What is Litecoin?
Litecoin (LTC) is a cryptocurrency that is based on a peer-to-peer computer network and was made available for the first time as part of an open-source project. The model used in the conception of Litecoin was Bitcoin, which is regarded as the first widespread and successful cryptocurrency.
Many of the techniques that are used in Bitcoin have also found their way into the system of LTC. For example, data transmission via the blockchain plays a central role.
On the other hand, there is a difference in the generation of blocks, which takes place every 10 minutes in Bitcoin, but every 150 seconds in Litecoin. As a result, transactions are confirmed at a much slower rate in Bitcoin.
What can Litecoin be used for?
Like many other cryptocurrencies, Litecoin is considered to be a possible means of payment of the future, with more and more online shops and other providers willing to accept it.
The exchange of euros or francs in coins is also relatively easy, and the exchange takes place in just a few seconds. As a result, cryptocurrency has positioned itself to be a good investment opportunity, with many private investors having multiplied their fortunes with these coins.
At the moment, there is nothing to suggest that this may not also be the case in the future. Since its market launch in 2011, LTChas increased its value more than twentyfold.
Currently, LTC has a market capitalization well in excess of $10 billion, making it the fourth largest cryptocurrency. In the future, the number of shops that accept these coins as a means of payment is likely to increase even further.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.