What is Litecoin and how is it different from Bitcoin?

Do you know what this Litecoin is? Why is this CryptoCurrency in today's headline? If you already know about Bitcoin, you can probably guess that the cryptocurrency we are talking about today is also called Bitcoin's younger brother. Yes, I'm a friend. Since its origins in 2011, this peer-to-peer cryptocurrency has gained its place very easily.

What is Litecoin

This is a type of digital money that uses BlockChain to complete transactions and is easily managed in a public ledger. Litecoin is used to transfer funds between individuals and businesses, and to transfer money by intermediaries such as banks and payment processing services. Litecoin has gained a lot of fame because of its features.

So today I thought I should give you complete information about what is Litecoin so that you already know about Litecoin. This makes Litecoin easier to understand and buy. Next, without delay, please tell us what this Litecoin is and how is it different from Bitcoin.

What is Litecoin

If cryptocurrencies are scattered on the market after Bitcoin and XRP, it is Litecoin. It has emerged as the fifth-largest cryptocurrency in the world. Litecoin works like any other online payment system. Just as you would send money to other users of Paypal or online banking, you can easily send money to other users of Litecoin.

In contrast, Litecoin is not made by the government or such institutions, as our traditional currency is made by the Federal Reserve and the government, but it is mined by calculating transaction blocks. Will be done. This is also a kind of decentralized currency.

So let's know about Litecoin in detail.

What Makes Litecoin Different from Other virtual currency

There must be something different that makes Litecoin different. Today I've talked about some unprecedented things about this and I've heard something about it.

Three main things distinguish Litecoin from others, especially Bitcoin.

  1. speed
  2. Number of coins
  3. Market capitalization

1. speed

Litecoin is also based on the same open-source code behind Bitcoin. But there are many differences. Litecoin is also known as the cryptocurrency silver. Bitcoin is called gold. The main difference between the two is in transaction speed.

Litecoin block formation is four times faster than Bitcoin. This makes it easy to validate transactions and process more processes at the same time interval.

2. Number of coins

When we talk about cryptocurrencies, their supply is limited, so their value is very high and then they end. These coins can only be mined once.

If this limit is 21 million for Bitcoin, it will be close to 84 million for Litecoin. From this, it can be inferred that Litecoin is far ahead of Bitcoin in terms of the number of coins.

3. Market capitalization

When compared by market capitalization, Litecoin looks solid compared to Bitcoin, but it still ranks fifth in the top cryptocurrencies. Ranking fluctuations also depend on the price and the number of coins in circulation.

How is it different from Bitcoin?

What is Litecoin

In response, I will present some such facts about it so that you can get a better idea of the difference between the 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

By load on BlockChain

Algorithm

Script

SHA- 256

Block Time

2.5 Mines

At least 10 Mines

Mining

GPU Script-ASIC Miners

ASIC Miners

Segwit Scaled

Yes

Yes

Process of Mining Litecoin

The hash algorithm used to mine Litecoin is quite different from Bitcoin, and the number of coins distributed when the solution comes out is also different. When a transaction is created, it is grouped with other recently sent transactions in a cryptographically protected block.

Computers, also known as miners, use GPUs and CPUs to solve these complex mathematical problems. When all transactions are complete, they are validated.

Once the block is resolved, all miners will get a share of the money spent in this mining industry.

As I said earlier, both Litecoin and Bitcoin use contrasting algorithms during hashing. When Bitcoin uses SHA-256 (short for Secure Hash Algorithm 2), also known as very complex, Litecoin uses a memory-intensive algorithm, also known as script.

Bitcoin miners will need to change their hardware if they want to mine Litecoin, as using different algorithms means using different hardware.

How to use Litecoin cryptocurrency?

Litecoin is a cryptocurrency similar to Bitcoin but follows a completely different protocol. Looking at Litecoin's official website, it says that Litecoin has a peer-to-peer internet currency that allows anyone to send payments immediately, which is also a very low fee.

Litecoin is a completely open-source decentralized cryptocurrency money that works based on cryptographic mathematics.

Litecoin is not designed to compete with Bitcoin, but it is a free solution that can also be used as an alternative. That is why it is also called the cryptocurrency silver.

Where, when, and who started Litecoin?

The founder of Litecoin was Charlie Lee and was created on October 7, 2011. He is a former Google employee. Litecoin was built as a complement to Bitcoin to solve problems such as centralized mining pools and transaction timing.

The Litecoin code is taken from the Bitcoin core code that was later modified by Charles Lee. The reason for this change is that Charles Lee wanted to adopt the currency on a large scale, so he explained that he changed the protocol according to his protocol.

Lee Seung-yuop wanted to significantly shorten the timing of block confirmation so that he could confirm the maximum transaction volume. As a result, Lee has increased Litecoin's transaction speed up to four times faster than Bitcoin.

The team behind Litecoin

Founder of litecoin Charlie Lee launched Litecoin on GitHub, he was the only employee. From 2011 to 2016, Litecoin had no full-time developers. Later, the current lead, Warren Togami (lead developer), contributed. And in 2016, a developer with the alias "Shaolibfry" came later and contributed to Litecoin. Similarly, many other developers have contributed to Litecoin and are gradually improving.

How many Litecoins do you have in total?

Litecoin was the first company to have a limited supply of Bitcoin, and for the first time introduced about 21 million Bitcoins to people. Therefore, they quadrupled their supply.

Therefore, the total amount of Litecoin is 84 million units. Currently, 53 million units have been mined and 31 million have not yet been mined. Litecoin blocks are mined every 2.5 minutes.

How much is Litecoin worth now?

Speaking today, Litecoin's current price is rupees. 16887 /-And its value continues to increase and decrease. Still, Litecoin ranks fifth in the world's top cryptocurrencies.

How to buy Litecoin?

If you want to buy Litecoin, you can buy it from the exchange in exchange for Bitcoin, but it is very important to have Bitcoin for that. There are so many exchange hubs available where you can give your Bitcoin and buy the desired cryptocurrency in exchange for it.

One such exchange is Wazirx, which makes it easy to buy Litecoin.

Litecoin wallet

Like Bitcoin, Litecoin has a wallet that can store purchased Litecoin. They are also called digital wallets. There are two main types of these wallets.

  1. Software-based wallet
  2. Hardware-based wallet

Looking at it, hardware-based wallets are more secure than software wallets. You will need your private key to open all wallets that can send and receive coins.

There are many third-party wallets such as Electrum, Loafwallet, LiteVault, and so on. Apart from this, desktop users can install and continuously update Litecoin Core designed according to a full-fledged client by the Litecoin Development team.

The future of Litecoin

According to how Litecoin's value has increased, the future of Litecoin looks very bright. Correspondingly, more profits are expected at this value in the future.

Because it is faster than Bitcoin, transactions are completed so quickly that more and more people will be attracted to it, which may reduce the value of Bitcoin in the future.

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