{"id":8671,"date":"2023-07-12T11:18:03","date_gmt":"2023-07-12T11:18:03","guid":{"rendered":"https:\/\/www.bitnovo.com\/blog\/?p=8671"},"modified":"2022-05-11T22:41:50","modified_gmt":"2022-05-11T22:41:50","slug":"what-is-litecoin","status":"publish","type":"post","link":"https:\/\/www.bitnovo.com\/blog\/en\/what-is-litecoin","title":{"rendered":"What is Litecoin?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Alternar tabla de contenidos\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-litecoin\/#differences_between_bitcoin_and_litecoin\" >Differences between Bitcoin and Litecoin<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-litecoin\/#what_is_the_price_of_litecoin\" >What is the price of Litecoin?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-litecoin\/#litecoin_wallets\" >Litecoin Wallets<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-litecoin\/#how_to_mine_litecoin\" >How to mine Litecoin?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-litecoin\/#how_to_acquire_litecoin\" >How to acquire Litecoin?<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 3<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span><div id=\"row-1458344698\" class=\"row\">\n<div class=\"col small-12 large-12\">\n<div class=\"col-inner\">\n<p>Today we\u2019re going to talk about<b>\u00a0Litecoin<\/b>, the lightweight version of Bitcoin, Bitcoin\u2019s athletic brother, the Usain Bolt of cryptomontages. I could go on giving examples but they would be worse and worse, so let\u2019s get to the point:\u00a0<b>What is Litecoin?<\/b><\/p>\n<p><b>Litecoin (LTC) is the first altcoin in history, the first alternative to Bitcoin<\/b>\u00a0created in October 2011 by Charlie Lee (a former Google worker who decided to quit his job to dedicate himself 100% to the development of Litecoin).<\/p>\n<p>Has he regretted it? No, I think not, since as of today LTC has a market capitalization of $2,820,078,668 USD (yes, I don\u2019t know how to pronounce that figure either).<\/p>\n<p><b>Litecoin\u2019s main idea is to be a currency with all the benefits that Bitcoin offers but without any of those little problems<\/b>\u00a0that N1 crypto faces in the market. Such is the similarity between the two that Litecoin is simply a fork in the Bitcoin Core software, so it\u2019s almost a direct copy of Bitcoin.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"row-1372559087\" class=\"row\">\n<div class=\"col small-12 large-12\">\n<div class=\"col-inner\">\n<h2><span class=\"ez-toc-section\" id=\"differences_between_bitcoin_and_litecoin\"><\/span><b>Differences between Bitcoin and Litecoin<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Although they are two currencies that share much of the code, they have differences that separate them, like two twin brothers after the age of 15:<\/p>\n<p><b>\u2013 Number of coins<\/b><\/p>\n<p>The Bitcoin issue has a limit of 21 million BTC, while Litecoin quadruples that limit and will reach its peak when 84 million LTC are produced.<\/p>\n<p>The protocol states that there will be a Litecoin\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/halving-crypto-what-it-is\/\">halving<\/a>\u00a0<b>approximately every 4 years,<\/b>\u00a0after a certain number of blocks have been created. For litecoin this amount is 840,000.<\/p>\n<p><b>\u2013 Speed<\/b><\/p>\n<p>The block generation is 4 times faster than Bitcoin, which means that in Litecoin a block is generated every 2.5 minutes as opposed to the 10 minutes it takes for a Bitcoin block.<\/p>\n<p><b>\u2013 Scalability<\/b><\/p>\n<p>While Bitcoin supports a maximum of 7 transactions per second, Litecoin multiplies that amount by 8, so a maximum of 56 transactions per second can be processed. This avoids network congestion and significantly improves scalability for wider adoption.<\/p>\n<p><b>\u2013 Mining<\/b><\/p>\n<p>Litecoin uses the Proof of Work system, just as Bitcoin does, but with differences in the hardware used for mining. Due to the uneven growth in the difficulty of mining both cryptosystems, the requirements are a little less when it comes to obtaining LTCs.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"row-525376280\" class=\"row\">\n<div class=\"col small-12 large-12\">\n<div class=\"col-inner\">\n<h2><span class=\"ez-toc-section\" id=\"what_is_the_price_of_litecoin\"><\/span><b>What is the price of Litecoin?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In December 2017, good news arrived for LTC as its price had reached \u201cmoon\u201d and was worth \u00a3306.08, in what would be its historical high so far. After a steep fall (accompanied by most cryptosystems) today the price of litecoin in euros is \u00a340.78.