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What is Litecoin & How Does it Work?

All of you must have heard about LiteCoin. If you have not heard then do not take tension because here we are going to give you information about it and are going to tell you what is Light Coin.

It is a type of cryptocurrency, ie a type of digital currency that can only be used through the Internet. Anyone who knows about bitcoin must know about lite, and if not, then in today’s article we are going to tell you about litecoin. Which is going to be very important information for you. Today if we are going to discuss a special digital currency.

Like what is Litecoin, what are its uses, how is it different from bitcoin and what are its benefits etc. If you want to get complete information about it, then please read this important article written by us till the end. In this article, you will get detailed information about LiteCoin.

» What is Dogecoin?

Litecoin Cryptocurrency LTC

What is Litecoin (LTC) Cryptocurrency

We are going to first discuss litecoin with you through this article. If any cryptocurrency is very popular in the market after bitcoin and XRP currency. So that is LiteCoin. It is only a type of cryptocurrency. Which can be used only in digital form.

Litecoin works like any other payment system. That is, we can send our money to any person very easily, like we send money to another person through applications like phone pay, Google pay, PayPal, etc. Similarly, we can also send money to any person with the help of this currency.

It carries out all its transactions using blockchain. This work has made a different identity in the whole world. We would like to inform you of your information. If you know about bitcoin, then you must also know that who is called the younger brother of bitcoin. If not, then let us tell you that the younger brother of bitcoin is called Litecoin.

Litecoin is called the younger brother of bitcoin because most of its functions are similar to bitcoin. Its payment service is very fast, due to these amazing features, this coin has gained a lot of fame as soon as it comes in the market.

What is the price of LiteCoin Today? – Live LTC/USD

Who Developed Litecoin?

Litecoin is a type of digital centralized currency, that is, it is not created by any government. as we all know. Currency in each country is made according to the rules of the government there. But this currency has not been made according to the orders of any government. It was made by some engineers for the convenience of the people. But its price fluctuates from time to time.

The code for this is taken from the core code of bitcoin. It was created on 7 October 2011 by Charles Lee (who used to work in a Google company). He created it as a complement to bitcoin. Charles lee made some changes to Litecoin.

They made changes here because they wanted this currency to be presented on a large scale, so they made a protocol according to their own.

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Who else was involved in the creation of LiteCoin other than Charles Lee?

The biggest contribution in the creation of this is by Charles Lee, so Charles Lee is called the father of litecoin. Charles Lee was accompanied by three other engineers, who after Charles Lee made some improvements and encouraged it.

  • GitHub
  • Shaolibfry
  • Warren Togami

GitHub:- When GitHub came to this company, he was only a worker. They gave it some encouragement and kept it like this in the market.

Shaolibfry:- Shaolibfry came in 2016 and he made a big contribution to it. He kept its price from coming down in the market.

Warren Togami:- Warren Togami made a huge contribution to LiteCoin, at this time he works in the lead.

How Does Litecoin Work?

Litecoin is a type of cryptocurrency just like bitcoin. But it follows a different type of protocol. It works in the same way. The way we do any of our payments like Google Pay, Phone Pay, Paytm, Paypal, etc. through the Internet.

It works on a very simple path which means it is very easy to make any kind of payment with its help. Litecoin is also called the silver of cryptocurrency, as it is used as an alternative to bitcoin.

