{"id":58101,"date":"2022-04-29T11:49:16","date_gmt":"2022-04-29T06:19:16","guid":{"rendered":"https:\/\/www.the-next-tech.com\/?p=58101"},"modified":"2022-04-29T11:49:16","modified_gmt":"2022-04-29T06:19:16","slug":"what-is-litecoin-a-beginners-guide-to-ltc-and-how-it-works","status":"publish","type":"post","link":"https:\/\/www.the-next-tech.com\/blockchain-technology\/what-is-litecoin-a-beginners-guide-to-ltc-and-how-it-works\/","title":{"rendered":"What is Litecoin: A Beginner’s Guide to LTC and How It Works"},"content":{"rendered":"

Litecoin’s 2011 introduction, widely regarded as the first successful “alternative cryptocurrency,” sparked a surge of developers to try to expand the cryptocurrency user<\/a> base by changing Bitcoin’s code and utilizing it to build new sorts of networks.<\/p>\n

While Litecoin was not the first cryptocurrency to replicate Bitcoin’s code and tweak its features, it is one of the most historically significant, with a thriving market.<\/p>\n

In this beginner’s guide, we will look at the Litecoin price prediction<\/a> and how the currency works in depth.<\/p>\n

What is Litecoin?<\/h2>\n

Litecoin (LTC) is a peer-to-peer Internet currency that allows for near-instant and low-cost payments to anyone around the globe. It is based on an open-source blockchain<\/a> that is not managed by a central body, similar to Bitcoin (BTC).<\/p>\n

It was created on October 13, 2011, to become “the silver to Bitcoin’s gold” and it is today one of the most valuable cryptocurrencies in terms of market value. Litecoin employs cryptography to facilitate ownership and trading. Its system sets a hard limit of 84 million LTC that can ever be created.<\/p>\nAlso read:<\/span> New Bethesda\u2019s Fallout 5: Is It Coming Or Not? Answered<\/a><\/span>\n

Who Created LTC?<\/h2>\n

Since 2011, Charlie Lee, a computer scientist<\/a>, and alumnus of the Massachusetts Institute of Technology has been closely identified with Litecoin.<\/p>\n

Lee would go on to work at Google before founding Litecoin and pursuing a career in technology. In 2013, he became Director of Engineering at the cryptocurrency exchange Coinbase.<\/p>\n

Lee put the development of Litecoin on hold once he joined the company, noting in 2017 that his most important goal at that time was to enable consumers “buy Bitcoin and hold Bitcoin.”<\/p>\n

Lee left Coinbase in late 2017 to focus solely on Litecoin’s development. Lee is presently the managing director of the Litecoin Foundation, a non-profit organization dedicated to cryptocurrency<\/a>.
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