SIGN UPloading spinner

Litecoin

Last Updated: January 29, 2024

Litecoin is a cryptocurrency launched in 2011 as a fork of the Bitcoin blockchain with minor alteration and initially looked to address concerns that Bitcoin was becoming too centrally controlled.

Over time, Litecoin evolved into a minable coin and peer-to-peer payment system using key features from the Bitcoin network such as the Lightning Network and Segregated Witness.

Background

Litecoin was created by Charlie Lee, a computer scientist from MIT. His initial vision was to improve scalability for digital payments so crypto would become more practical for vendors. As time passed, the engineering focus of Litecoin shifted to encompass experimental protocols intended to improve the overall latency, security, and usability of blockchain-based networks. Lee, now leading the Litecoin Foundation, promotes the blockchain and funds its development.

Launch

The Litecoin network went live on October 13, 2011 with LTC released the same year.

How does it work?

Litecoin users send and receive LTC on the blockchain by inputting the public-key information attached to each person’s digital wallet. It uses code very similar to Bitcoin’s but unlike Bitcoin’s proof of work (PoW) consensus where miners compete against each other using specialized computer equipment to be the first to discover new blocks, LTC incorporates the Scrypt PoW algorithm which makes it possible to mine the cryptocurrency with consumer-grade hardware. Another characteristic that makes Litecoin different from Bitcoin is the time it takes to confirm blocks. It takes Bitcoin nine minutes on average to produce a block, while it takes Litecoin two and a half minutes to produce a block on its network.

Sources and Resources

Information on this page includes third party content. Such content has not been verified or endorsed by Bullish. Bullish does not warrant that such content is complete, accurate, up-to-date or appropriate for your intended use and Bullish is not liable for any errors or delays in updating such content or ensuring its availability. Any reliance on or interaction with such content is solely at your own risk. Material provided on this page is for informational purposes only and does not constitute investment advice. This information is not and should not be interpreted as a recommendation to buy, sell, or hold a digital or fiat currency or to use a particular investment strategy. You should conduct due diligence before deciding whether to transact in any digital asset or fiat currency. Any prices displayed are for illustrative purposes only. Not all digital assets may be available in all jurisdictions or to all types of customers. Please see the Risk Warnings for important additional information.

The Bullish Group and related parties engage in a range of businesses that may involve: trading their own assets on the Bullish exchange or elsewhere; holding or owning digital currencies or fiat currencies or derivatives contracts traded on or off of the Bullish exchange; participating in or performing other services and transactions on the Bullish exchange or that relate to activity on the Bullish exchange; and/or receiving benefits for assets of the Bullish Group or others held on the Bullish exchange. The Bullish Group and related parties may also make investments in issuers of digital currencies that trade on the Bullish Exchange; companies that develop the protocols or technologies on which digital currencies traded on the Bullish exchange may rely; or companies that are active in ecosystems that may benefit from the trading of particular digital currencies on the Bullish exchange. The Bullish exchange has policies in place to manage conflicts of interest.

Trade crypto’s biggest assets on Bullish.

Other digital assets