Litecoin is what is known as a peer-to-peer cryptocurrency. It was created by former Google engineer named Charlie Lee, who was a graduate of the Massachusetts Institute of Technology. Lee created the LTC cryptocurrency as an alternative to Bitcoin. Both cryptocurrencies share the same open source model for its cryptographic protocol and global payment network.
However, Lee expanded upon this open source model by creating a cryptocurrency that generates blocks at a faster rate. When you conduct a LTC transaction, it will usually take around 2 ½ minutes for it to be completed. It also has a scrypt-based proof-of-work mining algorithm which goes after the normal GPUs and computers that the majority of users have. These two aspects of Litecoin are what make it significantly better than Bitcoin. When you consider that a Bitcoin transaction can take more than 24 hours these days, you will appreciate how fast LTC transactions will go.
The network for the cryptocurrency is planning to have 84 million LTC units generated. Litecoin is considered second to Bitcoin and has been the inspiration for numerous other cryptocurrency clones. But what makes LTC better is that it has a lot of developers and programmers who are actively managing and supporting the network. The founder, Lee, continues to be the main developer who manages the other developers involved in the project.
Litecoin tends to stay within the top 10 most popular cryptocurrencies. At one point, its market cap put it within the top 5 cryptocurrencies and it made history after being one of the first major cryptocurrencies to use the SegWit scaling solution. In May of 2017, Litecoin made history again after it was used as the first transaction through the Lightning Network. In less than 1 second, a 0.00000001 LTC was transferred to San Francisco, California from Zurich, Switzerland.
LTC is currently worth $148.50 for one coin. This is actually down from the nearly $400.00 per coin that it was at the beginning of the year. But, like all cryptocurrencies, the values fluctuate like crazy. It still has a market cap of more than $20 billion, so it certainly won’t be going away anytime soon. You can trade Litecoin through most of the major cryptocurrency exchanges, like CoinSwitch.com.
The only downside to Litecoin seems to be that it produces 4 times as many coins as Bitcoin. This means the value of a Litecoin will stay considerably less than Bitcoin. But as long as the interest in Litecoin remains, it will still be a good investment.