LiteCoin is one of the digital currencies that is fast in executing transactions within the network and is one of the most popular digital currencies preferred by many traders, so we will talk about it today.

Litecoin is an open source payment network that aims to provide financial access to individuals and enable them to manage their financial affairs without any central authority, thus operating in a fully decentralized and peer-to-peer (P2P) manner.

Some compare Litecoin to Bitcoin, and what distinguishes Litecoin is the speed of transaction confirmation and its ability to handle a larger transaction volume compared to Bitcoin.

Creation and development date

The code for Litecoin was published in October of 2011, by programmer Charlie Lee, who worked at Google previously. The primary goal is to produce a currency that rivals Bitcoin faster and less costly to use.

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It is worth noting that Litecoin is one of the first forks of what is known as the Bitcoin Core Client.

Litecoin features

There are some rumors saying that Bitcoin represents gold, while Litecoin is silver, because of the advantages of the currency in the speed of transfer and low cost fees.

Litecoin’s work focuses on developing 3 main points:

• Mining method: One of the main points that the team focused on is the way hash power is distributed and made more decentralized compared to the Bitcoin network.
• Transfer feeLitecoin conversion fees are low cost as they do not exceed 10 cents in most transactions.
• the speedSince the launch of the network, the team has been keen to increase the speed of transaction confirmation, as it previously recorded 2.5 minutes to confirm transactions (note that the Bitcoin network takes 10 minutes to confirm transactions).

Litecoin price

When the currency was created, it was valued at $2 and rose to $55 at the beginning of 2017, and when the prices of digital currencies increased in the month of 12 of 2017, it reached its maximum price of $366, but it fell again to $58.

Read:Bitcoin BTC reaches a new record above 25 thousand dollars and its dominance in the market rises

How to buy litecoin

You can buy Litecoin through well-known trading platforms, whether in exchange for coins from BitOasis platform And the Coinbase . platform. You can also buy the currency against other digital currencies from well-known central platforms such as Binance platform or KuCoin . platform.

Mining in the Litecoin network

The network offers miners 50 cryptocurrencies for each new block produced. This number halves every four years (equivalent to every 840,000 blocks).

Read:Bitcoin price loses $20,000 level, pending CPI data

The Litecoin network is scheduled to produce 84 million cryptocurrencies, which is four times the maximum for Bitcoin (21 million cryptocurrencies).

Best litecoin wallets

Ledger Nano S

It is one of the most popular types of hard wallets. It is very similar to USB memory, supports many cryptocurrencies, and is the safest way to hold cryptocurrencies.

security

It is very similar to Ledger Nano S and is known for its support of Litecoin.

displacement

It is one of the free wallets that fall under the domain of desktop wallets. You can visit Exodus official website To download the wallet and use it to store litecoin.