What is Litecoin?

?What is Litecoin

What is Litecoin?

  Litecoin is a cryptocurrency that operates on a peer-to-peer counterpart system, and is an open-source project that means any developer can view the source and modify it, and this program is used to organize the production of new units of the light coin, in addition to making sure Transactions in the electronic payment system are correct, coded and protected.

  The Litecoin system works completely independently and is not subject to the authority of any central bank, as it does in traditional currencies.

Litecoin Currency

The beginning of Litecoin

  Litecoin was launched on October 7, 2011 as an open source program on the GitHub platform by Charlie Lee, a former Google employee, and that was a disaster for Bitcoin users, because Litecoin relies on the same Blockchain technology, with more speed and a higher final number , In addition to a stronger encryption algorithm and a simpler user interface.

Founder of Litecoin

  Charlie Lee, a computer engineer of African-American origin born in Cote d'Ivoire, known around the world as the founder of Litecoin coin, and has been the general manager of the Litecoin Foundation since July 2013. He worked for Google for a certain period before he showed interest in cryptocurrencies and launched His famous currency.

  Charlie Lee mining 150 Lightquin before he launched the new currency for circulation, and despite Charlie's belief in the success of his project and the flexibility of his currency against Bitcoin, he knew that Bitcoin competition was very difficult and might be impossible.

Litecoin price

  The price of each Litecoin unit is currently around $ 120. Its market value is currently more than $ 7.5 billion, according to OnChainFX data, but the maximum value that Litecoin reached at the end of 2017 and then reached $ 375.29 per currency, then gradually decreased until it reached $ 23.9 at the end of 2018, and Light Queen continues It has been steadily rising from the beginning of 2019 until today.

How does Litecoin work?

   Litecoin is a network through which payments and transfer of funds from one person to another can be made with peer-to-peer technology, that is, it does not require the presence of a third-party broker, and is not subject to any authority or government that controls it, thus earning it the characterization of decentralization, which is one of the most important reasons for people converting from currency Traditional to cryptocurrency.

  The Litecoin system is not dealt with a physical or metallic coin as it is the case in traditional currencies such as the dollar and the euro, but the default currency is used as is the case in all competing currencies. Your balance of Litecoin or sold according to the daily exchange rate and for any traditional currency you own.

How is Litecoin mining?

  New currencies are produced from Litecoin frequently and continuously, and the process of producing new currencies is called Mining and is simply a record-keeping service for all transfers, and this is done by producing one new block and making sure it is correct and added to Block Chain.

  Litecoin miners are competing to complete a process called Hashing by which the new block is created as quickly as possible before the others, which is a very difficult process and requires careful processing of a lot of information and transactions, so that the one who ultimately produces a new block gets 25 new litquins.

  The number of Litecoin currencies currently in circulation is approximately 62.5 million Litecoin, which is approximately 75% of the total of the pre-determined total currencies, which is 84 million, but the mining process equivalent will be cut in half, meaning it will be 12.5 Litecoin by the eighth month of the current year 2019, then the number will be The assets from Litequin amounted to 72.7 million, or 86.5% of the total.

Litecoin future

  The year 2019 will be pivotal for ITCoin, because as we mentioned the number of minerals will be halved, which will lead to supply shortages, increase in demand, and a noticeable increase in Litecoin prices, and 2020 will see a decrease in the number of new Bitcoin coins that are metal, which will also affect Prices of all digital currencies.

  When Lightqueen was first launched it was just one of a handful of cryptocurrencies, and the number swelled dramatically to have more than 1,300 cryptocurrencies, and with the continued release of new cryptocurrencies daily.

  Despite this, Litecoin was able to obtain its name, and proved its presence in this large sea of ​​digital currencies, and interest in Litecoin has increased as a method of transactions in the past months due to the high value of bitcoin and the high fees charged for conducting transactions in bitcoin, so users began to search for an alternative, and it appears that they Choose Litecoin.

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