If bitcoin is considered the gold of cryptocurrency, then litecoin is the silver. Litecoin builds on the same foundations as bitcoin and applies many of the same processes bitcoin applies. Despite the similarities, litecoin varies from bitcoin in a number of essential aspects. What is the difference between litecoin and bitcoin? In our article, you will learn everything you ever wanted to know about litecoin!
Litecoin is one of the most popular cryptocurrencies today based on a peer-to-peer payment network designed for ultra-secure transactions. Like other cryptocurrencies, litecoin is a completely transparent tool based on a unique, decentralised database that is able to store and protect records of all financial transactions. The litecoin creator is a former Google employee, Charlie Lee, whose primary goal was to improve bitcoin. Hence litecoin was born as a slightly modified version of bitcoin. The litecoin unit is 1 LTC(Ł).
Litecoin is essentially an improved bitcoin. Probably the biggest difference between these two currencies lies in the speed of transaction processing. Transaction processing speeds are affected by coin-mining speeds. Bitcoin mines a new coin every ten minutes, while litecoin mines a new coin every 2.5 minutes. This means litecoin transactions are up to four times faster than bitcoin, making litecoin the more suitable currency for financial transactions.
With the ever-increasing popularity of bitcoin, transaction fees have increased and verification times are taking longer due to its overburdened network. Litecoin is significantly more cost-effective, and the "fees" attached to a litecoin transaction are purely pragmatic and not a means of creating profit.
Cryptocurrency is extremely popular despite widespread speculation, ever-changing procedures and processes, and a continuously evolving landscape. Behind much of the speculation is confusion about how cryptocurrency works, and that is why we're bringing you the most important news and relevant changes regarding the community in general and litecoin specifically.
The creator, and now litecoin's main developer, Charlie Lee, announced on Reddit and Twitter that he is no longer the owner of a single LTC coin. The buzz on social media spawned an upheaval in the community and concerns that this was a sign of Lee's exit from litecoin completely. But the opposite is true - Charlie Lee did so to thwart suspicions he wielded his influence on litecoin's development to garner personal gain. Lee has stated he will continue his work and remain vested in the future of cryptocurrencies.
The benefit of mining litecoin without an ASIC chipset upgrade democratises cryptocurrencies. Although litecoin also employs ASIC chips and uses a different, simpler Scrypt algorithm in mining, it has encountered the same fate as bitcoin - the ASIC chips eventually managed to "control" the mentioned Scrypt, which has been detrimental to the mining process. The extraction of litecoins using GPUs so-called mining rigs, is still possible but also high-risk.
If you are considering investing in ASIC chips, keep in mind that these devices are costly and because of the ever-increasing demand for mining, their purchase may be a great risk. If you are still determined to start LTC mining, focus on an ASIC device that calculates the Scrypt algorithm. A suitable choice is, for example, Bitmain Antminer from 504MH/s Bitmain.
You can buy litecoin in three different ways:
Different exchanges and markets provide an online LTC exchange platform for most traditional currencies (EUR, USD, GBP), most cryptocurrencies. Purchase conditions require an active litecoin wallet and registration requiring identity authentication. ID authentication requires a copy of the ID card and any document with your address (such as an account statement).
The simplest and safest way to buy litecoin is to transact with bitcoin stock exchanges that support litecoin.
Here's how to buy litecoin through Coinbase exchange in a few steps:
Like most alternative cryptocurrencies, litecoin is typically stored in a digital litecoin wallet environment. In Litecoin's early development, digital wallets were limited, but today litecoin supports most desktop, mobile, and online wallets. Install the app directly on your laptop, phone, or browser. An overview of the best wallets can be found at coinsutra. However, if you already know what you want, links to each platform are located at the official litecoin.com domain.
Do you want to store your litecoin in the most secure environment? Then you need to get this special hardware wallet. This is the most trusted and secure way to store cryptos. Connect your computer to a hardware device that stores your private keys with a USB cable that makes your litecoin or other cryptos immune to viruses and hacker attacks.
Litecoin experienced record growth over two very successful years, when it was around $3 and $65 (litecoin and bitcoin respectively). Nevertheless, litecoin has never come close to the value of bitcoin. The total market share of litecoin is estimated at