Friday, July 1, 2022
WHATS DOGE
  • Home
  • Bitcoin
  • Dogecoin
  • Altcoin
  • Litecoin
  • Blockchain
  • Ethereum
  • Cryptocurrency
  • DeFi
  • Regulation
  • XRP
  • Videos
No Result
View All Result
WHATS DOGE
No Result
View All Result
Home Litecoin

Charlie Lee’s 9 Favorite Things About Litecoin

admin by admin
March 10, 2021
in Litecoin
0
Charlie Lee’s 9 Favorite Things About Litecoin
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


Briefly

  • Litecoin marks its tenth anniversary in 2021.
  • Charlie Lee instructed us why LTC has spent almost 10 years as a top-ranking cryptocurrency.
  • In 2017, Litecoin spotlit the problem of what occurs to a serious crypto when a founder cashes out.

It’s a giant yr for Bitcoin spin-off Litecoin. The cryptocurrency—usually described because the silver to Bitcoin’s gold—celebrates its tenth anniversary in October. 

Not too long ago, Decrypt sat down with Litecoin’s founder Charlie Lee, an MIT graduate and Google veteran, to search out out simply what’s so nice concerning the cryptocurrency he designed. We’ve boiled his solutions down into good helpful info. 

In 9 years, Litecoin had zero downtime 

Bitcoin and Ethereum, the highest two rating cryptocurrencies by market cap, have each skilled downtime—however not Litecoin, in accordance with Lee.  

“Litecoin has been operating nonstop for nearly 10 years,” Lee instructed Decrypt. “It is one of many few cash that may declare that. Even Bitcoin has had points the place there’s been like a fork and a specific amount of downtime. Litecoin has not had any downtime since I launched it in October of 2011.”

It’s been a top-10-ranking cryptocurrency ever because it was invented

It might have gone up and down in rank, however Litecoin has been within the top 10 cryptocurrencies by market cap for just about the entire time because it launched. It’s at present at quantity eight, between Chainlink and Bitcoin Cash. However Decentralized Finance (DeFi) cash, akin to Wrapped Bitcoin (WBTC) and Uniswap’s governance token UNI, are rising quick. 

Related articles

Cuban Continues Pushing Dogecoin For Payments, Musk Nods His Approval

Cuban Continues Pushing Dogecoin For Payments, Musk Nods His Approval

August 17, 2021
LTC whales go into a buying spree, eying up $260

Litecoin, Ethereum Classic & Polygon — Asian Wrap 17 Aug

August 17, 2021

“There’s loads of cash which have had their quarter-hour of fame however receded,” mentioned Lee.”Litecoin has by no means actually left the highlight; it is fairly spectacular.” 

Litecoin’s mining algorithm provides it a safety benefit

Litecoin makes use of a distinct mining algorithm to Bitcoin. Because of this it might probably dominate the so-called “hashrate” of the algorithm it makes use of, which known as Scrypt.

That’s not an possibility accessible to Bitcoin Money, for instance; like Bitcoin, it makes use of the SHA-256 algorithm, however solely has round 2% dominance, making it susceptible to assault. In distinction, LTC’s Scrypt dominance is at round 99%, mentioned Lee.

Pile o' Litecoin
Litecoin is a Bitcoin spinoff however makes use of a distinct mining algorithm Picture: Shutterstock

“There is no incentive for Litecoin miners to assault Litecoin as a result of they’re mainly attacking their very own, whereas for SHA-256 miners, in the event that they assault Bitcoin Money and Bitcoin Money dies due to it, they don’t actually lose a lot cash in any respect, as a result of they’ll return [to mining Bitcoin],” he defined.

Litecoin has excessive liquidity

Litecoin is listed on each main cryptocurrency alternate. Like Bitcoin, it’s used as a retailer of worth, however its super-low charges and quicker transaction price have boosted its recognition as technique of alternate.

Trading volume
Cryptocurrencies ranked by buying and selling quantity. Picture: CoinGecko.

“At this time, the market cap is $9 billion, however the quantity is $8.5 million {dollars}. The buying and selling quantity exceeding the market cap is fairly spectacular, so it’s extremely liquid,” mentioned Lee. 

It has extra ATM assist than any crypto, besides Bitcoin

The newest information from CoinATM Radar places the variety of ATMs supporting Litecoin at 9,425, whereas virtually 15,000 ATMs now provide Bitcoin. Studies final yr prompt that LTC was set to be enabled in 13,000 ATMs in Korea, which might imply it has extra assist worldwide than even Bitcoin. 

“There are loads of locations the place you should buy and promote Litecoin, it’s the second-best supported [cryptocurrency,]” mentioned Lee. 

Litecoin is supported by PayPal

In October 2020, PayPal introduced support for Bitcoin, Ethereum, Bitcoin Money, and Litecoin, which signifies that its 350 million US clients can now purchase and pay for items and companies in these cryptocurrencies. 

Litecoin’s worth proposition:
– Excessive liquidity & on each alternate
– #2 supported on ATMs
– 350m @PayPal customers
– $104m @Grayscale LTCN belief
– 99% Scrypt hashrate dominance
– MWEB fungibility/privateness
– Low charges & quick txns
– $500b+ worth transferred
– 9+ years w/ zero downtime
🚀 pic.twitter.com/YSCwxA57Lb

— Charlie Lee [LTC⚡] (@SatoshiLite) December 21, 2020

“Individuals selected to assist Litecoin as a result of it is a helpful foreign money and it is one of many high currencies,” mentioned Lee.

After all, not everybody within the crypto neighborhood is head-over-heels in love with PayPal. It is are available in for criticism over its phrases and circumstances, which state that the crypto in your account “cannot be transferred to different accounts on or off PayPal.” Nonetheless, although, it is opened the doorways for some 26 million merchants to just accept funds in cryptocurrency—together with Litecoin.  

