Charlie Lee celebrates 10 years of Litecoin
Charlie Lee celebrates 10 years of Litecoin
Altcoin

Charlie Lee celebrates 10 years of Litecoin

By Stefania Stimolo - 13 Oct 2021

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Charlie Lee celebrates 10 years of Litecoin by expressing his enthusiasm and amazement on Twitter.

Charlie Lee and 10 years of Litecoin

We’ve reached the first decade for one of the most historic cryptocurrencies, Litecoin, born with the idea of following the queen of crypto Bitcoin (BTC), describing itself for many years as “the digital silver to Bitcoin’s digital gold”.

Here is the tweet shared by the creator of LTC, Charlie Lee, in which he specifies the exact time of birth of his crypto and expresses his happiness to be part of the whole ecosystem.

“Litecoin was launched at 8 PM PDT on October 12, but we’ve always celebrated Litecoin’s launch on October 13 because it was the 13th using UTC timezone. In 7.5 hours, it will be exactly 10 years since I launched the Litecoin network. The network has never gone down ever since!”

“The blockchain for all intents and purposes is alive. I cannot shut it down and I know Litecoin will outlive me. These 10 years have been a wild ride. Here’s to 10 more. It’s amazing what Satoshi Nakamoto has created. I am privileged to have played a tiny part in all of this”.

The entire Litecoin Foundation also joined in the celebrations on the social network, sharing some data from LTC’s “one decade of resilience”.

Litecoin Charlie Lee
Litecoin was born in 2011

Litecoin and Charlie Lee’s idea published in 2011

According to reports, at the beginning of this year alone, Litecoin Network has already processed over $100 billion in transactions, with daily amounts ranging from $150 million to over $1 billion per day. 

These are staggering numbers if you think that in ten years the crypto world has seen changes, developments and progress at an unimaginable speed. Yet the idea posted by Charlie Lee in 2011, two years after the birth of BTC, has helped to improve on the almost flawless performance of his muse.

In Lee’s post, Litecoin was described as a coin that would retain most of the features that contributed to Bitcoin’s success, such as PoW mining, a fair launch and distribution (no pre-mine) and no central authority or institution controlling a large percentage of coins.

Litecoin’s properties remained mostly the same as Bitcoin’s with a few changes: 

“Litecoin was to have 4x faster blocks, 4x the amount of coins and utilize its own mining algorithm (Scrypt), giving it the opportunity to remain highly secure by not competing against Bitcoin miners”.

Basically, in Lee’s imagination, Litecoin was supposed to be a pressure relief valve for the Bitcoin network. That way, when the Bitcoin network became congested, users would have an alternative in LTC.

Litecoin’s numbers today

With a total market capitalization exceeding $11 billion, Litecoin is the historic crypto that still ranks in the top 20 by market cap, with a total crypto market dominance of 0.51%.

Touching the price of $380 as its ATH – All-Time High last March 2021, today LTC is worth $168.

One of the aims of crypto “digital silver” has been to expand cryptocurrency adoption for many years. 

As such, LTC has been integrated into almost all crypto exchanges (achieving high liquidity) but is also the second most integrated crypto in ATMs worldwide.

According to data, out of a total of 29,000 cryptocurrency ATMs worldwide, 21,597 ATMs offer LTC, surpassing the 19,202 ATMs that offer Ethereum (ETH).

In terms of technology, Litecoin is moving forward with the integration of MimbleWimble, stating that it will be completed by the end of 2021.

Stefania Stimolo

Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.

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