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What is LiteCoin

December 22, 2018 by House of Ferguson

As the world of cryptocurrency is embraced by many people,they have been searching for other investment options aside from Bitcoin and Ethereum, and Litecoin clearly seems to be the most popular choice.  Litecoin has increased in price by 7,291% since the beginning of 2017, compared with Bitcoin,which has “only” it has increased by 1731%.

What Is Litecoin?

 Litecoin is a blockchain-centered cryptocurrency which was created by Charlie Lee in 2011.It is similar to Bitcoin technically. It has its own differences  which includes its processing blocks ability which is 4 times faster every 2.5 minutes  and its algorithm that is very harder to solve or override . These features has  made Litecoin harder to mine and  very easy  to spend.

The Origin of Litecoin

Charlie Lee the creator of Litecoin’s is a very active person on social media and on his blog as well. He is an ex-Google employee whose vision  is to create a lite version of Bitcoin. On October7 2011, Litecoin came to live through an open-source client on GitHub. The Litecoin Network was live on October 13 2011.

There  are some fundamental differences that set Litecon  it apart from bitcoin.

Let’s explore them.

Litecoin Mining

One of the most technical and fundamental differences between Litecoin and Bitcoin is their mining process.Both of them makes use of Proof-of-work consensus mechanism.

Currently , over  50% of bitcoin’s hashrate is filled  by 5 mining pools alone and If a pool manages to attain 51% hashrate, then they will be able to   launch a 51% attack on the blockchain network. So, in order to battle these issues, Litecoin makes uses of Scrypt algorithm. The Scrypt algorithm has been intentionally  designed to enable  mining and democratize it  as quick as possible . However, companies like Flower Technology and Zeus have succeeded in creating a Scrypt ASICs. But unfortunately, this would lead to  the demise of their democratized mining.

Litecoin Transaction Speed

The average block-mining speed of  Litecoin is 2.5 minutes  when compared to 10 minutes of  bitcoins’s speed.Due  to  network congestion and slow block-mining time, the median waiting time for online transactions  can fluctuate for about  20  minutes. And this feature is very  useful for merchants that perform  a lot of mini-transactions daily . When Using Litecoin, they are able to  get two  different confirmations in  5 minutes while it takes  Bitcoin at least 10 minutes  for  one confirmation.

Storage

In terms of  storing Litecoin, there are a various  wallet options that can be  used.

  • Hardware Wallet: this is a physical device where cryptocurrencies can be stored.

Listed below are the  hardware wallets that can be used to store litecoins:

  • Trezor.
  • Ledger Nano S
  • Desktop Wallet: this is a wallet that is   downloaded and installed on a single PC or laptop which is only accessible from that one device that it was downloaded on. Exodus is a good example of a desktop wallet that supports multiple cryptocurrencies such as Litecoin.
  •  Mobile Wallet: Mobile wallets is a very good example of a hot wallet. It is convenient to use because all you just need to do is to have the app downloaded on your phone.
  • Paper Wallet: Paper wallet is an offline cold storage means of saving cryptocurrencies. It includes the printing of both public and private keys on a piece of paper which can be kept and save in a very secured location. The keys will be printed as QR codes which can be scanned in the future if there is need for it.

Conclusion

Cryptocurrency is becoming more mainstreamed and reliable. However, what litecoin represents is more valuable more than its dramatic rise. It is true that Litecoin was envisioned to be the younger brother of bitcoin but the purpose it serves has grown far beyond that.Over the previous years or so, Litecoin has taken the needed risks to show the masses the factual scope and prospect of cryptocurrencies. They are even actively looking for a way to incorporate lightning network into their system. In light of these developments, Litecoins rise in value is surely well-earned. Invest at your own risk.

This Article is for educational purposes it is not an endorsement.

Filed Under: Tips & Tricks

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