The inventors of most cryptocurrencies are unknown, but in some projects, creators come to the fore. For example, Satoshi is a legendary name for Bitcoin. Vitalik Buterin has been identified with Ethereum. In Litecoin, this name is Charlie Lee.
He is an engineer who also previously worked on Coinbase.
Charlie said:
“I created Litecoin more for fun. Bitcoin is a good value storage tool, while Litecoin is a good choice for payments. Bitcoin is gold and Litecoin is silver. ” he said.
Vitalik added Ethereum to this gold-silver analogy and said:
“If we accept Bitcoin as gold and Litecoin as silver, Ethereum is oil. Because the technology underlying Ethereum will be the energy source in the internet system of the world. The same applies to Ethereum technology, as oil is used in many sectors and technologies in the world. That's why we call Ether 'crypto fuel'. The energy needed by the Ethereum platform will be provided by Ether. ”
Charlie wanted to develop Bitcoin, making it faster and cheaper to transfer. To do this, he made some changes in the codes of Bitcoin towards the end of 2011 - which we call this event - and Litecoin came out: A peer-to-peer Internet currency that provides money transfer anywhere in the world, instantly and at near-zero cost.
What peer-to-peer means is the peer-to-peer process. This means sending money without any central authority and intermediaries.
Since Litecoin is in a way a more advanced version of Bitcoin, so let's make a comparison:
-The average transaction time in Bitcoin is 10 minutes, and 2.5 minutes in Litecoin. So Litecoin is 4 times faster than Bitcoin.
-The reward per block issued in Bitcoin was 12.5 BTC, but already drop to 6.25 after its halving; In Litecoin, this award is 12.5 LTC.
Although Litecoin provides faster and cheaper transfers, Bitcoin is used and spoken more.
Charlie Lee shared a tweet on December 20, 2017 and stated that he sold all his Litecoins and donated some of it.
That day, 1 LTC had seen the level of $ 350, and we were very surprised at this situation and even asked Charlie if he was going to be at this level.
It was more frustrating if Charlie sold his LTC the day before; because on the 19th of December, Litecoin peaked at $ 375. Then you know. It has been a bear market for years and today 1 LTC is about $ 43. This is annoying.
As a result;
Although Litecoin has not been able to shake Bitcoin in general terms, it remains seventh in terms of market value and remains one of the most popular cryptocurrencies.
