What is Litecoin LTC
Recently, the virtual currency boom has occurred, and you may have seen the word “virtual currency (crypto asset)” at least once in various situations such as TV and the Internet.
Among them, many people may have heard Bitcoin (BTC) as a typical example of virtual currency. This time, we will introduce the potential and features of Lite coin (LTC), which is derive from Bitcoin, in an easy-to-understand manner for beginners.
- What is Lite coin (LTC)?
Lite coin (LTC) is a virtual currency invented by former Google engineer Charlie Lee based on the source code of Bitcoin (BTC) in October 2011.
Lite coin (LTC) was developed to solve the transaction processing speed problem of Bitcoin (BTC).
The biggest feature is that we have improved the remittance speed to 4 times that of Bitcoin (BTC), aiming for a virtual currency that is closer and easier to use than Bitcoin (BTC). The currency unit of Lite coin (LTC) is LTC, and the issuance limit is set at 84 million, which is four times that of Bitcoin.
- Features of Lite coin (LTC)
Now let us take a closer look at the features of Lite coin (LTC).
Issuance limit is about 84 million. The maximum issuance limit for Bitcoin (BTC) is 21 million, while the maximum issuance limit for lite coin (LTC) is 84 million.
This number setting is different from Bitcoin (BTC) because it is design on the assumption that it will be used for daily small amount and high-speed payment.
- There is no organization or organization that manages Lite coin (LTC)
Lite coin (LTC), like Bitcoin (BTC), is mine by mining, and many miners keep the block chain network secure. Therefore, it is said to be a decentralized virtual currency that is not influenced by the intentions of central management bodies such as governments and banks. However, there are voices within the cryptocurrency industry that the Lite coin Foundation, which mainly develops and raises awareness of Lite coin (LTC), has substantial control.
The founder, Charlie Lee, is also famous for representing the foundation.
- Block generation speed is faster than Bitcoin (BTC)
Lite coin (LTC) block generation speed is about 4 times faster than Bitcoin (BTC).
Bitcoin (BTC) takes about 10 minutes per block, while Lite coin (LTC) takes about 2.5 minutes.
Lite coin (LTC) has implemented a technology called “Segway” ahead of Bitcoin (BTC) to achieve block size compression.
Lite coin (LTC) has improved its scalability issues by using “Segway”.
Scalability problems are problems that delay data processing, that is, remittance, due to block size restrictions and transaction capacity.
- Future of Lite coin
As for the future of Lite coin (LTC), the value of Lite coin (LTC) will increase as more companies adopt Lite coin as a payment method. This is because it is easier to use and more practical than Bitcoin. If Bitcoin (BTC) is gold, Lite coin, (LTC) is often said to be silver.
For example, even with accessories, gold and platinum are very expensive and not easy to buy, but silver, which is less valuable than gold, is used in most accessories and can be purchased at a slightly lower price. Existence.
In fact, Lite coin (LTC) is focusing on its practical application to payment services. As a virtual currency that can be settled quickly, cheaply and safely, cooperation with companies and payment services is also progressing.
Lite coin (LTC) is a virtual currency created for more daily use, so if virtual currency becomes popular as a payment solution, lite coin (LTC) will be more popular than Bitcoin (BTC). It may be more pervasive in general.
- About the half-life of Lite coin (LTC)
In addition, it is said that around August 2019, the half-life of lite coin (LTC) mining will be reached. The half-life is the timing when the reward paid to the miner is halve. In the case of Lite coin (LTC), a new Lite coin (LTC) will be issue only in the mining work called mining.
Lite coin (LTC) has a predetermined number of coins to be issued, and the amount that can be mined is determined. To prevent inflation, the miners are being paid less. The last half-life of Lite coin (LTC) occurred in August 2015. The price soared once about two months before that, but by the time it reached its half-life, the price was stable, and after that, it had been flat for a while.
- Which cryptocurrency exchanges handle Lite coin (LTC)?
As a virtual currency exchange where you can purchase Lite coin (LTC), we will introduce Coin check, a virtual currency exchange that is easy for beginners to use.
1. Overview of Coin check
Coin check Co., Ltd., which operates Coin check, was established in August 2012 and joined the Money Group in April 2018.
2. Features of Coin check
The main features of Coin check are as follows.
- There are as many as 14 currencies handled (as of November 2020)
- The transaction screen is easy to see and operate
- Even beginners can easily trade
- There is a virtual currency rental service with a maximum annual rate of 5%
- There is a coin check chat
Coin check handles quite a lot of stocks on domestic exchanges. In addition, it is an easy-to-use service even for investment beginners.
- How to open a Coin check account
Opening a Coin check account is very easy. You can create an account in the following three steps.
- Account registration
- SMS authentication
- Submission of images of identity verification documents
After submitting the identity verification documents, if you receive the postcard that arrived at the registered address, you will be able to use all services at Coin check.
- Summary about Lite coin (LTC)
A brief summary of Lite coin (LTC).
- Lite coin (LTC) is a virtual currency derived from Bitcoin (BTC)
- A virtual currency that solves the problems of Bitcoin (BTC) by changing the block size and issuance limit
- Lite coin (LTC) is also focusing on payment services
- Prices may move before reaching half-life