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What is Litecoin (LTC) and how to buy it in New Zealand

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What is Litecoin? Litecoin (LTC) Explained

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A Brief Litecoin Wiki – What is Litecoin?

There has been a sea change in the world of altcoins throughout 2018. Many ICO coins have resolutely failed to make returns for investors. However, despite widespread pessimism, Litecon still stands tall as one of the most innovative and exciting coins on the cryptocurrency market. The only question is, what is Litecoin?

  • Litecoin was created as a standalone coin with several key technological upgrades
  • 84 million Litecoin will eventually enter circulation, four times the supply of Bitcoin
  • Litecoin uses a Scrypt based proof of work mining algorithm which prevents industrial scale mining
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Litecoin is a Fork of Bitcoin

In 2017 and 2018, two controversial forks of Bitcoin came to market. Bitcoin Cash and more recently Bitcoin Cash SV, have been since criticized for co-opting the Bitcoin brand. This is important as Litecoin is also a fork of Bitcoin, though, not one which attempts to co-opt the Bitcoin brand.

Litecoin was launched by ex-Google developer Charlie Lee in late October 2013. Intrigued by Bitcoin, Charlie Lee saw potential problems concerning future Bitcoin scalability. Lee, therefore, created a fork of the Bitcoin Core client. However, Lee didn’t create a Bitcoin clone to capitalize on the Bitcoin namesake.

Scrypt Litecoin Mining Explained

Bitcoin and forks of Bitcoin which have co-opted the Bitcoin brand, use a SHA 256 mining algorithm. This is where complex encryption which can only be cracked using parallel computer processing, is used to encrypt transaction blocks. Bitcoin miners who contribute processing power necessary to crack this encryption, receive rewards in the form of mining fees and new Bitcoin.

The problem with SHA 256, is that in 2013, for-purpose, industrial Bitcoin mining rigs came to market. Using several parallel processors per rig, industrial-scale mining has since ensued. This has subsequently led to Bitcoin mining becoming heavily monopolized.

Drilling vehicle mining into a large litecoin coin

Litecoin Price Predictions for 2019 & Beyond

Litecoin processes transactions much faster than Bitcoin. In fact, in April 2018, Litecoin processed a $99 million transaction in under three seconds, which incurred fees of just $0,40. For the past 2-years, the Litecoin network has, therefore, worked closely with Bitcoin on a project known as Lightning.

Due to be fully released in 2019, the Litecoin Lightning Network will allow users to send and receive Bitcoin instantly, by instantly exchanging BTC for LTC.

Fees for transactions on Lightning will be minuscule. More importantly, the Lighting network will future-proof Bitcoin scalability concerns. For this reason, Litecoin is commonly referred to as ‘silver to Bitcoin’s gold.’

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Is Now a Good Time to Buy Litecoin?

Because Litecoin was also instrumental in helping Bitcoin scale using Segwit in 2017, some commentators believe that the Litecoin price will eventually level at a fifth of the price of Bitcoin. This makes Litecoin a top coin to consider investing in, ahead of 2019.

Easy Crypto in New Zealand, allows crypto investors to buy Litecoin instantly, minus high fees associated with other local and international exchanges. Find out more now and have Litecoin delivered to your wallet in under two minutes by clicking here.

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