What is Litecoin (LTC)? A study of cryptocurrencies

At Dr Modafinil, we have been accepting Litecoin for a few weeks now, but I have only just had the time to write a blog post about Litecoin, what it is and how you can use it to buy Modafinil from us.

Paul Turner, Dr Modafinil

Litecoin Information
How To Buy Litecoin and lastly
How to pay for Modafinil with Litecoin on our website.

We are accepting the following Crypto-currencies at the time of writing:

  • Bitcoin
  • Ethereum
  • Litecoin
  • Monero
  • Dash
  • Stellar
  • Bitcoin Cash
  • Bitcoin Gold

We like accepting Litecoin, we see it as a good investment, and it offers quick transactions with relatively low fees. To begin with, there is:

Litecoin Information.

This coin study is a quick summary of everything you need to know about Litecoin at a glance.

Litecoin is one of the first successful Bitcoin alternatives. The altcoin is not a Bitcoin fork, although it shares a significant number of similarities. The primary goal of Litecoin was to provide a cheaper and faster alternative to Bitcoin that could function as a daily currency, instead of a wealth reserve.

Although Litecoin is still the “silver” of Bitcoin’s “gold”, it is a well-respected and long-standing cryptocurrency.

What is Litecoin?

You can read some articles that claim that Litecoin is a Bitcoin holder. It is not (technically). A fork is a division in the Bitcoin blockchain, while Litecoin broke away from the Bitcoin base code. The two blockchains do not have a shared history, and Litecoin is a cryptocurrency other than Bitcoin.

However, due to the shared code base, Litecoin shares some similarities, as well as significant differences with Bitcoin. More on that in a moment.

Litecoin is a creation of Charlie Lee, a former Google employee and current employee of Coinbase. Lee worked for Coinbase long before the favourite exchange adopted Litecoin as a native currency. Also, in December 2017, Lee announced that it had sold all of Litecoin’s holdings to stop any perceived conflicts of interest.

How does Litecoin work?

Litecoin is similar to Bitcoin in many ways, but it has fundamental differences in how cryptocurrency works. For example:

The total number of Bitcoin available is limited to 21 million coins, while there are 84 million Litecoin.

Litecoin uses the Scrypt work-focused algorithm focused on memory, while Bitcoin uses the SHA-256 processor that consumes a lot of power. Litecoin aims for an average block production time of around 2.5 minutes, while Bitcoin aims for 10 minutes.

Half of the block (the process by which the block reward decreases) takes place every 840,000 Litecoin blocks; It’s 210,000 for Bitcoin. One of the most significant differences is in how Litecoin handles the mining process. The Bitcoin blockchain has well-documented problems with wasteful energy consumption. This is mainly due to the SHA-256 algorithm. The miners realised that by partnering to create huge mining groups, their parallel processing power would have a greater chance of securing the reward of the Bitcoin block and the transaction fees.

Instead, Litecoin uses the Scrypt mining algorithm. Scrypt is still an SHA-256 algorithm, but with a difference. Instead of allowing the miners to group their computing power, Scrypt is more serialised.

Think of this, this way. In Bitcoin mining, a group of miners can work on problem A and B simultaneously, then A and C, C and D, and so on. In Litecoin mining, you must solve problem A before moving on to problem B, and so on.

That does not mean you can not join mine Litecoin. There are numerous mining groups of Litecoin successful miners. But the difference in the algorithm stops the concentration of power in a few large entities while giving ordinary people the opportunity to exploit the cryptocurrency at home. Instead of requiring expensive ASIC mining hardware, Litecoin miners can use their existing GPUs.

Another critical difference is the production time of the block. A new Litecoin block hits the miners every 2.5 minutes, compared to the 10 minutes of Bitcoin. There does not seem to be much difference, but for a merchant, it means waiting at least four times more for confirmation of the Bitcoin transaction compared to Litecoin.

There is no white paper Litecoin. Litecoin came at a time when there were remarkably few other cryptocurrencies, and the only white paper of real cryptography belonged to certain Satoshi Nakamoto. However, you can contact the Litecoin Foundation to read more about Litecoin, its foundation, its development and how it can contribute to the project.

How to buy Litecoin?

Many ATM's like this Satoshi Point let you Buy and Sell Bitcoin, Ethereum, Bitcoin Cash, Dash and Litecoin
Many ATM’s like this Satoshi Point let you Buy and Sell Bitcoin, Ethereum, Bitcoin Cash, Dash and Litecoin

At the time of writing this article, a Litecoin costs $ 46.01. Like all cryptocurrencies, it is far from its historical maximum of $ 366.15, reached in December 2017. It has a total market capitalisation of $ 2,788,323,928, which places it in fifth place in cryptocurrency by market capitalisation.

There are now some ATMs where you can buy Litecoin. Otherwise, you can buy from Coinbase, Binance, Poloniex, Bitfinex and many more exchanges.

What is the future potential of Litecoin?

Litecoin is a venerable cryptocurrency, worn out by battle. However, it is not just a second-class Bitcoin.

For example, Litecoin was one of the first significant cryptocurrencies to adopt Segregated Witness transactions (SegWit). Litecoin also participated in the first exchange to atomic swap, made between Decred and Litecoin back in 2017, and was also the host of the first Lightning Network transaction.

In early 2019, Charlie Lee announced that Litecoin was focusing on adding Confidential Transactions to increase the privacy of Litecoin users. Confidential Transactions permanently sever the link between a cryptocurrency owner their token’s transaction history, making it difficult to associate tokens with a single user or address.

How to Buy Modafinil with Litecon

In the same way that you’d buy with any of the other Cryptocurrencies, when at the checkout, Select to Pay with Cryptocurrencies, Select Litecoin and then you will be greeted with a unique QR code which you can scan to make it easier or there with be a unique wallet address and the amount to pay.

Once that has be done your order will be processed in under a day and will be shipped to you straight away.

If you have any inquiries about buying Modafinil with Litecoin or any other questions, please feel free to contact us at any time.

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