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Differences Between Bitcoin, Dogecoin, Ethereum and Litecoin

LitecoinBitcoinDogecoinEthereum
FounderCharlie LeeSatoshi NakamotoBilly Markus, Jackson PalmerVitalik Buterin Gavin Wood
Release Date07 OCT 201109 JAN 2008December 6, 201330 July 2015
Release MethodGenesis Block MinedGenesis Block MinedGenesis Block MinedGenesis Block Mined
Total Coin Supply84 Million21 Million5 billion13 Million
Blockchain ProtocolProof Of WorkProof Of WorkProof Of WorkProof Of Work
UsageDigital Money (Silver)Digital Money (Gold)Digital Money (Silver)Digital Money (Silver)
PrivacyYesYes Yes Yes
TrackableYesYes Yes Yes
Cryptocurrency UsedLitoshiSatoshi
Cryptocurrency SymbolLTC, ŁBTC, XBT, DOGE, XDG, ÐETC
Transaction Fee0.001 LTC AverageBy load on BlockChain
AlgorithmScryptSHA- 256Scrypt, C++Ethash, C++, Go
Block Time2.5 MinsAt least 10 Mins1 minute At least 10 Mins
MiningGPU Script-ASIC MinersASIC Miners
Followed by ScaledYesYes Yes Yes

To get more information about bitcoin, you must read the article written by us, what is bitcoin.

What Makes Litecoin Different than other Currencies?

All cryptocurrencies have their own characteristics. Due to which it is different from other cryptocurrencies. The variation of any of this digital currency determines by the features present in it.

If the following variation is found in any cryptocurrency, then the following are the three characteristics that make Litecoin different from others.

Why Litecoin is Different

Since something must be different which makes Litecoin different from others. Today I am going to tell you some unheard things about this and heard something about it.

There are mainly three things that separate Litecoin from others, especially from Bitcoin:

  • Speed
  • Number of Coins
  • Market Cap

Speed:- Litecoin is also based on the same open-source code that lies behind Bitcoin. But with many differences. Litecoin is also called the silver of Cryptocurrency. Where bitcoin is called gold. The main difference between these two is in their transaction speed. Block formation in Litecoin is four times faster than in Bitcoin. Due to this Transactions can be easily verified and many more processes can be processed in the same time interval.

Market Cap:- If we compare the market cap, Litecoin looks firmer than Bitcoin, but still it comes in Number 5 in Top Cryptocurrency. The fluctuation of their ranking also depends on their price and how many coins are in circulation.

Number of Coins:- If we talk about Cryptocurrency, then their value is so high because there is a limit to their supply, after which they will end. These coins can be mined only once. Where this limit is 21 million for Bitcoin, it is close to 84 million for Litecoin. With this, you can guess that Litecoin is far ahead of Bitcoin in the number of Coins.

» What is Cryptocurrency?

What is Lite Coin Wallet?

As we know, a wallet is also made to store any cryptocurrency. Similarly, a wallet has been created to keep the purchased Lite Coins safe. In which you have to keep it safe by putting in a password.

Types of LiteCoin Wallet

We would like to tell for your information that there are two types of this wallet:-

  • Software Based Wallet
  • Hardware Based Wallet

Hardware-based wallets are very secure whereas software-based wallets are less secure than hardware wallets.

However, both types of wallets require a password (private key) through which we can buy or send Litecoins to anyone.

Benefits of LiteCoin

It has many benefits which are shown below. It’s very easy to use. Just like we use other payment applications. In the same way, this currency can also be used.

Lite Coin’s payment processing is very fast compared to other cryptocurrencies. We can keep the digital currency purchased by us safe in the litecoin wallet.

Future Of LiteCoin

The future of Litecoin looks very bright because according to the way the value of Litecoin has increased, according to that, more profit is expected in this value 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 it may also cut the value of Bitcoin in the coming time.

Conclusion

After reading this article we conclude that Lite Coin is a very good cryptocurrency. But it is important to have proper information before investing in it. Which we can use in most areas. It is also very easy to use. We hope you liked this article What is Lite Coin. So please do share it with your friends.

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Vimal K. Vishwakarmahttps://technovimal.in
Hello friends, I am Vimal K. Vishwakarma, Technical Author & Co-Founder of Techno Vimal. Talking about education, I am an Engineering Graduate. I enjoy learning things related to new technology and teaching others. I request you to keep supporting us like this, and we will keep providing further information for you. :) #We TechnoVimal Team Support DIGITAL INDIA

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