Total Market Cap 🛈

24h Volume (Global) 🛈

Circulating Supply 🛈

68,550,245 LTC
Max Supply 84,000,000
Circulating Supply 68,550,245
Total Supply 68,550,245
Issue Date 2011-10-08
Cryptographic Algo Scrypt
Consensus Protocol PoW
White Paper
What is Litecoin (LTC) and how does it work?

Litecoin (LTC) according to its creator Charlie Gee, an ex-Google employee is a lighter version of Bitcoin. This digital currency which was released via an open-source client on October 7 2011is seen as the silver store of value for cheaper and everyday purposes while Bitcoin is seen as the gold store of value for long term purposes. Litecoin (LTC) is similar and at the same time different from other cryptocurrencies that are in existence. When it comes to the similarities Litecoin (LTC) just like many other cryptocurrencies functions more like an online payment system (talk of PayPal for fiat currencies). Instead of using fiat currency, however, Litecoin (LTC) conduct transactions in units of Litecoin (LTC). On the similarities front, that is all that exists between Litecoin (LTC) and other cryptocurrencies. To understand what Litecoin (LTC) is, how it works and how it is different from other cryptocurrencies, continue reading this piece. Litecoin (LTC) is a peer to peer digital currency that is created by the elaborate process of mining. The supply of Litecoin (LTC) is fixed, there is only going to be 84 million Litecoin (LTC)s in circulation meaning miners will not be able to mine any more Litecoin (LTC)s once all 84 million units are in circulation.

This is an essential step as it guards against the depreciation of Litecoin (LTC) in value. Just like fiat currencies, the value of the Litecoin (LTC)s lie in their scarcity, once more and more Litecoin (LTC)s become readily and cheaply available, the value of Litecoin (LTC)s would plummet. Restricting the number of Litecoin (LTC)s in circulation, therefore, allay people’s fears of overproduction. Litecoin (LTC) creates a block which is a ledger entry of recent transactions every 2.5 minutes. This block is visible to any miner who wants to view it and it is verified by mining software. The block essentially carries all the value of Litecoin (LTC). To lay hands on Litecoin (LTC), one will need to engage in Litecoin (LTC) mining. Litecoin (LTC) mining is basically a computational problem-solving process where the first miner to successfully verify a block is rewarded with 50 Litecoin (LTC)s. Though a ‘currency’ (digital), Litecoin (LTC) is not primarily used as a medium of exchange but rather as an online payment system.

Regardless of size, it costs only 1/1000 of a Litecoin (LTC) to process a transaction. This makes Litecoin (LTC) a more affordable online payment system. In addition, Litecoin (LTC) blocks are created every 2.5 minutes in contrast to Bitcoin where blocks are created 10 minutes; Litecoin (LTC)’s shorter block generation time enables it to handle more transactions hence it can be used by many people including huge financial institutions at any time of day or night. The shorter block generation time also enables Litecoin (LTC) to confirm the legitimacy of transactions at a much faster speed to all other cryptocurrencies.

Purchase Litecoin (LTC) with GBP safe, legal and instantly on Cryptomate

We have already stated that one way of laying your hands on Litecoin (LTC)s is by mining. The process of mining is however too energy-consuming and too technical for some people. As an alternative, those looking for Litecoin (LTC)s can simply visit Cryptomate exchange platform where they can purchase Litecoin (LTC)s using the British Sterling Pound. The whole buying process is pretty easy and also very fast as it takes just an hour or less for Litecoin (LTC)s to reflect in the wallet after placing an order.

Why is Cryptomate the best UK digital currency gateway?

We aim to deliver your coins within one hour of your order being placed and payment being received. Thanks to UK Faster Payments, you are now able to purchase in no time using just your online banking account.

We do not store any payment information on our servers. You make your payments through your online banking service, not through a 3rd party processor.

Our service couldn't be easier to use. The only thing required from you to use Cryptomate is access to online banking and an approved Cryptomate account. Joining the cryptocurrency revolution has never been simpler! More info here.

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