Litecoin Lite (in short: LTC, currency symbol: Å) is a network currency based on "peer-to-peer" technology and an open source software project under the MIT/X11 license. It helps users pay instantly to anyone in the world.
The Litecoin is inspired by Bitcoin (BTC) and technically has the same implementation principle. The creation and transfer of Litecoin is based on an open source encryption protocol that is not managed by any central authority. Litecoin aims to improve Bitcoin, compared to the Litecoin, which has three significant differences. First, the Litecoin network can process one block every 2.5 minutes (rather than 10 minutes), thus providing faster transaction confirmation. Second, the Litecoin network is expected to produce 84 million Litecoins, which is four times the amount of money issued by the Bitcoin network. Third, Litecoin uses the scrypt encryption algorithm first proposed by ColinPercival in its workload proof algorithm, which makes it easier to drill Litecoin on a regular computer compared to Bitcoin. Each Litecoin is divided into 100,000,000 smaller units, defined by eight decimals.
Short-term speculation of Litecoin and Bitcoin will allow the gains in a few years to complete within a month or two, accumulating a huge bubble, both increasing the risk of investment and distorting the normal growth path of virtual electronic money.
What is Litecoin? Now the public knows Bitcoin, and there are not many known Litecoins. But those who invest in Bitcoin know the legend of "Chinese aunts have been speculating on Litecoin" in recent days. From this legend, I probably know what the Litecoin is.
In recent days, the price of Bitcoin has been consolidating in the range of 5,000-6,000 yuan. The bitcoin price in the US market has a premium over the Chinese market, and the Chinese market has had a premium to the US market some time ago. In just two weeks or so, the Litecoin rose from 25 yuan to 380 yuan, you can know that the speculation funds flow from Bitcoin to Litecoin.
Some time ago, Litecoin was also known as the altcoin of Bitcoin. Because it does not include virtual electronic money that has already died, there are now about 80 virtual currencies that mimic bitcoin, and Liteco is one of them. Although the Litecoin is still not comparable to Bitcoin, it is far from the 51% attack bottleneck.
On Wednesday, Charlie Lee posted on the Reddit forum that he “sold and donated†all of his own Litecoin in the past few days, leaving only some of the physical Litecoin as a “collection.â€
CharlieLee said that whenever he posted information about Litecoin prices or just news on Twitter, he was accused of talking about these topics for "personal interests": some even thought that I was short on Litecoin! So in a sense, I have a conflict of interest on Twitter when I hold Litecoin because my influence is too great. I have been refraining from buying and selling Bitcoin before posting important tweets, but this is only known to me. There will always be people wondering if my move is to increase personal wealth by borrowing the success of Litecoin and other cryptocurrencies.
CharlieLee said that it was for this reason that he made a move to completely clear the Litecoin. But he did not leave the world of Litecoin: I will still spend all my time on the work of Litecoin. When the Litecoin is successful, I will still be rewarded in many other ways, just by not directly holding the currency.
CharlieLee admits that Litecoin has made a lot of money for himself: Litecoin is very good for my finances, and I am now rich enough to no longer need to link my personal financial success to the success of Litecoin.
The price of Litecoin has risen more than 90 times a year:Coinbase, the trading platform, showed that on December 20 last year, the price of Litecoin was $3.67 per piece, and the price at the beginning of the year was $4.39. At present, the price of Litecoin is still higher than 330 US dollars, which means that the price of Litecoin has increased by more than 90 times in one year.
Wall Street has previously mentioned that even CharlieLee is deeply shocked by the fierce rise in the price of Litecoin this year:
It’s amazing how much it has risen this year.
Last week, CharlieLee said in an interview with CNBC, "I never like to bet on the price, because I always guess wrong. If I tell you that it will go up, but the result is not, then you will be very disappointed."
Earlier this month, when the price of Litecoin hit an unprecedented high, CharlieLee also called on everyone to stay calm on Twitter, not to be too excited about its valuation to the sky:
Bitcoin is very volatile and Litecoin is more serious. I just want to warn everyone: you must invest responsibly. Don't take all your life savings to buy a virtual digital currency, beware that it plunges 80%.
CharlieLee believes that increasingly strong regulation will help reduce the volatility of the digital currency market.
CharlieLee added that the currency he sold was only a small part of the trading volume of the trading platform GDAX, and did not have an impact on the market.
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