What is Litecoin?

Litecoin is a type of decentralized cryptocurrency based on open source cryptographic protocol. Nowadays Litecoin is known as silver of the cryptocurrency world.

Where did Litecoin come from?

Litecoin was released in 2011 by a Google employee, Charlie Lee. He is known as an active participator of a cryptocurrency community. His main goal was not to replace Bitcoin, but to make transactions faster. So in the year 2017 there was the first transaction that happened less than in 1 second. Although Litecoin is very similar to Bitcoin, it has a number of differences. It was a fork of the Bitcoin Core client, differing primarily by having a decreased block generation time (2.5 minutes), increased maximum number of coins, different hashing algorithm (scrypt, instead of SHA-256), and a slightly modified GUI (Graphical User Interface). In November 2013 it started to experience a massive growth. In the year 2017 Litecoin became one of the first cryptocurrencies to adopt Segregated Witness. It seems that Charlie Lee is not going to stop. And Litecoin is changing to the better.

What are the advantages of Litecoin?

In comparison with Bitcoin Litecoin has a number of advantages.

  • It is an open source project. That means that it can easily implement technological improvements.
  • It is fast. Litecoin confirms 4 times faster than Bitcoin.
  • It is expected to produce 84 million coins, which is much more than Bitcoin.
  • It is built upon Scrypt. That makes mining on ordinary computers easier than for Bitcoin.
  • Low transaction fee.

What are the disadvantages of Litecoin?

However, there are a few things that can make you think twice before using LTC.

  • Since there is no authority that controls transactions, your savings are at risk. If it's stolen or lost, nobody can help you to find it.
  • Mining is too centralized. Although Litecoin is a decentralized cryptocurrency, recently introduced the Litecoin mining machine takes about 50% of the total network.
  • It doesn't offer absolute anonymity.

How to buy Litecoin?

You decided to buy Litecoin, what should you do? So you have Bitcoins and you want to exchange them for Litecoins. What actions should be taken? We advise you to use SimpleSwap. It is the easiest way to buy cryptocurrency. Here are several steps you should follow:

  • Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
  • In the second drop-down list select LTC. You will be shown the estimated value that you receive after the exchange.
  • Enter the Recipient's Address. Litecoin will be sent to this address. Be careful and make sure you use the correct LTC address.
  • Check all the information you have entered. If everything is correct click the Exchange button.
  • You will be shown Bitcoin deposit address. You need to transfer to this address the necessary amount of BTC to start the exchange.

Wait for a couple minutes and go use your Litecoins!