Litecoin (LTC) coming soon to Luno

by Team Luno
· 2 minute read

INCOMING COIN ALERT ?????

Here’s another new coin coming your way, on 11 May! Litecoin is the next addition to our platform – expect it here sooner than you can cash a cheque (but not as quick as a transaction made with Litecoin ?).

Litecoin is joining the Lunoverse, bringing its lite features to our Exchange and Instant Buy/Sell. We’re working hard to make sure everything is ready for you to be able to trade, buy and sell Litecoin the safe and easy way. That means making sure our multi-signature hot wallet and storage are ready, as well as doing our security checks and coordinating multiple layers of encryption. (You can find out more about our security measures here).

Basics behind Litecoin

One of the first cryptocurrencies to launch after Bitcoin, Charlie Lee created Litecoin in October 2011. You may know him as Chikun from Magical Crypto Friends (the crypto news show), but he’s also an MIT grad and former Google employee.

Lee has referred to Litecoin as the ‘silver’ to Bitcoin’s ‘gold’. It is a peer-to-peer cryptocurrency based on blockchain technology that’s aiming to become a global digital payment system.

Litecoin is a fork from the Bitcoin Core client and uses much of the same code as Bitcoin. The main difference is that it processes blocks every 2.5 minutes instead of Bitcoin’s 10 minutes. It does this by using a different mining algorithm to validate transactions. This means a faster transaction confirmation time and, in turn, lower transaction fees. The supply limit is also different from Bitcoin; Litecoin has an 84 million coin supply limit while Bitcoin has a 21 million coin limit.

We’re excited to bring you another coin option, so you can wade further out into the crypto waters. Recently we added XRP, and once Litecoin is all set up we promise to bring you even more ?

Follow us on Twitter to be the first to know what our next coin addition will be.

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