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What Is Litecoin?


Litecoin Infographic

Launched in 2011, Litecoin is one of the leading cryptocurrencies currently available on the market. As a decentralized currency, it is not owned or controlled by any one entity, and is available to anyone who wants to invest. ‘Litecoin’ is abbreviated as LTC and represented by the symbol Ł.

Litecoin Origins

Litecoin was created by Charlie Lee, an MIT graduate and former Google employee. Following a brief open-source release on GitHub, the Litecoin network went live on October 13, 2011. The Litecoin code began as a source code fork (adaption) of the Bitcoin Core client, resulting in numerous similarities between these two peer-to-peer currencies. Because of the close technical relationship connecting the digital assets, many have referred to Litecoin as ‘the digital silver to Bitcoin’s gold.’

How Litecoin Mining Works

Unlike traditional currencies, issued by governments, new coins are created through the complex digital practice of mining. The job of a miner is to maintain the Litecoin blockchain by processing transaction lists. By maintaining the log of transactions, the movements of individual Litecoin are made transparent. Many miners work simultaneously to confirm new blocks; the first to confirm the block is awarded Litecoin.

All Litecoin that is currently available on the market has originated from mining. In total, only 84 million Litecoins will ever be created (exactly four times the amount as Bitcoin), with the final Litecoin expected to be mined in the year 2142. Like Bitcoin, the amount awarded will continue to be reduced at regular intervals until the final coin is mined.

Improved Transaction Speeds

One of the improvements Litecoin developers prioritized when addressing the initial code was faster transaction speeds. Unlike Bitcoin blocks, which tend to require 10 minutes for processing (or longer depending on network activity), Litecoin blocks can be processed at a rate of 2.5 minutes per block. The faster confirmation times granted by the Litecoin network makes this currency easier to acquire, spend, and trade.

How to Buy Litecoin

If you’re interested in buying your first Litecoin, you will need to set up a digital wallet before visiting a Litecoin ATM. The RockItCoin wallet is an excellent choice for those using iPhone or Android devices. Similar to a traditional banking application, our digital wallet enables you to receive funds, view your balances, and send payments.

When you’re ready to buy, you can visit one of our Litecoin ATMs or buy Litecoin online. Once you receive your funds, you will be able to make purchases, trade, or hold onto your Litecoin for investment purposes.

Need Help Getting Started?

The RockItCoin team is standing by to answer your questions. Visit our FAQ section to find answers or reach out to our customer service representatives for assistance with setting up your account or using our Litecoin ATMs. We are available via phone call, email, or text to help.