Litecoin: The Ultimate Guide to the World of Litecoin, Litecoin Crypocurrency, Litecoin Investing, Litecoin Mining, Litecoin Guide, Cryptocurrency - Paperback

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SKU 9781986181235

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by Ikuya Takashima (Author)

LITECOIN

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The last year saw a great surge in the popularity and public awareness of cryptocurrencies. Most of this hype was driven by the massive rocketing in the price of Bitcoin, the world's first cryptocurrency. While Bitcoin remains the most well-known cryptocurrency, there are several other popular and promising cryptocurrencies. One of this is Litecoin. Litecoin is an advanced, next-generation digital currency that allows anonymous and heavily encrypted transactions between people across a peer-to-peer (P2P) network. Like most other cryptocurrencies, Litecoin is based on blockchain technology and is not backed or controlled by any government, central bank, or central authority. Litecoin is an open source cryptocurrency, which means that anyone has the right to study its code, modify it, and distribute the software as they wish and for any purposes. Like any other currency, Litecoin can be offered in exchange for goods and services. Litecoin was released on 7 October 2011, two years after the release of Bitcoin. It was created by a former Google programmer known as Charles Lee in a bid to fix some of the shortcomings and challenges he saw in Bitcoin. Litecoin was created, or 'forked', from Bitcoin's source code, which means there are some similarities between Litecoin and Bitcoin. Since Litecoin is an offshoot of Bitcoin, it would be impossible to completely understand Litecoin without comparing the two. Therefore, there will several references to Bitcoin in this book. According to its creator, Litecoin was created to be the silver to Bitcoin's gold. Where Bitcoin is seen as the 'digital gold', as a store of value, Litecoin aims to be the 'digital silver' than can be used for daily transactions. Despite having started from very humble origins and only having a few subtle technical improvements over its big brother, Litecoin has also experienced massive growth to become the sixth largest cryptocurrency by market cap. To put the growth of Litecoin in context, I will compare it to the growth of Bitcoin. In 2017, the price of Bitcoin rose by over 1,800%, from below $1,000 in January to a few hundred dollars shy of $20,000 by the close of the year. While this might seem astronomical, it is nothing compared to the price of Litecoin, which rose by over 9,000% in the same period, starting at about $4 in January and hitting $371 by the end of the year. Litecoin currently has a market cap of about $10 billion.

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