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Litecoin (LTC) is celebrating its seventh birthday today. One of the first altcoin, Litecoin is still in the top 10 of the cryptocurrencies by market capitalization, and its founder Charlie Lee is one of Crypto's most popular and influential figures.
Read more: Who is Charlie Lee?
On this day of 2011, the Bitcoin Core client was bifurcated and the Litecoin network was activated after Lee released Litecoin via an open source client on Github five days earlier. Although the new blockchain had a larger maximum number of coins, a different hashing algorithm (scrypt, instead of SHA-256) and a slightly modified GUI, the reduced block generation time was the key difference between Bitcoin and Litecoin. This was intended to allow faster confirmation of transactions, allowing in particular smaller payments to pass much more quickly.
Happy Litecoin seventh anniversary! 🐔
– litecoin (@litecoin) October 13, 2018
Not intended as a rival of Bitcoin, Litecoin has been referred to as the Silver for Bitcoin Gold. Litecoin has seen a very small drama compared to many other large encrypted ones, avoiding the main security problems or the hardforks and the divisions of the community that have hit the blockchains of Bitcoin and Ethereum. He was one of the first cryptographers to adopt the Lightning network, implementing it before Bitcoin in May 2017, which made it possible to process transactions even faster.
Happy birthday #Litecoin! This year will be lucky number 7! 🔮🚀🌙
– Stevie Beats (@ StevieBeats967) October 10, 2018
Although Litecoin has suffered from the same price fluctuations and the general loss of value of the rest of the market in the last 10 months since the historical upward trend ended in January, it still has a total capitalization of over $ 3 billion. It is held firmly in seventh place in the highest crypt rankings.
Charlie Lee recently actively discussed the benefits of cryptography he founded, after questions have been asked about the state of his development. He claimed that Litecoin has one of the highest levels of liquidity in all criptos, as it is quoted in almost all trades. The network is still frequently in use, processing transactions of at least $ 200 million on a daily basis, and has been continuously active since it was launched 7 years ago.
Read more: "Litecoin has enormous value": Charlie Lee goes on the defensive
Lee believes that adoption is the point where Litecoin and all other cryptography projects should now focus, improve technology and implement as many partnerships as possible to enable daily payments using cryptocurrency. Litecoin is definitely starting to grow in this aspect. Just a few months ago, it became possible to purchase Amazon gift cards with Litecoin, and encryption is accepted by a number of important payment processors, including Aliant Payment, BTCPay, Coinbase, CoinGate, CoinPayments, Globee, GoCoin LTCPay and TravelbyBit.
Read more: The new song by Soulja expresses his love for Bitcoin and Litecoin
Perhaps the last seal of approval for a crypto, Litecoin was one of the cryptos that rapper Soulja Boy recently referred to in his new melody Bitcoin. We are sure that if he knew what day it was, he would join us in wanting Litecoin a happy seventh birthday, and many happy returns.
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