What is Litecoin (LTC)

Litecoin or LTC (LTC/USDT – Trade it here) is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. It is also a decentralized open-source, global payment network without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume, and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin. Basic information for their token is available on the MEXC Digital asset introduction page.

What is Litecoin (LTC)
What is Litecoin (LTC)

How Does it Work

Litecoin has several features:

  • Open-source

Litecoin is an open-source software project released under the MIT/X11 license. This gives users the power to run, modify and copy the software, and to distribute users’ own modified copies of the software.

  • Decentralized

Litecoin is a peer-to-peer digital currency that enables instant, near-zero-cost payments to anyone in the world. It also has no board, no central bank, and no CEO running the blockchain. It is a truly global payment network that doesn’t rely on any central authorities.

  • Safe & Secure

The Litecoin network has run for 10 years without any downtime. Mathematics secures the network and empowers individuals to control their own finances.

Litecoin Ecosystem

The Litecoin Foundation is dedicated to consistently improving the Litecoin network, whilst supporting the development of exciting projects on the Litecoin blockchain. Below are a handful of initiatives that demonstrate Litecoin’s commitment to innovation and improving the experience of its users.

Litecoin Core

Litecoin enables instant payments to anyone, anywhere in the world using peer-to-peer technology without a central authority. The decentralized network carries out all the management and processing of the transactions. Additionally, if the user would like to help support the network, the user can do so by running Litecoin Core.

MWEB

MWEB is the largest upgrade to the Litecoin network ever, promising to provide fungibility for all while improving Litecoin’s scalability. David Burkett, the lead developer behind Litecoin’s Mimblewimble Extension Block (MWEB) upgrade, spent more than two years working on it. The MWEB upgrade will be included as part of the Litecoin Core 0.21.2 release, which also includes Taproot.

Litecoin Card

The Litecoin Card is powered by Unbanked. It offers users the ability to fund their accounts with Litecoin and other supported cryptocurrencies for immediate, frictionless spending. The Litecoin Card is the most efficient way to make a purchase with Litecoin.

Litewallet

Litewallet is the official Litecoin Wallet of the Litecoin Foundation. Its focus is on security and user experience, making Litecoin’s usage easier for all users.

Omnilite

OmniLite is an open-source platform that facilitates the creation of decentralized tokens and smart contracts as well as digital assets, like tokens and NFTs. It is a layered protocol built on top of Litecoin’s blockchain. Therefore, Omnilite has a distinct advantage over other blockchains such as integrity, network security, scalability, and comparatively low fees. The tokens created via OmniLite can be considered to be an extension of Litecoin and as a result, the transactions from these tokens are recorded on Litecoin’s blockchain.

LTC Tokenomics

LTC is digital cash. Users can send it in almost real-time, with near-zero fees, to anyone in the world.

Litecoin was designed to be fair, and decentralized and to provide ultimate utility to users. It was designed to only ever have:

  • A maximum supply of 84 million; protecting against inflation
  • As part of Litecoin’s coin issuance, miners are rewarded a certain amount of LTC whenever a block is produced (approximately every 2.5 minutes). When Litecoin first started, 50 LTC per block was given as a reward to miners. After every 840,000 blocks are mined (approximately every 4 years), the block reward halves and will keep on halving until the block reward per block becomes 0 (approximately by the year 2142). As of now, the block reward is 12.5 coins per block and will decrease to 6.25 coins per block post-halving.
  • Any change to these ‘rules’ requires all Litecoin participants (read: miners who support the Litecoin network) to agree by consensus to approve the change.

LTC has several use cases as follows:

  • A store of value. It’s portable, easily storable, and nearly impossible to counterfeit.
  • A way to “bank the unbanked.” Litecoin lets anyone with access to the internet create a wallet and use the network, including the estimated 1.4 billion globally who lack access to the traditional financial system.

Recent Price & Performance of Litecoin (LTC)

Currently, their market price is $76.50 per unit. It has a market cap of $5,484,414,558 and a fully diluted market cap of $6,391,051,251. It also has a 24-hour trading volume of $442,822,550. You can check the live price of their token right here!

How to buy Litecoin (LTC)

You can buy Litecoin (LTC) on MEXC by following the steps:

  1. Log in to your MEXC account and click [Trade]. Click on [Spot].
  2. Search “LTC” using the search bar to see the available trading pairs. Take LTC/USDT as an example.
  3. Scroll down and go to the [Spot] box. Enter the amount of LTC you want to buy. You can choose from opening a Limit order, a Market order, or a Stop-limit order. Take Market order as an example. Click [Buy LTC] to confirm your order. You will find the purchased LTC in your Spot Wallet.

You can find a detailed guide on how to buy LTC token here.

Keep Yourself Updated With The Crypto Trend

Check out all of the listings in the Innovation and Assessment zones as well as the major tokens in the Main Zone – we have more amazing projects to come! What’s more, MEXC lists moonshots and offers access to trade major cryptocurrencies. Visit the Hot Projects section as well to uncover more featured popular tokens. Lastly, feel free to visit MEXC Academy to learn more about cryptocurrency!

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