History of Litecoin

Litecoin (LTC), like many other altcoins, was developed to tackle the shortcomings of the first cryptocurrency, Bitcoin. It takes approximately 10 minutes to mine one new block of transactions on the Bitcoin network. Litecoin was proposed as a Bitcoin spinoff that would increase the transaction speed and solve the network’s scalability issue.

Charles Lee, a crypto pioneer and a former Google and Coinbase employee, launched Litecoin in 2011. Litecoin was able to reduce the block confirmation time from 10 minutes to only two and a half minutes.

Two years after launch, in 2013, one LTC coin was worth approximately US$4. Only five years later, LTC spiked unprecedentedly and reached its all-time high of US$348 per coin.

Soon, however, the price fell at an unexpected rate. In January 2020, one LTC was worth approximately US$44. As of December 2020, LTC is again on a bull run as its price has doubled to US$88 per coin.

What is LTC used for?

Litecoin (LTC) has the same use-cases as the first and the largest cryptocurrency, Bitcoin. It is a global peer-to-peer payment network that uses LTC as its native currency. Anyone on the internet can use Litecoin to make fast and secure payments without relying on a bank or financial service provider. Today, many online as well as brick and mortar stores accept Litecoin payments.

In addition, investors and traders consider Litecoin a high-potential investment asset. This is why Litecoin has maintained the fifth spot among the thousands of other cryptocurrencies.

How does Litecoin work?

Similar to Bitcoin, Litecoin runs on the proof-of-work consensus protocol. But it uses the Scrypt hash algorithm instead of SHA-256 to increase the transaction speed of LTC.

Litecoin has a limited supply of 84 million LTC coins. New coins are mined with every new block of transactions that is added to the network. At launch, the Litecoin network offered 50 LTC to the miners who mined the blocks.

But the network automatically halves the mining rewards after every 840,000 new blocks, which happens approximately every four years. The network will continue to halve the rewards until all 84 million coins are mined.

As of December 2020, the network rewards 12.5 LTC for every new block. The next halving, expected to occur in August 2023, will further reduce the rewards to 6.25 LTC.

Advantages

It is a peer-to-peer digital currency that does not rely on any central bank or government to settle transactions.

It is a faster, cheaper, more secure, and transparent means of payment.

End-users have complete control over their LTC funds instead of a central or commercial bank.

It is a global currency and can be sent anywhere in the world almost instantly.

How can Canadians get Litecoin (LTC)?

How do I buy Litecoin in Canada (LTC to CAD)?

Buying Litecoin (LTC) in Canada can be done through a cryptocurrency exchange such as NDAX, a peer-to-peer trade, or at a Litecoin ATM. However, using platforms such as NDAX will allow for affordable, safe, and fast transactions.

👉 How to buy Litecoin in Canada?

Convert LTC trending_flat CAD

LTC	CAD
0.01 LTC	0.9105  CAD
0.1 LTC	9.105  CAD
0.5 LTC	45.525  CAD
1 LTC	91.05  CAD
5 LTC	455.25  CAD
10 LTC	910.5  CAD
25 LTC	2276.25  CAD
50 LTC	4552.5  CAD
100 LTC	9105  CAD
250 LTC	22762.5  CAD

Convert CAD trending_flat LTC

CAD	LTC
1 CAD	0.01098297  LTC
10 CAD	0.10982976  LTC
20 CAD	0.21965952  LTC
50 CAD	0.54914881  LTC
100 CAD	1.09829763  LTC
500 CAD	5.49148819  LTC
1000 CAD	10.98297638  LTC
5000 CAD	54.91488193  LTC
10000 CAD	109.82976386  LTC
50000 CAD	549.14881933  LTC

How do I store Litecoin?

It is highly recommended that you always store Litecoin (LTC) in a cryptocurrency hardware wallet. However, at NDAX we have all the security measures in place to allow you to safely store your cryptocurrency on our platform. See NDAX Security. For cold wallets, check out Ledger or Trezor for your hardware wallet needs.