![]() ![]() They are also known to place freezes on accounts at the behest of government agencies, so Litecoin’s freedom from censorship feature will not apply on a centralized exchange. Centralized exchanges are controlled by a single entity – the organization that developed the exchange – and require you to register with a government-approved ID before accessing features that allow you to buy Litecoin. You cannot buy Litecoin on decentralized exchanges, meaning that your only way of purchasing it is through a centralized exchange. You can buy Litecoin on multiple cryptocurrency exchanges, which vary by structure and the jurisdiction they can operate in, but with it still being one of the ‘old guard’ the chances are good you can buy Litecoin in your country. Currently, miners are rewarded with 12.5 LTCs, but this will halve to 6.25 around August 2023. The halving occurs every 840,000 blocks recorded on the blockchain and is intended to maintain the value of the coin by reducing the supply. Like Bitcoin it employs a mechanism called a ‘halving’ which halves the amount of LTC awarded to miners on adding a block. Litecoin has a maximum coin supply of 84 million coins, four times as many as Bitcoin. On top of this, MWEB removes any unnecessary transaction data to make blocks more compact and scalable. This scaling solution anonymizes transaction information like the sender’s address, receiver’s address, and the amount transferred to offer complete privacy. ![]() In 2022 Litecoin undertook its biggest upgrade in many years by implementing the MimbleWimble Extension Block (MWEB). The function of the proof-of-work consensus mechanism is to verify the authenticity of a transaction and add the next batch to the blockchain. One major difference was the introduction of the different mining algorithm which increased the transaction speed and made the network more secure, while developers also tried to ensure that anyone with a computer could mine Litecoin from home, which for the first few years they could. Given that it is a fork of Bitcoin, Litecoin shares many similarities with its older brother, including the same proof-of-work consensus mechanism. Litecoin soon became accepted in many of the same places Bitcoin was, with people preferring to buy Litecoin for use as a medium of exchange due to its faster speeds and lower costs, and this is often still the case. Unlike Bitcoin, which can only process about five transactions per second, Litecoin can process as many as 54 transactions per second and produce a new block every 2.5 minutes, as opposed to Bitcoin’s 10-minute timeframe. Scrypt is an algorithm designed to facilitate faster transaction speeds for Litecoin. As part of the creation process, Lee developed a new hashing algorithm for Litecoin called Scrypt. Litecoin was created by Charlie Lee, a former Google engineer. ![]() Litecoin was also designed to serve primarily as a payment method for everyday transactions at a time when concerns over Bitcoin’s ability to function as a currency were starting to be voiced. ![]() It was created to serve as an alternative to Bitcoin, addressing mining centralization concerns in Bitcoin and slow transaction processing speeds. Litecoin (LTC) is a cryptocurrency created from a fork of the Bitcoin blockchain in 2011. ![]()
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