What is Litecoin?

WHAT IS LITECOIN

Is Litecoin the Silver and Bitcoin the Gold?

What is Litecoin?

Litecoin was created by Charlie Lee.

Litecoin in one of the major cryptocurrencies on the market.

Litecoin is a peer-to-peer cryptocurrency that is used for instant payments at very low cost. It uses a decentralized system, without a central authority, and thus allows users to manage their finances autonomously via open source software.

Litecoin is a digital payment method that looks a bit like Bitcoin. If the Litecoin is less known than the latter, it is still a cryptographic currency that exists since 2011, directly exchanged between users. Like Bitcoin, it uses several encryption systems that not only regulate the generation of Litecoin units, but also verify the transfer of funds and ensure the security of transactions.

Here is a video explaining Litecoin:

A currency based on the Bitcoin protocol!
Litecoin is a fork of Bitcoin.
Litecoin uses the same process as Bitcoin, the blockchain, but proves to be more efficient. Indeed, its blockchain generates blocks more frequently and the system makes it possible to carry out more transactions than Bitcoin. Transaction confirmations are also transmitted 2.5 times faster. Litecoin offers a more optimized system than that of Bitcoin and allows faster transactions.

How does Litecoin work?
Litecoin is an online network that can be used to send money. It is a decentralized payment system, that is, it is not controlled by any entity or government. However, it is also a digital motto, which makes it impossible to have a physical version of the litecoins. We only find them on the Internet.

As for Bitcoin, Litecoin transfers are managed thanks to the blockchain. That is, all transactions are grouped into blocks. Each block is then automatically validated by the nodes of the network which use an algorithmic method almost impossible to crack. Once the network nodes have validated a transaction, it is visible to all users.

How is Litecoin different from Bitcoin?
Although the two digital payment methods are very similar, Litecoin still has some differences. The first of these is the number of litecoins available. Litecoin can indeed generate 84 million currency units while Bitcoin will only be available to 21 million copies. However, the main advantage of Litecoin is the speed of its transactions since they are only done in 2.5 minutes. In comparison, a bitcoins transaction requires 10 minutes. However, since Litecoin is less common than Bitcoin, it is accepted by fewer online stores.

The mining system.
The mining system of Litecoin is similar to that of Bitcoin: it amounts to creating a new block in the blockchain. To be validated, this block must meet certain conditions. Nevertheless, there are differences between the mining of the two virtual currencies, particularly in terms of the algorithms they use. Litecoin uses a script-based algorithm, which allows it to be undermined by graphics cards.

The reward of Litecoin mining.
Litecoin can be mined individually or through “pools”. For starters, miners are rewarded with 25 coins per block. Every four years, the coins decrease by half, the goal being to reach the limit of 84 million units.

What is Litecoin Mining?
New litecoins are being created at a steady pace. Mining is the process that creates these new blocks. However, using a single blockchain for all litecoin transactions makes this operation particularly difficult. It is impossible to create blocks at will: the only way to create new blocks is to calculate the algorithm based on predefined criteria. You have to try several combinations until you find one that works. This process is called hashing. However, because of the complexity of the operation, hashing is usually done by specialized software. Moreover, depending on the needs, the difficulty of the hash is sometimes modified by Litecoin. As a reward, a minor receives 25 litecoins for each block created.

DIFFERENCES BETWEEN BITCOIN AND LITECOIN

Watch this video with Charlie Lee, Creator of Litecoin,  explaining the creation of Litecoin.

You can store Litecoin on a secure hardware wallet like the Nano Ledger.

But also on a mobile crypto wallet, a destop wallet or a paper wallet if you wish to keep your Litecoins that way.

What you must remember about Litecoin.
Litecoin is a virtual currency that looks a lot like Bitcoin.
It is a decentralized cryptographic currency that has existed since 2011.
Litecoin transactions only take 2.5 minutes.
Mining is a complex operation that creates new litecoins. Each new block created earns 25 litecoins for the miner who mined it.

You can buy Litecoin on Binance.

You can securely store Litecoin LTC on the Nano Ledger.

This article is of course not financial advice, do your own research before investing money, you are responsible for your own decisions.

Litecoin website: https://litecoin.org/fr
Litecoin Facebook page: https://www.facebook.com/LitecoinFoundation
Litecoin Reddit: https://www.reddit.com/r/litecoin

Litecoin Twitter: https://twitter.com/LitecoinProject
Litecoin Youtube page:
 https://www.youtube.com/channel/UC8unJ4YCZgc5e7Sb_cckDgg
Litecoin Github: https://github.com/litecoin-project
Litecoin White paper is the same as Bitcoin White Paper: https://bitcoincryptoadvice.com/the-bitcoin-white-paper

Continue your reading with our article about the best crypto wallet on the market: https://bitcoincryptoadvice.com/the-best-cryptocurrency-wallet