Litecoin (LTC) celebrates its 7th birthday today. One of the earliest altcoins, Litecoin is still in the top 10 cryptocurrencies by market cap, and its founder Charlie Lee is one of crypto's most popular and influential figures.
Read more: Who is Charlie Lee?
On this day in 2011, the Bitcoin Core client was forked and the Litecoin network went live 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 decreased block generation time was the key difference between Bitcoin and Litecoin. This was intended to allow for faster transaction confirmations, enabling smaller payments in particular to go through much more quickly.
Happy 7th Anniversary Litecoin! 🐔— litecoin (@litecoin) 13 oktober 2018
Not intended as a rival to Bitcoin, Litecoin has been referred to as the silver to Bitcoin's gold. Litecoin has seen very little drama compared to many other big cryptos, avoiding major security issues or the hardforks and community splits that have affected the Bitcoin and Ethereum blockchains. It was one of the first cryptos to adopt the Lightning Network, implementing it before Bitcoin in May 2017, which allowed it to process transactions even faster.
Happy 7th 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 general loss of value of the rest of the market in the last 10 months or so since the the historic bull run ended in January, it still has a total market cap of over $3 billion. It is holding firmly on to its 7th-place spot in the top crypto rankings.
Charlie Lee has recently been actively discussing the benefits of the crypto he founded, after questions were asked about the state of its development. He claimed that Litecoin has one of the highest levels of liquidity of all cryptos, as it is listed on nearly all exchanges. The network is still frequently in use, processing at least $200m worth of transactions on a daily basis, and it has been continuously active ever since it was launched 7 years ago.
Lee believes that adoption is where Litecoin and all other crypto projects should now be focusing, improving technology and implementing as many partnerships as possible to allow everyday payments to be made 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 the crypto is accepted by a number of major payment processors, including Aliant Payment, BTCPay, Coinbase, CoinGate, CoinPayments, Globee, GoCoin LTCPay, and TravelbyBit.
Perhaps the ultimate seal of approval for a crypto, Litecoin was one of the cryptos that rapper Soulja Boy recently referenced in his new tune Bitcoin. We're sure if he knew what day it was, he'd join us in wishing Litecoin a happy 7th birthday, and many happy returns.