Back in 2018, the Wirex platform gained its very first altcoin: Litecoin (LTC).
Litecoin was created in 2011 by former Google software engineer, Charlie Lee. An early adopter and miner of Bitcoin, he became increasingly interested in seeking alternative methods of investing that were less reliant on traditional financial channels. This eventually led to the decision to develop his own digital currency.
Lee modelled Litecoin on Bitcoin, taking inspiration from the original cryptocurrency whilst aiming to improve certain aspects of it. He dubbed Litecoin the “silver to Bitcoin’s gold”.
The main improvement Litecoin sought to make was in regard to speed: the average LTC block is created in only 2.5 minutes, as opposed to BTC’s 10 minutes. The reasoning behind this was that faster transaction times are more beneficial to small merchants, who generally place greater importance on speed rather than security. So, while it uses the same peer-to-peer technology as Bitcoin, Litecoin’s USP is its suitability for smaller, everyday payments.
The other main difference between LTC and BTC is the number of coins which can be produced - Litecoin boasts a maximum supply of approximately 84 million, which is quadruple that of the Bitcoin network.
Litecoin tries to complement, rather than outperform Bitcoin, and as the name suggests, it was intended as a lighter version. That is, a token with all the same advantages as Bitcoin, but that’s much quicker and cheaper to boot.
Nine years on, the self-proclaimed digital silver has maintained consistent popularity, never falling below the top ten cryptocurrencies in terms of market cap. Today, Litecoin can be bought pretty much anywhere Bitcoin can and is still regarded as a good investment by many.
Why not give it a whirl yourself and top-up your Wirex Litecoin account?
With the spotlight on LTC this week, we’ve decided to throw a little competition on our Twitter and Instagram channels! All you have to do is go to our latest posts on Twitter and Instagram to see the full details on how to enter.* That’s it. We will be awarding 2 lucky winners with 2 LTC each into their Wirex Litecoin account.
For full entry details, entrants must check the associated Twitter and Instagram posts.
- The competition closes on (19.07.2020 11:59PM BST).
- Winners must be a verified user with an activated Wirex LTC account.
- Two winners will be chosen.
- Winner will have 2 LTC funded into their Wirex LTC account.
- We will announce the winners on our community forum in this post on 22.07.2020.
- Once the winner is contacted, the winner will have to provide the requested details within 48 hours to claim their prize. Otherwise another winner will be chosen.
- We will award the LTC to the winner once they have been contacted in approximately 7-12 working days time.
- This promotion is in no way sponsored, endorsed, administered by, or associated with, Instagram or Twitter.