The crypto market is versatile, filled with thousands of cryptocurrencies. But back when cryptocurrencies were founded there were only a handful virtual currencies in circulation. These cryptocurrencies laid the foundation stone for many cryptocurrencies that we see today. The cryptocurrency was born with the introduction of Bitcoin back in 2009 which was way before Litecoin was founded. The Litecoin came to market in the October of 2011 where the initial approach of the investors was that Litecoin was the clone of Bitcoin which was a false notion. Apart from the same functions, Litecoin was completely different than Bitcoin in many aspects.
Litecoin was extremely misunderstood during the time when it was founded. Although, the functions and results resembled with Bitcoin, the features, and principal that governed both cryptocurrencies were different. Both of them gave space for developers to work and experiment with new technologies. Litecoin sparked a revolution in the world of cryptocurrency that inspired other cryptocurrencies to innovate. Here are some of the significant points that will portray the prestigious history of Litecoin.
The technological advancement of Litecoin was really innovative. Although people considered that it is the same as Bitcoin, in reality, Litecoin used a completely different hashing algorithm than Bitcoin. Where Bitcoin uses an SHA 256 hashing algorithm, Litecoin uses Scrypt algorithm which is way different than Bitcoin. The Scrypt algorithm works much faster than the SHA-256 algorithm. Hence LTC is completely different than Bitcoin in the regards of technology.
It was eventually upgraded after two years of its introduction by then which they were popular. In 2013, the 0.8.5.1 version was released, and included many technical fixes and enhanced security features. The upgrades completely changes the way people look at cryptocurrencies. After the introduction of upgrades , it gained a lot of investors which made it a billion-dollar enterprise. Hence it was in tough competition with Bitcoin.
The market behaviour of LTC is really unique when compared with Bitcoin. The market capital and price graph of LTC is really unstable on a high note whereas Bitcoin gained the prices gradually. This makes LTC a really great option for investors as they can give you a chance to earn more profit with the fluctuating market. You can buy when the prices are low and when the price surges, you can sell them off.
When Litecoin was introduced they were mined by a group and even individual miners. Later on, when the number of cryptocurrencies increased, many online platforms were available that were able to trade LTC in exchange for USD. And further down the road, the exchange was also giving LTC in exchange for other altcoins and even Bitcoins. Hence the acquisition of Bitcoin was a hard task in the beginning, but all thanks to exchange platforms, the task became much easier.
LTC can be acquired with the help of an online exchange platform where you can Convert Litecoin To Bitcoin or vice-versa. These online cryptocurrency exchange platform can be really helpful when you consider the prices that they are offering the cryptocurrency in. There are many exchange platforms such as Evonax who don’t charge their users at all for any exchange services. Hence you can obtain LTC from online exchange platforms.