What is Litecoin (LTC)?

 Litecoin is a decentralised, open-source, peer-to-peer digital currency. It was released in October 2011 as one of the earliest cryptocurrencies and is often referred to as silver to Bitcoin’s gold. Developed by former Google engineer Charlie Lee, it has since become the world's fourth-biggest cryptocurrency by market capitalisation. It is a fast, secure and reliable way to send money around the world with much lower fees than traditional payment systems. It works by utilising blockchain technology that allows users to make payments directly from their wallets without requiring any third-party intermediaries. With its unique features and capabilities, it is becoming an increasingly popular choice for digital currency transactions. It has found a strong presence among merchants and is supported by many online exchanges. Additionally, LTC offers users more security than other digital currencies, making it a great option for those looking to securely store their funds. 

However, it blocks would be larger but with more ‘orphaned blocks'. The faster block time of litecoin reduces the risk of double spending attacks - this is theoretical in the case of both networks having the same hashing power. Litecoin Technical Details: The transaction confirmation time taken for LTC is about 2.5 minutes on average (as compared to Bitcoin's 10 minutes). The LTC network is scheduled to cap at 84 million currency units. Litecoin has inspired many other popular alternative currencies (e.g. Dogecoin) because of its Scrypt hashing algorithm in order to prevent ASIC miners from mining those coins. However, it is said that by the end of this year, Scrypt ASIC will enter the mass market.

How does it work?

It uses a system of distributed ledgers to track and verify transactions, providing an added layer of security for users. Funds are stored in the blockchain and can be sent from one address to another by entering the recipient's address into a wallet. This transaction is then broadcasted over a network of computers, which verifies and records the transaction in a public ledger. The new balance is then updated, and the transaction is complete. By taking advantage of the latest technologies, Litecoin provides an efficient and secure payment network for users all over the world. Plus, with its hard limit of 84 million coins, it offers greater scalability than other cryptocurrencies on the market.

How to get Litecoin (LTC)?

Getting LTC is relatively easy and straightforward. With the proper guidance, anyone can get their hands on this popular cryptocurrency.

One way to acquire Litecoin is by purchasing it directly from an exchange. These exchanges allow users to buy Litecoin with various forms of payment, such as credit cards, debit cards, bank transfers, or even cash. The process is usually simple and straightforward - just create an account with your preferred exchange, deposit funds in the desired currency, and make a purchase for Litecoin.

Alternatively, you can also mine LTC to get some of the coins. Mining requires specialised hardware to be set up and run continuously, so it's not as simple as the buying method, but it can be done.

Finally, you can also receive LiTC as payment for goods or services. Many businesses now accept cryptocurrencies like LTC, so if you provide a product or service that someone else wants to buy, you can get paid in Litecoin!

Litecoin price live update.

LTC price has been on a roller coaster ride over the past few months, with wild swings in both directions. It remains one of the most popular cryptocurrencies, ranked as the ninth largest by market cap as of this writing. Currently, LTC is trading at $196.90 USD per coin, up 6.7% over the last 24 hours. If you want to stay up-to-date on LTC and other cryptocurrencies, there are a number of websites that can provide Litecoin price live updates. CoinMarketCap is one resource that provides real-time Litecoin prices for users around the world.