within a blockchain stores transaction information, which is verified by mining software and made visible to any network participant, referred to as a miner. When a miner validates a block, the subsequent block in the chain is generated, and they receive LTC as a reward. Litecoin has consistently maintained a position among the top cryptocurrencies by market cap. This consistent performance reflects steady trader interest and confidence in its potential as a digital currency.

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A soft fork is when an upgrade is made to a blockchain, but the new block rules are still recognized by the older version. First, we will give you some background information about the Litecoin blockchain, and why it was created. Yes, there are many Australian-based exchanges that offer Litecoin for sale, and one of the advantage of using a local exchange is that they are bound by Australian regulations. Simply choose your preferred exchange that offers Litecoin and set up your account. These include EOS at 4,000 TPS, XRP at 1,500 TPS and Cardano at 257 TPS, to name just a few.

Yet when miners add a new block to Litecoin’s blockchain, they’re rewarded with newly-generated LTC. This could indefinitely increase the supply of Litecoin if https://www.tokenexus.com/ it weren’t for halving. The speed in processing transactions can come at the expense of security because fewer rounds of transaction verification are involved.


Litecoin is also a great cryptocurrency for giving ‘money’ to friends and family. Due to its shorter block time, fast confirmations and fees that rarely go north of a fraction of a dollar, Litecoin can be transferred to anyone quickly and cheaply if you have their wallet address. What is Litecoin Miners who take part in it also create new Litecoins, which they are rewarded with for performing the service, along with a transaction fee. One key difference between your online bank account and cryptocurrencies is that they are (for the most part) entirely decentralized.

  • Apps like LitePay will let merchants accept payments from customers’ phones, so you’ll be able to pay for your shopping using crypto sooner than you think.
  • The Litecoin network – and the miners that support it – bring Litecoin(s) into the world every 2.5 minutes.
  • Although every transaction is available to view on the blockchain, the only information that is displayed is wallet addresses — which isn’t linked to the real-world identities of the sender and receiver.
  • The current reward for mining a block on the network is 12.5 new LTCs.

Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin. Litecoin (LTC) is one of the oldest of all altcoins on the market.

What Was LTC’s Original Price?

There will never be more than 84 million Litecoins in circulation. Every 2.5 minutes, the Litecoin network generates a new block—a ledger entry of recent Litecoin transactions. The block is verified by mining software and made visible to any system participant who wants to see it. Once a miner verifies it, the next block enters the chain, which is a record of every Litecoin transaction ever made. Litecoin is considered to be among the first altcoins, derived from Bitcoin’s original open-source code.

What is Litecoin