litecoin

Trade Litecoin on Beaxy

Litecoin was developed by Charlie Lee. Litecoin was built to be a better medium of exchange so he created a blockchain that was nearly identical to Bitcoin’s with the key differences being quicker block times and a higher supply.
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Litecoin profile

Features of Litecoin

Decentralized
Litecoin is decentralized by distributing the protocol’s decision power amongst the nodes participating in the network. Nodes are allowed to make individual actions but only data that is confirmed by a majority of the nodes is considered to be valid. This makes it impossible for an individual node with nefarious intentions to corrupt the protocol in any way.
Anonymous
When transacting with Litecoin, the blockchain only records your public wallet address which is not inherently tied to your identity. This gives Litecoin users the freedom to make private transactions with their peers and businesses that they choose to support.
Transparent
While it is true that Litecoin participants can transact with anonymity, the blockchain is still a public ledger. This means that every transaction is recorded and readily available for anyone to analyze. All transactions are made public so that the nodes validating the network can confirm that each wallet sending Litecoin has enough coins in there wallet to complete the transaction.
Immutable
When a transaction is completed on the Litecoin blockchain it can not be reversed because the ledger is immutable. This means that nothing can be changed after an action takes place. Otherwise, nodes assign themselves more Litecoin then they are owed. This does not work though because the other nodes on the blockchain would have to agree that those coins are legitimate.
Frequently Asked Questions
Frequently Asked Questions
Frequently Asked Questions mobile

What is Litecoin?

Litecoin is an open-source peer-to-peer cryptocurrency that was created by Charlie Lee as a fork of Bitcoin’s codebase. LTC, the digital asset, is the native currency of the Litecoin network. LTC is commonly referred to as “the silver to bitcoin’s gold”. The block time was drastically reduced so that merchants could accept Litecoin without having to wait too long for the transaction to receive enough confirmations from the network. The supply was increased to prevent digital currency from becoming too scarce and unaffordable. The development of the Litecoin protocol and the digital asset is performed by Litecoin Core and is funded by the Litecoin Foundation. Litecoin Core and the Litecoin Foundation are separate entities that work closely together to move the project forward.
It often serves as a testnet for Bitcoin, implementing upgrades before they are deployed with Bitcoin. Litecoin uses Scrypt, a memory intensive proof of work consensus algorithm which enables mining with consumer-grade hardware such as GPUs. Scrypt was chosen due to its memory-intensive features that limit the use of AISIC miners.

Litecoin Technology

Litecoin was seen to have some technological advantages over Bitcoin when it was first released as it was able to reliably confirm transactions at a faster rate. Blocks on the Litecoin blockchain are mined roughly every two and a half minutes. This allows users to initiate and receive transactions in minutes. Compared to remittance services like Western Union which can take days to complete a cross-border transaction.

How to mine Litecoin?

To mine Litecoin, start by creating a Litecoin wallet. You will need this to receive the Litecoin you will earn from mining. Next, find the right hardware for your desired level of mining. You can choose between a Graphical Processing Unit (GPU) or an ASIC miner. It is important to consider the cost of electricity in your region. Once your hardware is installed you will need software to direct your mining equipment. Ensure that the software you choose to mine with is coming from a reputable organization. When both your mining hardware and software have been installed you can begin mining Litecoin blocks and earning LTC into the wallet that you set up.

Risks of Litecoin Trading

Investment Risk Litecoin, like most digital assets, has very volatile price swings. The price of Litecoin can move significantly in a short timeframe. Increasing volatility is generally seen as an increase in the overall risk. Litecoin’s market is not as liquid of the stock market, whenever there is a large buy or sell for Litecoin, you can expect a large change in the price of the currency. Security Risk Litecoin has security risks that are both inherent to the protocol itself as well as security risks stemming from third parties. You must have the technical knowledge of how blockchains work in order to stay store your Litecoin holdings. The best practice for mitigating security risk is to store your Litecoin in an offline cold wallet. Regulatory Risk Litecoin has regulatory risks because it is a digital currency. The risk is the possibility that governments could regulate digital assets to the point that they are no longer practical. They also completely ban the use of digital currency. his is a risk as any such action taken by a powerful nation could negatively affect the value of the Litecoin network.
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AION is a native asset that performs critical functions for The Open Application Network. You can swap AION and BTC directly on Beaxy.

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ICX is the native asset of ICON, a decentralized blockchain network that focuses on interoperability. Seamlessly trade ICX and BTC on Beaxy.

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