Litecoin was invented in an effort to create an alternative cryptocurrency similar to Bitcoin. Charlie Lee, a computer scientist, took Bitcoin’s core code and made modifications to them. He launched the project in October 2011 through a message he posted on a Bitcoin forum.
As technically almost identical to the cryptocurrency created by Satoshi Nakamoto, people often think of Litecoin (LTC) as the lite version of Bitcoin. Similarly, Litecoin is also designed to be a deflationary asset, with only 84 million LTC tokens that will ever be created.
As an open-source software project, Litecoin uses an open-source blockchain protocol that’s free from third parties’ meddling in the token creation and transfer process. Creating a Litecoin token involves a process called mining that employs a memory-intensive hashing algorithm called Scrypt. It takes roughly 2.5 minutes to produce one Litecoin block in the Litecoin mining process, which is four times faster than it does for Bitcoin.
A faster block confirmation means more transactions can be processed within the same timeframe. This capability, added with the option to accept transactions without the need to wait for any confirmations, is considered Litecoin’s competitive advantage that potentially makes it an attractive choice for merchants. In the long run, it could mean more use cases and potential for growth, which may lead to broader adoption.
The Litecoin Network has also adopted several technologies that bring significant improvements to the network, such as Segregated Witness or SegWit, the Lightning Network, and Atomic Swaps.
Litecoin vs Bitcoin comparisons may be one of the most interesting topics related to these cryptos. Apart from its similarities with Bitcoin, Litecoin has grown to become one of the major cryptocurrencies on its own. The token is widely available and traded in many major cryptocurrency exchanges, such as Bitfinex.
A crypto exchange is one of the best places to buy cryptocurrency. On Bitfinex, the process is simple and straightforward, with different payment methods and platforms to accommodate your needs.
2. Go to the Deposit page.
3. In the Cryptocurrencies section, choose the crypto you want to buy LTC with and create a deposit address on the Exchange wallet.
4. Send your crypto to the deposit address.
5. Once the funds arrive in your wallet, you can use them to buy LTC. Learn how to trade on Bitfinex here.
You can use Bitfinex mobile to buy cryptocurrency while on the go.
Once you get your Litecoin, there are several things you can do with them on Bitfinex.