Privateness options are coming to Litecoin

Litecoin is getting a serious improve over the approaching months to offer it so-called “fungibility,” the place one coin is indistinguishable from one other.  

“That is what makes cash highly effective as a result of each coin or any invoice is similar—it is fungible. At the moment, that is not the case with Litecoin and Bitcoin,” mentioned Lee. “There are tales you hear that individuals deposit some cash to Coinbase and their account will get banned, as a result of the cash are linked to a darkish market, for instance,” he defined. 

MWEB, the opt-in privateness and fungibility function being launched, means the cash can’t be ‘tainted’ by what they’ve been used for up to now. It’s an optionally available function and capabilities as a sort of sidechain. Lee believes it’s going to be a serious promoting level.

Nearly 2% of LTC is locked up within the Grayscale Litecoin Belief

Digital asset supervisor Grayscale Funding made headlines when it introduced a report $27.1 billion in property beneath administration final week. It’s one of many few methods institutional traders can get publicity to Bitcoin with out having to carry the asset itself.

The Grayscale Bitcoin Trust has pulled within the bulk of the funds—and generated nearly all of the headlines—however the asset supervisor additionally operates trusts for a small variety of different cryptocurrencies, together with Litecoin. 

Grayscale Litecoin
Market efficiency of the Grayscale Litecoin Belief. Picture: Grayscale

“The Grayscale Litecoin Belief is doing very well,” mentioned Lee, stating that $173 million LTC is at present locked in it—which represents virtually 2% of all Litecoin in existence. “It’s exhausting to know what a posh demand there’s on the institutional aspect for Litecoin, however this, it’s fairly spectacular.”

9. Litecoin survived after Lee cashed out

Litecoin was maybe the primary main cryptocurrency to lift the thorny challenge of what occurs when a founder cashes out. 

However I assumed you bought out of ltc… 🤔

— [฿it]coin Accumulation on Capitulation (@Crypto_Nerd) March 2, 2018

Lee sold his LTC on the finish of 2017, close to the height of the cryptocurrency increase, citing battle of curiosity and different causes. He mentioned that—even three years later—individuals nonetheless hate on him for promoting out, and a few even blame him for crashing the entire crypto market, which is “ridiculous,” he insists.

“It is sort of human nature for that to occur; I ought to have anticipated it,” he mentioned ruefully. “Lots of people suppose I give up Litecoin as a result of I’ve no incentives to work on anymore. But it surely’s sort of the other as a result of it is my child, so to talk. It is my legacy.”





Source link

Tags: CharlieFavoriteLeesLitecoin
Share76Tweet47
Previous Post

The things the DoJ’s latest move against McAfee has taught us

Next Post

Sommelier Announces $3.5M in Series Seed Round to Build a New Coprocessor for Ethereum’s World Computer

Related Posts

Cuban Continues Pushing Dogecoin For Payments, Musk Nods His Approval

Cuban Continues Pushing Dogecoin For Payments, Musk Nods His Approval

by admin
August 17, 2021
0

Billionaire investor and proprietor of the Dallas Mavericks Mark Cuban advised CNBC final week that Dogecoin has a stable...

LTC whales go into a buying spree, eying up $260

Litecoin, Ethereum Classic & Polygon — Asian Wrap 17 Aug

by admin
August 17, 2021
0

Litecoin worth reaches main goal, LTC enters a interval of turbulence Litecoin price had been paralyzed by the 2019...

Litecoin price reaches primary target, LTC enters a period of turbulence

Litecoin price reaches primary target, LTC enters a period of turbulence

by admin
August 17, 2021
0

Litecoin worth closes in on the double backside measured transfer worth goal of $191.00 after a ten.82% rip on...

Litecoin, Ethereum Classic and Polkadot Price Analysis: 16 August

Litecoin, Ethereum Classic and Polkadot Price Analysis: 16 August

by admin
August 16, 2021
0

Altcoins Litecoin, Ethereum Basic and Polkadot, all rose on their charts during the last 24 hours, owing to Bitcoin...

The 10 Most Purchased Cryptocurrencies in August 2021

The 10 Most Purchased Cryptocurrencies in August 2021

by admin
August 16, 2021
0

10 cryptocurrencies which were bought essentially the most in August.Cryptocurrencies have taken a stable place within the buying and...

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

seventeen − 12 =

No Result
View All Result

Recent Posts

  • Web3 will be key to the future of China’s internet, says security regulator
  • Ukraine’s President Signs Virtual Assets Bill Legalizing Cryptos
  • Binance Bags Specialist License From Dubai’s Virtual Asset Regulatory Authority
  • Democrat division over crypto isn’t all bad news for regulation
  • Congress members concerned SEC stifling innovation with crypto scrutiny

Recent Comments

    Archives

    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021

    Categories

    • Altcoin
    • Bitcoin
    • Blockchain
    • Cryptocurrency
    • DeFi
    • Dogecoin
    • Ethereum
    • Litecoin
    • Regulation
    • Videos
    • XRP

    Meta

    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org

    Categories

    • Altcoin
    • Bitcoin
    • Blockchain
    • Cryptocurrency
    • DeFi
    • Dogecoin
    • Ethereum
    • Litecoin
    • Regulation
    • Videos
    • XRP

    Follow Us

    Contact Us

    • Privacy & Policy
    • About Us
    • Contact Us

    © 2021 Whats Doge

    No Result
    View All Result
    • Home
    • Bitcoin
    • Dogecoin
    • Altcoin
    • Litecoin
    • Blockchain
    • Ethereum
    • Cryptocurrency
    • DeFi
    • Regulation
    • XRP
    • Videos

    © 2021 Whats Doge

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.