SMART VALOR Exchange lists Litecoin Start trading now, buy & sell LTC

Olga Feldmeier
Friday, November 8, 2019

Litecoin listing. Buy & sell LTC

Announcement: SMART VALOR Exchange lists Litecoin, buy & sell LTC.

The reason for adding Litecoin to the SMART VALOR exchange is the fact that LTC belongs into the top 5 coins in terms of trading volume according to Overall, around USD 500 billion worth of Litecoin were transferred on the blockchain as of October 2019.

In 2011 the former Google employee Charlie Lee founded Litecoin, which makes it the third oldest coin. It had its genesis block on the 5th of October 2011, which was named after Steve Jobs who unfortunately died the same day.

What is Litecoin (LTC) and how it is different from Bitcoin (BTC)?

Bitcoin will reach its absolute maximum supply of coins in circulation at 21 million, while the limit for Litecoin issuance is four-times higher: 84 million to. Litecoin is one of the first forks of Bitcoins, hence, they share the same source code. The distinction? Some modifications were done in order to overcome Bitcoin’s shortcomings such as the slow transaction speed due to long block confirmation times. Litecoin’s network generates blocks every 2.5 minutes compared to 7-10 minutes for Bitcoin, which means that a Litecoin transaction can be done on average 4 times faster. This is possible due to the modified SHA-256 algorithm, called Scrypt. Further, the halving event in Litecoin is after 4 times as many blocks (after 840,000 blocks) as for Bitcoin (after 210.000 blocks), leading to the same time horizon.

Litecoin advantage

The frequently cited advantage of Litecoin is lower transaction fees. As of 6th November the fees on Bitcoin were around 1.23 USD and just 0.0252 on Litecoin.

How Bitcoin and Litecoin are similar?

While the smallest amount in Bitcoin is called Satoshi (0,0000000001), Litecoin calls it Litoshi (0,0000000001). Additionally, both of them have a Proof-of-Work Blockchain protocol and can be mined by ASICs miners. In 2017 Litecoin became the first of the top 5 cryptocurrencies to adopt Segregated Witness, the Bitcoin Improvement Proposal, which is aimed at increase of transactions speed without increasing blockchain size.

Further resources:
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