Litecoin ( LTC ) Price Live Chart

What Is Litecoin (LTC)?

Litecoin (LTC) is a decentralized cryptocurrency designed to enable fast, secure, and low-cost payments using blockchain technology. It was launched as an open-source project on GitHub on October 7, 2011, and officially went live on October 13, 2011. Often referred to as the “lite version of Bitcoin,” Litecoin offers many of Bitcoin’s benefits while improving on speed and efficiency.

Built on Bitcoin’s original protocol, Litecoin differentiates itself by using a different hashing algorithm (Scrypt), a reduced block generation time of just 2.5 minutes, and significantly lower transaction fees. These features make Litecoin an ideal choice for small-scale transactions and everyday payments at point-of-sale locations.

Over the years, Litecoin has become one of the most widely adopted cryptocurrencies, regularly appearing among the top crypto assets by market capitalization.

Who Founded Litecoin?

Litecoin was created by Charlie Lee, a well-known figure in the cryptocurrency space and a former Google engineer. Lee is also an early Bitcoin miner and advocate of blockchain technology. From 2015 to 2017, he served as the Director of Engineering at Coinbase before shifting his focus entirely to Litecoin.

Today, Charlie Lee leads the Litecoin Foundation, a nonprofit organization that collaborates with the Litecoin Core Development Team to grow and enhance the Litecoin ecosystem. Other key members of the Foundation include Xinxi Wang, Alan Austin, and Zing Yang.

What Makes Litecoin Unique?

Litecoin is the second most popular pure cryptocurrency after Bitcoin and stands out due to its simplicity and strong utility.

Key advantages of Litecoin include:

• Speed: With a block time of just 2.5 minutes, transactions are confirmed faster than many other cryptocurrencies.
  
  

• Affordability: Transaction fees are extremely low, making it ideal for micro-transactions and global remittances.
  
  

• Widespread Adoption: As of early 2021, more than 2,000 merchants worldwide accept LTC payments.
  
  

• Privacy Features: Litecoin has integrated the MimbleWimble protocol on its testnet to support confidential transactions and improved fungibility.
  
  

How Many LTC Are in Circulation?

Litecoin has a capped maximum supply of 84 million LTC. As of January 2021, approximately 66.2 million LTC were in circulation. Like Bitcoin, Litecoin follows a deflationary issuance model with block reward halvings every four years.

Litecoin mining began with the instamining of around 500,000 LTC. The total supply is expected to be fully mined by around the year 2140. Unlike centralized companies, Litecoin’s development team, including Charlie Lee, does not receive direct profits and earn only what they mine or hold.

The value of LTC has seen several market cycles. Notably:

• In 2013, LTC surged to $44.73.
  
  

• In late 2017, it climbed to $358.34.
  
  

• Litecoin reached an all-time high of $386.45 on May 9, 2021.
  
  

How Is Litecoin Secured?

Litecoin uses the Proof-of-Work (PoW) consensus mechanism, secured by the Scrypt hashing algorithm. This makes it highly resistant to cyberattacks and double-spending, with network uptime close to 100%.

Its robust cryptographic architecture and strong miner participation ensure that every transaction is verified and stored immutably on the blockchain.

Where Can You Buy Litecoin (LTC)?

Litecoin is widely accessible and can be purchased through numerous crypto exchanges worldwide. Major platforms supporting LTC trading include:

LTC can be traded against several fiat currencies such as USD, EUR, KRW, and more. Popular trading pairs include LTC/INR and LTC/USDT. You can also use tools like SUNCRYPTO converter to track live prices.

What Is the Litecoin MimbleWimble Upgrade?

In January 2022, Litecoin announced the MimbleWimble Extension Block (MWEB) upgrade via Litecoin Core 0.21.2. This upgrade is considered the most significant in Litecoin’s history, introducing:

• Enhanced Privacy: Allows users to hide transaction details using confidential transactions.
  
  

• Improved Fungibility: Makes LTC more comparable to cash by removing identifiable transaction history.
  
  

• Scalability Improvements: Reduces transaction data size to enable better network efficiency.
  
  

The Taproot upgrade, which enhances smart contract flexibility and privacy, was also included in this release.

Why Did Some Exchanges Delist Litecoin?

Following the activation of MimbleWimble at block height 2,257,920 on May 19, 2022, some regulatory bodies and exchanges raised concerns about enhanced privacy features.

In South Korea, exchanges like Upbit, Bithumb, Coinone, Korbit, and Gopax delisted LTC to comply with the Act on the Reporting and Use of Specific Financial Transaction Information, which mandates that cryptocurrencies be traceable to prevent money laundering and illicit use.

The MWEB upgrade makes Litecoin transactions less transparent, which some exchanges viewed as incompatible with local regulatory frameworks.