Litecoin Price Chart
- Price $156.08
- Market Cap
Litecoin today’s rate
Litecoin BUY or SELL? – Technical Analysis
What Litecoin is used for? Why this CryptoCurrency is famous in the headlines today?
If you are already aware of Bitcoin, then you can probably guess that the virtual currency we are talking about today is also called the little brother of Bitcoin.
Yes, friends, since its origins in 2011, this peer-to-peer Cryptocurrency has achieved its status very easily.
This is a type of Digital Money that uses BlockChain to complete its Transaction to maintain a public ledger easily.
Litecoin is used between individuals and businesses to transfer funds and do so by intermediary such as a bank and payment processing service.
Litecoin has gained a lot of fame due to these types of features.
Today, we are going to see the complete information about what Litecoin is so that you also know about it beforehand, which will make it easier for you to understand and buy it.
Then without delay, let us know what this Litecoin is and how it is different from Bitcoin.
What is Litecoin, and How does it work?
If any cryptocurrency is in the market after Bitcoin and XRP, then it is Litecoin.
Litecoin fifth largest Cryptocurrency in the world.
Litecoin also works like other online payment systems. Like we send money to another user in PayPal or any online banking, similarly in Litecoin, we can also send money easily to another person.
Just like our traditional currency becomes Federal Reserve or Government, in contrast, Litecoin does not form any government or does not make any such Institution.
Still, its Transaction Block is calculated and mine. This is also a type of decentralized currency.
What makes Litecoin different?
Because something must be different, that makes Litecoin different from others.
There are mainly three things that distinguish Litecoin from others, especially same like Bitcoin:
Number of Coins
Litecoin is also based on the same Open Source code that is behind Bitcoin, with a lot of difference. Litecoin is also called the silver of Cryptocurrency. Where Bitcoin is called gold.
The main difference between Bitcoin and Litecoin is their transaction speed.
Block making in Litecoin is four times faster than Bitcoin. Transactions can be easily verified, and many more processes can be processed in the same time interval.
Number of Coins:
If we talk about Cryptocurrency, then their value is so high because they have a limit of supply, after which they will end. These coins can be mined only once.
While this limit is 21 million for Bitcoin, it is close to 84 million for Litecoin. From this, you can guess that Litecoin is far ahead of Bitcoin in the number of Coins.
If we compare the market cap, Litecoin seems to be fickle compared to Bitcoin, but still, it comes in number 5 in Top Cryptocurrency. The fluctuation of their ranking depends on their price and how much coin circulation is there.
Is Litecoin better than Bitcoin?
|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)|
|Transaction Fee||0.001 LTC Average||Depends upon BlockChain loading|
|Block Time||2.5 Mins||At least 10 Mins|
|Mining||GPU Script-ASIC Miners||ASIC Miners|
How to Mine litecoin?
The Hashing Algorithm used for the mining of Litecoin is quite different from Bitcoin and how many coins will be distributed with it when a solution comes out is also different.
When a transaction is ready, it is grouped with others that are recently submitted to Cryptographically-protected blocks.
Computers, which are also called Miners, use GPUs and CPUs to solve these Complex Mathematical Problems. Once all transactions are completed, then they are verified.
When a block is solved, all the miners get their share of money spent in this mining.
Like I have said earlier that both Litecoin and bitcoin use contrasting algorithms while hacking.
While bitcoin uses SHA-256 (short for Secure Hash Algorithm 2), which is also called quite complex, Litecoin uses a memory-intensive algorithm called script.
Using different algorithms means using different hardware, so miners who do bitcoin mining will have to change the hardware if they want to do the mining of Litecoin.
How to use Litecoin Cryptocurrency?
Litecoin is a cryptocurrency just like Bitcoin, but they follow completely different protocols.
If we look at the official website of Litecoin, then it is written that Litecoin has a peer to peer Internet currency, in which instantly you can send payment to anyone and that too in very few Fees.
Litecoin is a completely open-source, decentralized crypto money, which works based on cryptographic math.
Where, when, and who started Litecoin?
Charlie Lee created Litecoin on 7 Oct 2011; he is an ex-Google employee. Litecoin was built on a complement of Bitcoin to solve concentrated mining pools and transaction timings.
Litecoin’s code is derived from Bitcoin’s core code, which has since been modified by Charles Lee.
The reason for this change is that Charles lee says that since he wanted to adopt this currency on a large scale, he modified its protocol according to his own.
Lee wanted the blockchain confirmation timings to be reduced to a great extent to confirm the maximum amount of transactions.
Therefore Lee has increased the transaction speed of Litecoin by four times as compared to bitcoin.
Team Behind Litecoin
When Charlie Lee launched Litecoin in GitHub, he was the only employee of it. There were no full-time developers in Litcoin from 2011–2016.
Later Warren Togami (Lead Developer), who is now in the lead, contributed. And in 2016, a developer whose alias name is ‘Shaolibfry‘ came later and contributed to Litecoin.
Just like that, many other developers have added to Litecoin and are slowly improving it.
How many Litecoins are going to be total?
Bitcoin was the first company to have a limited bitcoin supply, the first time people told about 21 million bitcoin. So they have increased their supply by 4X.
So the entire amount of Litecoin will be 84 million units. In recent times, 53 million have been mined, and 31 million units are still left to mine. A bitcoin block is mine every 2.5 minutes.
How much does Litecoin cost now?
If I talk about today, then the price of Litecoin is showing above and its value continuously increases and decreases. Yet Litecoin is ranked 5th in the top Cryptocurrency in the world.
How to buy Litecoin?
If you want to buy Litecoin, you can buy it from exchanges in exchange for Bitcoin, but you have to have a bitcoin for this.
There are many exchanges where you can buy your desired Cryptocurrency in exchange for your bitcoin.
One such exchange is CoinSwitch, where you can easily buy Litecoin.
Like Bitcoin, Litecoin also has Wallets where you can store your purchased Litecoin. They are also called Digital Wallet.
These Wallets are mainly of two types:
- Software Based Wallet
- Hardware-Based Wallet
If seen, Hardware-Based Wallets are safer than Software wallets. Private Keys are required to open all Wallets, with which Coins can be sent and found.
There are many third-party wallets like this, which include Electrum, Loafwallet, LiteVault, etc.
Apart from this, if you are a desktop user, you can install Litecoin Core, which has been created according to a full-fledged client by Litecoin Development Team and it is constantly update
Is litecoin a good investment? Should i buy litecoin?
The future of Litecoin seems to be very bright because according to which the price of Litecoin has increased, it is expected that this price will be more profitable in the coming time.
Since it is faster than Bitcoin, its transactions are completed very quickly, so more and more people are getting attracted to it, and in the coming time, it may also cut the value of Bitcoin.
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