What is Litecoin?

Although the most popular cryptocurrency is bitcoin, there are many alternatives, such as Litecoin

Litecoin was created in 2011 and is an open source software project and peer-to-peer cryptocurrency. The creation and transfer of the coins are based on open source cryptographic protocol, which is not managed by the central authority.

Litecoin is reported to be quicker and cheaper than bitcoin.

Bitcoin and Litecoin are often compared; however, Litecoin transactions are 1/50th of the size. To many, this means it is a more sustainable option. The price of Litecoin changes to reflect the demand on the currency. Much like supply and demand in many other industries.

Litecoin has purchasing power, and it is possible to mine it as well. You’ll need a high powered computer to mine Litecoin. These high powered computers will solve the mathematical equations that support the blockchain. 

The limit for Litecoin is around 84 million. This figure was created as bitcoin has 21 million, and Litecoin was intended to be 4x faster. In December 2019, there had been approximately 63 million Litecoins mined, which makes up roughly 74% of the total available. The reason for the fixed amount when it comes to cryptocurrency is that unlike other currencies, inflations will not impact the value. 

Litecoin was created by Charlie Lee, who attended MIT and graduated with a Master’s degree in computer science in 2000. Using the core code from bitcoin, along with some code and protocol modifications, should allow for large-scale adoption of Litecoin. 

Want to know more about Litecoin? Open up an online bank account, deposit your crypto, and start using your BlockCard as soon as your application is complete.

The Latest

Unbanked Joins Visa Ready for Fintech Enablement

At Unbanked, we’re passionate about building solutions that connect traditional enterprise and banking systems with blockchain–and we’re deeply committed to building the most robust infrastructure possible in order to transform financial services as we know them today. But to build something life-changing, you need to partner with the best: that’s why we’re so thrilled to… Read Article

Purchase Litecoin with your Bank Account

At Unbanked, we believe financial access and control is a fundamental human right. For years, we’ve empowered crypto users in over 220 countries and territories around the world with the power to buy, sell, and send digital currencies–all without being subject to the transaction, exchange, or deposit fees imposed by those “other guys”. While we’ve… Read Article

5 Best FinTech Stocks to Watch in 2021

Fintech stocks are becoming more popular than ever with investors worldwide. The shift toward a cashless, technology-based society is one of the driving factors of the growth of fintech companies and their rising stock prices. From fleshed-out financial and banking services to tools that help traditional financial institutions streamline their operations, 2021 is a great… Read Article

20 FinTech Startup Companies to Know

The digital age is blazing a path for the fintech niche. It should not be a surprise that investing apps like Robin Hood and Acorns are booming. After all, the tech-savvy millennial generation has come of age. They are making money, and they are investing it. And one thing is for sure─the stuffy suits and… Read Article


6.38%

Crypto Rewards
on Spend

You also have access to:

BANK ACCOUNTS
DEBIT CARDS
BUYING, SELLING, & SPENDING CRYPTO


ARE YOU READY TO GET UNBANKED?


Nah, I enjoy high fees...

x