Cryptography is a revolutionary technology that has the ability to improve the lives of people with access to it. A cryptocurrency is a powerful tool for economic, social, and political change that aims to deliver power back to individuals in a way never before seen. With decentralized financial systems, there is no one to censor and prevent transactions or financial activities. We live in exciting times and I honestly believe that everyone should have access to the new era of finance. One of the cryptocurrencies that have stood out since it was created, is Litecoin.
What is Litecoin?
Litecoin was one of the first “forks” of the first crypto coin, Bitcoin. In other words, Litecoin took Bitcoin’s open source base code and adjusted it slightly. Litecoin was created in October 2011 by Charles Lee former Google engineer. Charles Lee has worked for Coinbase (one of the most popular US Crypto Exchange Brokers) from 2015 to 2017. We can consider, due to the similarity, Litecoin as an improved, faster and safer Bitcoin. After Bitcoin and Ripple, Litecoin is the third largest crypto-currency by market capitalization, as well as one of the future crypto. Recently Litecoin becomes a leader among the top 10 crypto coins, due to a gain in value of 8.5% in the last 24 hours. After Litecoin, Bitcoin Cash and Cardano rose more than 6% on the day, to $ 562 and $ 0.085, respectively. ( according to Amanda Bastiani 28/09/2018)
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How does Litecoin differ from Bitcoin?
Without going into technical details, there are few differences between Litecoin and Bitcoin. The rate at which transactions are confirmed, or the Bitcoin algorithm, allows a transaction to be added to the public ledger (blockchain) every 10 minutes. Litecoin has a faster confirmation rate, 2.5 minutes, which helps to avoid one of the only types of fraud that can happen with crypto, “double spending.”
The Litecoin algorithm will allow a total of 84 million Litecoins to be created. This maximum capacity is 4 times that of Bitcoin, mirroring the transaction confirmation rate 4 times faster (mining). Although similar, Litecoin stands out because of the speed of the transaction, which is convenient for online purchases and exchanges.
Litecoin Cryptographic Measurement
Litecoin was created on the Bitcoin blockchain base, so the names of the derivatives are similar. Satoshi became Litoshi, milli-bits – milli-bitcoins, etc.
Litecoin is divided in:
1 LTC = 1 Litecoin
0,01 LTC = 1 cLTC (1 Litecent)
0,001 LTC = 1 mLTC (1 milli-Litecoin)
0,000 001 LTC = 1 µLTC = 1 uLTC (1 micro-Litecoin)
0,000 000 01 LTC = 1 Litoshi
How to Store Litecoins
Litecoin can be stored in a digital wallet (on your computer or mobile phone), on a specialized hardware device, such as Ledger Nano S, or Trezor Wallet, or on an online “bank”, such as the aforementioned Coinbase. Litecoin is also divisible, making it possible to store and send fractions of a coin to anyone who has a Litecoin wallet, at any time and regardless of location.
How to Acquire Litecoins for Free
One of Coinpot’s faucets is Moon LiteCoin where you can make a free claim of Litecoins every 5 minutes. Considering that most faucets only allow you to claim once per hour or once a day, in this faucet the user decides when to do it. The faucet gradually replenishes, very quickly initially, and decreases over time – until a claim is done. In the following image we can see the claim rates:
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