Litecoin is a peer to peer digital currency which enables instant, almost zero-cost payment in the world. Litecoin is a global and an open source network which is completely decentralized without any fundamental authorities.
The blockchain of Litecoin is capable of handling higher transaction volume than its corresponding currency – Bitcoin. Because of generating more frequent blocks, the network supports more transaction without modification of the software in the future. By this way, merchants get the faster confirmation times.
Miners are awarded currently with 50 new Litecoin per block. Therefore, the Litecoin network is scheduled to generate 84 million Litecoin, which is 4 times as Bitcoin.
Wallet encryption allows their users to secure coins through a wallet so that user can check transactions and account balance. This requires entering user password before spending Litecoin. This method provides protection from wallet-stealing trojans and viruses as well as check sanity before sending payments.
It is an open source software project which is released under the MIT/X11 license that gives you the full control to run, copy, and modify the software. It also gives the power to distribute at your option and modified copies of the software. The Intel integrated graphics cards which are in most laptops are just not suitable for this purpose. To retain speeds up to a high level, most Litecoin miners build dedicated machines by using motherboards which can hold many graphics cards, generally via riser cables.
How to Get Started with Litecoin?
It’s very simple to get started with Litecoin.
Here are some ways to start:
- Get a Litecoin Wallet
- Get Some Litecoin From an Exchange
- Use Your Litecoin
- Stay Up-To-Date
What are Main Litecoin Features:
Litecoin features are:
- Faster Transaction Confirmation Time
- Improved Efficiency than the top math-based currency.
How to Mine Litecoin:
Except you own specific mining hardware, there are two ways to mine digital currency:
- With Your Central Processing Unit
- With Your Graphics Processing Units
GPU provides better performance which required for the cryptographic calculations. If you are making your first ever raid in mining and don’t have a heavy gaming computer, then with just a laptop having Intel integrated graphics will possible to mine Litecoin.
Be careful, mining digital coins is highly system intensive and may reduce the lifespan of your electronic machinery. It’s a good idea to be sure that you have an adequate place, keep an eye on the temperature, and also keep in view any other warranties, just in case.
Mining may also be a solitary project or you may join a mining ‘pool’. In mining pool, many people combine their mining system and all take a share of the rewards.
How Much is a Litecoin Worth?
At the time of writing, one Litecoin is worth $52.75111396. The past few weeks was quite remarkable for Litecoin. However, many people assumed this currency will be dead but that is not the case. In fact, this currency is heading to a very bullish direction. The value of Litecoin has increased by over 700%. This is because of Coinbase listing and SegWit locking in. The future is looking bright for Litecoin because the price of Litecoin Continues to Climb.
How to Buy Litecoin:
Some points which will lead you how to buy Litecoin:
- A way of getting Litecoin is mining them through standard computing apparatus.
- Always try to have a check balance before investing funds, and should not take a risk the amounts you can’t afford.
- Buying Litecoin is not an easy job as buying Bitcoin.
- One of the straightforward ways is to simply buy Litecoin with Bitcoins, this is actually the fastest approach, and it is also the cheapest option for most of the users.
Anyone with Bitcoin can easily buy Litecoin from a number of exchanges:
- Others have mentioned on Litecoin wiki.
You are thinking that buying Litecoin is the much easy way via fiat transfer through an exchange, but it can be a boring process for some reasons. Some main exchanges of Bitcoin like Coinbase and BTC China don’t deal with Litecoin transactions.
Another way is to buy Litecoin locally, forgoing the disturbance of wiring currency abroad, and changing it into Litecoin.
What are The Top Litecoin Wallets?
- Many exchanges provide the service of online Litecoin wallets, but they are not modern solutions. Most of the users want something more secure as offline or cold storage wallets. Litecoin has luckily built-in encryption features that you can use to secure your wallet by just a few clicks.
- Many users like to use the official Litecoin-Qt desktop client, but it has some syncing issues with another fair share of faults.
- For a more secure and long-term storage, you have to setup a Litecoin paper wallet.
- It is also possible to get a paper wallet with credit card quality from Crypto Coin Wallet Cards, but some smaller companies are also selling physical Litecoin or coin holograms.
What Is the Difference Between Litecoin And Bitcoin?
Here are some differences between Litecoin and Bitcoin:
- The coin Limit of Bitcoin is 21 million and the Litecoin network will generate 84 million Litecoins, which four times more than coins issued by the Bitcoin network.
- Bitcoin uses SHA -256 algorithms, however, Litecoin uses Scrypt algorithm, the main purpose of using the Scrypt was to allow the miners to mine both Litecoin and Bitcoin at the same time.
- The mean block time of Bitcoin is 10minutes whether it is 2.5 minutes for the Litecoin.
- The initial reward of Bitcoin is 50 BTC and the initial reward for Litecoin is 50 LTC.
- The market cap of Bitcoin $10,467,596,650.78 and Market cap of Litecoin is $540,274,528.26.
In the end, many people still looking at Litecoin as a Bitcoin testbed. Many people will keep an eye of SegWit malleability fix and be looking at how it effects Litecoin. This time is still much exciting to involve in Litecoin, although people having Litecoin may see the increment in the value of Litecoin these coming weeks.