If we say Bitcoin is the next gold, can we say Litecoin is the next silver? How Litecoin Works Why should you consider getting to know Litecoin? In today’s episode, we are going to talk about one of the largest cryptocurrency, namely ‘Litecoin. Since its inception, Litecoin has proven to be a great trading medium that is complementary to Bitcoin.
What is Litecoin? If we think of Bitcoin as “digital gold”, we can certainly say that Litecoin can become considered “the digital silver”. Litecoin offers a peer-to-peer Internet currency that provides instant, almost free of charge payments all over the world. It was created as an open-source, global payment network respecting blockchain conditions to be completely decentralized and without any central authorities.
Litecoin also has a large and secure network and helps individuals create their own manage finances. Blockchain industry promotes control of someone’s finances, and so is bitcoin. Litecoin’s features promote faster transaction confirmation than Bitcoin and improved storage efficiency for use on a larger scale than BTC.
History from Litecoin was founded on October 7, 2011, by Charlie Lee, a Google employee and former technical director at Coinbase. Litecoin was used as a fork of the Bitcoin core client, with a reduced block time. In 2017, Litecoin became one of the first cryptocurrency to be in the top 5 and has remained stable since its inception, along with Bitcoin. In May 2017, the first Lightning Network transaction was completed at 0.00000001 LTC from Zurich to San Francisco in less than a second.
The point of Litecoin or Litecoin is to transfer P2P CASH that users Be able to send, receive and make instant payments all over the world at almost zero cost. Did you know that there are currently over 62 million LTCs in circulation, which equates to nearly 75% of all Litecoins that will ever be mined? This leaves approximately 21 million coins to be mined up to 2142. Did you also know that Litecoin has halved, Litecoin’s halving happens every four years as Bitcoin’s halving.
The block speed is 2.5 minutes and approximately 576 blocks are generated per day. Charlie Lee, the founder of Litecoin, said, When mining rewards are cut in half, will some miners are not profitable and they will shut down their machine. If a large percentage does this, blocks will slow down for some time.
For Litecoin it is three and a half days for the next change, so possibly as seven days slower blocks, and then the difficulty will adjust again and everything will come good. ” Why is Litecoin different from Bitcoin? The Litecoin network aims to process 4 times faster than the Bitcoin network.
It aims to process a block every 2.5 minutes, instead of 10 minutes for Bitcoin. Litecoin works as PoW (Proof-of-Work), using the script’s PoW algorithm. Litecoin as a means of payment is made to be used more widely than Bitcoin.
Is Litecoin Better Than Bitcoin? LTC vs BTC Litecoin is not as famous and established as Bitcoin, but its technology could be better used for expenses. The Litecoin transaction is four times faster than Bitcoin and fans of the Litecoin network often say the Litecoin transaction time makes it a better currency to use because it is fast.
What is the main difference between Bitcoin and Litecoin? The most technical difference is in the cryptographic algorithms they both use. Bitcoin uses the long-established SHA-256 algorithm, while Litecoin is a relatively new algorithm known as Scrypt. Is Litecoin cheaper to send than Bitcoin? Litecoin is definitely cheaper to send than Bitcoin.
If you want to know more about Litecoin, we are happy to share our knowledge and research. We always invite our subscribers and followers to always conduct careful research before they invest. You need to know what you are investing your money in.
This video should not be viewed as financial advice, but as a first step or indication to start research for future investments. What do you think of Litecoin? Does Litecoin have the potential to grow 10x? 100X? Or even more ??? As always, we appreciate your immense support, “hit like”, “comment” and tell us what you like of Litecoin.
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