Do you know what is this Litecoin? Why these CryptoCurrency today are in this headlines today. If you already know about Bitcoin, maybe you can guess that the virtual currency we are talking about today is also called Bitcoin's younger brother. Yes guys since 2011, this peer-to-peer cryptocurrency has achieved its position easily.
This is a type of Digital Money that uses BlockChain to complete its transaction, so that it can easily be maintained by public ledger. Litecoin is used to fund transfers between individuals and businesses, and to do so, any intermediary such as Bank and Payment processing service. Due to this type of features, Litecoin has gained a lot of fame. So today I thought why you should give all the information about what Litecoin is to people so that you also know about it already so that you will be able to understand about it and buy it. Then without delay, let us know what happens to this light coin and how it is different from Bitcoin.
Just like our traditional currency becomes a Federal Reserve or a government, unlike Litecoin, there is no government or any such institution, but it is done by computing its Transaction Block. This is also a type of De-centralized currency. So let's know about Litecoin in detail.
There are three such things that separates Litecoin from others, especially from Bitcoin:
The block of Litecoin is four times faster than Bitcoin. Transactions can be easily verified and many more process can be processed at the same time.
Where this limit is 21 million for Bitcoin, it is close to 84 million for Litecoin. With this, you can imagine that the amount of coins is far ahead of Litecoin Bitcoin.
Computers, also called miners, use GPU and CPU to solve these Complex Mathematical Problems. Once all the transactions are completed, they are verified.
When a block is solved then all the miners get their share of money, which were put in their mining during their time.
As I have said before, Litecoin and bitcoin both use contrasting algorithms while doing their Hashing. Where bitcoin SHA-256 (short for Secure Hash Algorithm 2) is used, which is also called Complex, Litecoin uses memory-intensive algorithm which is also called scrypt.
Using separate algorithms means using different hardware, so the miners who do Bitcoin mining will have to change the hardware if they want to mining Litecoin.
Litecoin is fully open source, decentralized crypto money, which works on the basis of cryptographic math.
Litecoin is not designed to be compete with Bitcoin, but it is a complimentary solution that can be used in conjunction with an alternative. Therefore it is also called Silver of Cryptocurrency.
The code of Litecoin is derived from Bitcoin's core code which was later modified by Charles Lee. The reason for this change is that Charles Lee points out that because he wanted to adopt this currency large scale, he modified its protocol accordingly.
Lee wanted to reduce the block confirmation timings to a great extent, so that the maximum amount of transactions could be confirmed. Therefore, Lee has increased the transaction speed of Litecoin to 4x compared to bitcoin.
Just like many other developers have given Yoffna in Litecoin and making it slowly better.
So the full volume of Litecoin will be 84 million units. At the time of now 53 million has been mined and 31 million units are still to the rest of mine. A litecoin block is done in every 2.5 minutes.
One such Exchange is CoinSwitch where you can easily purchase Litecoin.
These wallets are mainly of two types:
Hardware-based Wallet is more secure, compared to software Wallet. To open all the wallets, Private Keys are required, with the help of which coins can be sent and found.
There are so many third party wallets in Mehzud, in which Electrum, Loafwallet, LiteVault etc. Apart from this, if you are a desktop user then you can install Litecoin Core, which is designed according to a full fledged client, by the Litecoin Development Team and continuously updated.
Since it is more fast than Bitcoin, its transactions are completed very soon, so more and more people are attracted to it and it may be possible to cut the value of Bitcoin in the coming time.
What is Litecoin ?
If any Cryptocurrency market is marketed after Bitcoin and XRP, then it is Litecoin. It has emerged as the world's fifth largest Cryptocurrency. Litecoin works just like any other online payment system. Just like we send money to another user in Paypal or any online banking, we can easily send money to another person in Litecoin as well.
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Just like our traditional currency becomes a Federal Reserve or a government, unlike Litecoin, there is no government or any such institution, but it is done by computing its Transaction Block. This is also a type of De-centralized currency. So let's know about Litecoin in detail.What makes Litecoin different?
Since something different, which makes Litecoin different from others. In today you are going to tell people something about this and tell some unheard of things.There are three such things that separates Litecoin from others, especially from Bitcoin:
- Speed
- Number of Coins
- Market Cap
Speed
Litecoin is also based on the same open source code that is styled behind Bitcoin. But with so many differences Litecoin is also called Silver of Cryptocurrency. Where Bitcoin is called gold. The main difference between these two is in their transaction speed.The block of Litecoin is four times faster than Bitcoin. Transactions can be easily verified and many more process can be processed at the same time.
Number of Coins
If we talk about Cryptocurrency, then their values ??are so much because they have a limit to supply, after which they will end. These coins can be mine only once.Where this limit is 21 million for Bitcoin, it is close to 84 million for Litecoin. With this, you can imagine that the amount of coins is far ahead of Litecoin Bitcoin.
Market Cap
If we compare Market Cap, then Litecoin looks more comparing than Bitcoin, but still it comes in Number 5 in Top Cryptocurrency. The fluctuation of their ranking depends on their price and how many coins are in circulation.How Bitcoin differs from:
In response to this, I am going to present some facts about this which will help you to get a better understanding of the difference between these two.
