Cryptocurrency Litecoin. The history of creation, the principle of operation, the main features
23.03.2022 | asorokin
The Litecoin cryptocurrency (LTC ticker) is one of the most famous forks (branches) of the Bitcoin, which is also called “** digital silver**”.
On October 13, 2011, the Litecoin network was successfully launched online for the first time. The developer of the LTC is a very famous person in the crypto world — Charlie Lee. Charlie Lee, being fond of modern digital technologies, dreamed of creating his own lightweight version of the Bitcoin cryptocurrency, which would work much faster and require a lower commission fee.
It is known that Litecoin is the second fork of Bitcoin, built on the basis of the Blockchain code of its original. The proof of transactions in LTC is carried out due to the Scrypt algorithm, which, unlike SHA-256, requires less computing power to service the network, while not allowing ASIC chips to gain a significant advantage in the network. Verification of transactions on the Litecoin platform is performed by a reliable Proof-of-Work consensus algorithm, which requires large computing power to function.
LTC received its loud nickname “digital silver” for a more advanced Blockchain system than Bitcoin, which allows for almost instant transactions with a very low network commission. Here, one financial transaction is carried out 5 times faster than on the BTC platform (about 2.5 minutes), and a low commission fee makes it possible to make even microtransactions.
The Litecoin issue is also different from the original. In total, 84 million coins will be created in this system. At the time of writing, more than 61.47 million LTC have been mined.
- Official Litecoin Website — www.litecoin.org;
- Twitter — twitter.com/litecoinproject;
- Telegram — telegram.me/litecoin;
- Reddit — reddit.com/r/litecoin;
- BitcoinTalk Forum — bitcointalk.org/index.php?topic=47417.0;
- Litecoin Forum — litecointalk.io;
- The source code of the system — github.com/litecoin-project/Litecoin;
- Blockchain Explorer — live.blockcypher.com/ltc/;
- Litecoin Capitalization — coinmarketcap.com/currencies/litecoin/.
Litecoin Trading Pairs on Cryptex.net
Deposit account with Litecoin on Cryptex.net
In order to replenish the deposit of Litecoin cryptocurrency on the exchange Cryptex.net, go to the “Balance” section, which is located on the main page of the site.
A personal account will open, where several blocks with the names of cryptocurrencies will be listed. Find the block “Other cryptocurrencies” and click “Choose the currency”. A list of coins will appear in front of you, select “LTC” in it. If you did everything correctly, now instead of the “Other cryptocurrencies” block, a new window will appear with the corresponding name “LTC”, and two buttons at the bottom “Deposit” and “Withdraw”.
Используйте функцию «Ввести», система биржи сформирует для Вас уникальный LTC адрес, который можно будет использовать для пополнения персонального счета. Чтобы не перепечатывать вручную электронный адрес LTC, воспользуйтесь кнопкой «Скопировать» (адрес автоматически перенесется в буфер обмена Вашего ПК).
Use the function “Deposit”, the exchange system will generate a unique LTC address for you, which can be used to replenish your personal account. In order not to manually reprint the LTC email address, use the “Copy” button (the address will be automatically transferred to the clipboard of your PC).
The final step is to make a transfer to the specified address issued by the trading platform Cryptex.net . After a while, the funds will come to the exchange account, and LTC will appear on your balance. After that, you can get acquainted with all the information about replenishing your account in the “Deposits” section.
In addition to the standard input via the Blockchain, the Cryptex cryptocurrency exchange provides its users with the opportunity to replenish their account instantly and without commission by the Cryptex code. Read more about Cryptex code here.
If you suddenly have any questions about depositing on Cryptex.net, write to us in a live chat or create a ticket.
Withdrawal of Litecoin from the exchange
In order to withdraw the LTC asset from the site Cryptex.net to a third-party account, go to the [“Balance”] section on the main page of the exchange (https://cryptex.net/en/account/balance), open the block “Other cryptocurrencies”, select the ticker “LTC” in the list, in the newly appeared Litecoin cryptocurrency block, click “**Withdraw **”. After that, two windows “Address” will appear just below and “Withdrawal amount”.
- In the “Address” field type the digital LTC address to which you need to withdraw funds from the exchange.
- In the field “Withdrawal amount”, specify the required amount of Litecoin cryptocurrency that you want to debit from your personal account Cryptex.net .
Under the line “Withdrawal amount” pay attention to the commission that will need to be paid for the transfer of cryptocurrency. Exchange commission Cryptex.net for the withdrawal of Litecoin **fixed ** - 0.001 LTC per transaction, the withdrawal limit ** is not limited **.
Learn more about all commissions for transactions, deposit and withdrawal of cryptocurrencies on Cryptex.net you can find it in the section “Fees”.
After making sure that the data you entered is correct, click the “Output” button. The exchange’s system will begin to form a transaction for sending Litecoin cryptocurrency to the account you specified earlier. After successful completion of the operation with a detailed withdrawal history from Cryptex.net you can find it in the section “Withdrawals”.
If you have any questions about the withdrawal of Litecoin from the internal account, write to us in a live chat or create a ticket.