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Litecoin Price – LTC/USD
Litecoin (LTC) was released as on open-source project in 2011 under the MIT/X11 license. Originally a fork of the Bitcoin Core client, the currency, as of January 6th 2018, commands a total market capitalization of more than $16 billion. The digital currency was created by Charlie Lee, an ex-Google employee.
The creation and transfer of Litecoin is based on an open-source cryptographic protocol. Like Bitcoin, the currency is completely decentralized. It also shares many other aspects with Bitcoin, with the primary difference being its decreased block generation time compared to Bitcoin.
Although derived from Bitcoin itself, Litecoin has several advantages of its own, some of them are:
The Litecoin Network can process a transaction significantly faster than the Bitcoin Network, which leads to greater efficiencies as well as lower costs. This allows Litecoin to have faster transaction confirmation times as well.
The total number of Litecoins in existence is far larger, at 84 million, against Bitcoin’s 21 million. This allows a for a greater rate of gain while mining as well as less competition.
The Scrypt algorithm used by Litecoin is more secure than other hashing algorithms. It also allows for more efficient use of processing power than the SHA-256 algorithm.
Litecoin has had significant gains in the great cryptocurrency boom of 2017. Today, the currency has the 6th largest market capitalization of all cryptocurrencies, scoring significant gains in the first week of 2018.
One of the foremost cryptocurrency variants, Litecoins can be purchased easily both by using other cryptocurrencies such as Bitcoin or in fiat on almost all major exchanges like, Coinbase, Bitthumb, Bitfinex and Cryptopia among others.