<\/p>\n<p>It\u2019s worth remembering that Litecoin, is divided into litoshis in a very similar way to Bitcoin is divided into Satoshis.\u00a0 But how many litoshis is Litecoin?<\/p>\n<p>To make it simple,\u00a0<b>1 litoshi is equivalent to 0.00000001 LTC.<\/b><\/p>\n<p>If you can\u2019t currently afford a whole unit, there are Litecoin\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-a-bitcoin-faucet\/\">faucets<\/a>\u00a0that will allow you to earn large amounts of litoshis with minimal effort. The most famous are MoonLitecoin or Free-Litecoin.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"litecoin_wallets\"><\/span><b>Litecoin Wallets<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Fortunately, there are many wallets for Litecoin and the choice of the best\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/types-of-wallet\/\">wallet<\/a>\u00a0will depend on the particular needs of each person.<\/p>\n<p>We will review the most used Litecoin wallets for you to choose from:<\/p>\n<p><b>Harware Wallet:<\/b><\/p>\n<p>\u2013 Ledger Nano X<\/p>\n<p>\u2013 Ledger Nano<\/p>\n<p>\u2013 Trezor Model T<\/p>\n<p>\u2013 Trezor Model One<\/p>\n<p><b>Desk wallets:<\/b><\/p>\n<p>\u2013 Electrum LTC<\/p>\n<p>\u2013 Atomic<\/p>\n<p>\u2013 Jaxx Liberty<\/p>\n<p>\u2013 Exodus<\/p>\n<p>\u2013 Litecoin Core<\/p>\n<p><b>Mobile wallets:<\/b><\/p>\n<p>\u2013 LoafWallet<\/p>\n<p>\u2013 Atomic Portfolio<\/p>\n<p>\u2013 Jaxx Liberty wallet<\/p>\n<p>\u2013 Coinomi Wallet<\/p>\n<p>\u2013 Edge Wallet<\/p>\n<p><b>Paper wallets:<\/b><\/p>\n<p>\u2013 LiteAdress<\/p>\n<h2><span class=\"ez-toc-section\" id=\"how_to_mine_litecoin\"><\/span><b>How to mine Litecoin?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Like\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/how-long-does-it-take-to-mine-a-bitcoin\/\">Bitcoin mining,<\/a>\u00a0Litecoin mining uses the Proof of Work system. The main difference lies in the software used to mine it.<\/p>\n<p>If you\u2019ve read the article on Bitcoin mining, you\u2019ll remember that cryptomoney can no longer be mined with a processor and graphics card (actually it can, but it\u2019s not profitable).<\/p>\n<p>However, the evolution of litecoin has not yet been so great that it suffers from the same problem. Bitcoin\u2019s lightweight sister, it can now be mined with a processor and graphics card.<\/p>\n<p>Although it\u2019s also worth mentioning that there are specific ASICs to mine this cryptomoney and the future of Litecoin mining may suffer the same fate as Bitcoin.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"how_to_acquire_litecoin\"><\/span><b>How to acquire Litecoin?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong><b>There are several ways to acquire LTC:<\/b><\/strong><\/p>\n<p>\u2013 You can accept Litecoins as payment for goods and services.<\/p>\n<p>\u2013 You can tell your boss that you want your salary at LTC (and see his \u201cWhat the hell are you talking about?\u201d face).<\/p>\n<p>\u2013 You can start mining Litecoin.<\/p>\n<p>\u2013 Or you can make it simpler and<a href=\"https:\/\/www.bitnovo.com\/en\/buy\/litecoin\/\">\u00a0buy Litecoin online from Bitnovo<\/a>, the number one platform on the Milky Way* for buying crypto-currencies with debit or credit cards.<\/p>\n<p>*We can\u2019t guarantee that outside the Milky Way there isn\u2019t a planet with a better platform than ours where you can buy crypto-currencies with a card just by lifting your thumb or shouting a Real Madrid goal.<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 3<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span>Today we\u2019re going to talk about\u00a0Litecoin, the lightweight version of Bitcoin, Bitcoin\u2019s athletic brother, the Usain Bolt of cryptomontages. I could go on giving examples but they would be worse and worse, so let\u2019s get to the point:\u00a0What is Litecoin? Litecoin (LTC) is the first altcoin in history, the first alternative to Bitcoin\u00a0created in October [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6546,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8671","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-criptomonedas"],"_links":{"self":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/8671","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/comments?post=8671"}],"version-history":[{"count":0,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/8671\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media\/6546"}],"wp:attachment":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media?parent=8671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/categories?post=8671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/tags?post=8671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}