Litecoin
vs Bitcoin
|
Litecoin
|
Bitcoin
|
Founder
|
Charlie
Lee
|
Satoshi
Nakamoto
|
Release
Date
|
07 OCT
2011
|
09 JAN
2008
|
Release
Method
|
Genesis
Block Mined
|
Genesis
Block Mined
|
Total
Coin Supply
|
84
Million
|
21
Million
|
BlockChain
Protocol
|
Proof
Of Work
|
Proof
Of Work
|
Usage
|
Digital
Money (Silver)
|
Digital
Money (Gold)
|
Privacy
|
Yes
|
Yes
|
Trackable
|
Yes
|
Yes
|
Cryptocurrency
Used
|
Litoshi
|
Satoshi
|
Cryptocurrency
Symbol
|
LTC
|
BTC
|
Transaction
Fee
|
0.001
LTC Average
|
According
to Load on BlockChain
|
Algorithm
|
Script
|
SHA-
256
|
Block
Time
|
2.5
Mins
|
At
least 10 Mins
|
Mining
|
GPU
Script-ASIC Miners
|
ASIC
Miners
|
Segwit
Scaled
|
Yes
|
Yes
|
Mining Litecoin
The Hashing Algorithm used for mining of Litecoin is quite different from Bitcoin and how many coins will be distributed with it when any solution is removed, these are also different. When a transaction is created, it is grouped with others, which are only recently submitted in Cryptographically-protected blocks.Computers, also called miners, use GPU and CPU to solve these Complex Mathematical Problems. Once all the transactions are completed, they are verified.
When a block is solved then all the miners get their share of money, which were put in their mining during their time.
As I have said before, Litecoin and bitcoin both use contrasting algorithms while doing their Hashing. Where bitcoin SHA-256 (short for Secure Hash Algorithm 2) is used, which is also called Complex, Litecoin uses memory-intensive algorithm which is also called scrypt.
Using separate algorithms means using different hardware, so the miners who do Bitcoin mining will have to change the hardware if they want to mining Litecoin.
How to use Litecoin Cryptocurrency?
Litecoin is a cryptocurrency like Bitcoin, but they follow a different kind of protocol. If we look at Litecoin's official website, then it is written that Litecoin has peer to peer internet currency in which you can instantly send a payment to anyone and that too in very short Fees.Litecoin is fully open source, decentralized crypto money, which works on the basis of cryptographic math.
Litecoin is not designed to be compete with Bitcoin, but it is a complimentary solution that can be used in conjunction with an alternative. Therefore it is also called Silver of Cryptocurrency.
Where, when and who started the Litecoin?
Litecoin was created by Charlie Lee on October 7, 2011, an ex-Google employee. Litecoin was built on a complement of Bitcoin to help solve problems such as concentrated mining pool and transaction timings.The code of Litecoin is derived from Bitcoin's core code which was later modified by Charles Lee. The reason for this change is that Charles Lee points out that because he wanted to adopt this currency large scale, he modified its protocol accordingly.
Lee wanted to reduce the block confirmation timings to a great extent, so that the maximum amount of transactions could be confirmed. Therefore, Lee has increased the transaction speed of Litecoin to 4x compared to bitcoin.
Team Behind Litecoin
When Charlie Lee launched Litecoin in GitHub, then he was the only employee. There were no full-time developers in Litcoin until 2011-2016. Later, Warren Togami (Lead Developer) who is now in lead, contributed. And in 2016 only a developer whose alias name is "Shaolibfry" came later and contributed to Litecoin.Just like many other developers have given Yoffna in Litecoin and making it slowly better.
Total how many Litecoins are going to be?
Litcoin was the first company to have Bitcoin's limited supply in G, for the first time people told 21 million bitcoin. Therefore, they have increased their supply by 4x.So the full volume of Litecoin will be 84 million units. At the time of now 53 million has been mined and 31 million units are still to the rest of mine. A litecoin block is done in every 2.5 minutes.
How much is the price of Litecoin?
If I talk about today, the price of Litecoin is just Rs. 16887 / - and its value continues to increase and decrease. Yet Litecoin is the world's top Cryptocurrency in 5th place.How to Buy Litecoin?
If you want to buy Litecoin, then you can buy it from exchanges in exchange for Bitcoin, but for this, it is very important for you to have Bitcoin. There are many such exchanges where you can buy cryptocurrency that you want in return for giving your Bitcoin.One such Exchange is CoinSwitch where you can easily purchase Litecoin.
Litecoin wallets
As soon as Bitcoin has a Wallets stitcher in Litecoin where you can store your purchased Litecoin. These are also called Digital Wallet.These wallets are mainly of two types:
- Software Based Wallet
- Hardware Based Wallet
Hardware-based Wallet is more secure, compared to software Wallet. To open all the wallets, Private Keys are required, with the help of which coins can be sent and found.There are so many third party wallets in Mehzud, in which Electrum, Loafwallet, LiteVault etc. Apart from this, if you are a desktop user then you can install Litecoin Core, which is designed according to a full fledged client, by the Litecoin Development Team and continuously updated.
The future of Litecoin
The future of Litecoin looks very bright, because according to which the value of Litecoin has increased, it is expected to be even more profitable in the coming time.Since it is more fast than Bitcoin, its transactions are completed very soon, so more and more people are attracted to it and it may be possible to cut the value of Bitcoin in the coming time.
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