Litecoin 101

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Litecoin Logo
Litecoin Logo

Who was Litecoin made by?

Litecoin was created by Charlie Lee in 2011.

 

What is Litecoin?

Litecoin is a peer to peer based currency, a user to user connected network, without any central server for data. It allows for the sending of money digitally, without the need of a centralized financial institution, like a bank. Litecoin can be bought in fractions, making the technology and currency available for everyone. Litecoin tends to be regarded as the silver Bitcoin, and the testing platform for Bitcoin.

 

How does Litecoin work?

Litecoin is a blockchain based network, as much as it’s a currency or store of value. In order to power the blockchain, and confirm blocks that have transaction data, Litecoin utilizes a process called Proof of Work mining. Proof of Work as stated helps confirm and process blocks, and in turn helps process the transactions, as well generates blocks generates new blocks. The network uses the blocks created by the mining process, to organize transactions.

 

How do you store, send, and receive Litecoin?

In order to store, send or receive Bitcoin; you will need a wallet to generate an address to use. Check out Litecoin Wallets for wallets that we like using!

 

How you buy Litecoin?

To purchase Bitcoin using fiat based currencies, like USD or EUR, you will need to purchase off a cryptocurrency exchange. Check out Exchanges for platforms that we enjoy!

 

Symbol/Ticker: LTC

Hashing Algorithm: Scrypt

Max Total Supply: 84 Million

Whitepaper: None