What is LiteCoin?

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A Basic Beginners Guide. Litecoin has taken the world by storm.

While Bitcoin was seen as “gold” and a store of value for long-term purposes, Litecoin was seen as the “silver” and a means of a transaction for cheaper and everyday purposes.

litecoin was released via an open-source client on GitHub. The Litecoin Network went live on October 13 2011. It is basically a fork of the Bitcoin Core client.

If we are to truly understand Litecoin, comparisons with Bitcoin is a must. Litecoin, by their own admission, is a clone of Bitcoin.

Litecoin, you will need to do A and then B serially. If you try to parallelize them, the memory required becomes way too much too handle.

Purchase directly from an exchange. The easiest and most straightforward method of acquiring Litecoin is to buy some from an exchange

Receive payment in Litecoin. Whether you’re providing a service or selling goods to a consumer, you can always accept Litecoin as payment just as you would any other currency. With its lower fees, commissions and costs, compared to receiving fiat money

Earn Litecoin through mining. Generating Litecoin through the process known as mining is slow and requires specialised equipment to be worth the effort, but it is nonetheless a legitimate method of generating coins

While the identity of the Bitcoin creator Satoshi Nakamoto is shrouded in mystery, Litecoin’s creator Charlie Lee is very active on social media and his blog.

While Bitcoin was seen as “gold” and a store of value for long-term purposes, Litecoin was seen as the “silver” and a means of a transaction for cheaper and everyday purposes.

So, on October 7 2011, litecoin was released via an open-source client on GitHub. The Litecoin Network went live on October 13 2011. It is basically a fork of the Bitcoin Core client.

If we are to truly understand Litecoin, comparisons with Bitcoin is a must. Litecoin, by their own admission, is a clone of Bitcoin.

Lіtесоіn (LTC оr Ł [1]) is a рееr-tо-рееr сrурtосurrеnсу аnd open ѕоurсе software project released under MIT/X11 lісеnѕеѕ. Crеаtіоn аnd transfer оf соіnѕ іѕ bаѕеd on an ореn source сrурtоgrарhіс рrоtосоl and іѕ nоt mаnаgеd bу аnу сеntrаl authority.

Litecoin is frequently compared to Bitcoin, which functions almost exactly the same, aside for the cost of transactions, which are around 1/50th of the size. For many cryptocurrency traders and users, Litecoin pricing acts more rationally than Bitcoin, and with a more sustainable future.

The rise in popularity of Litecoin and other cryptocurrencies is largely in response to the demand for alternative currency options that separate themselves from centralized banks and governments

Litecoins can be used anywhere (though illegally in some nations), by anyone. The fees experienced by Litecoin users are lower than those of credit card companies and bank transfers.

There can only ever be 84 million Litecoins, and as it stands, 55.58 million have been released or mined already, meaning almost 30 million coins are still fair game for miners. The figure of 84 million was based on the 21 million limit of Bitcoin, and the fact that Litecoin was designed to be 4x faster than Bitcoin.

A fixed amount of coins also means that inflation will not affect the overall value of the currency, unlike currencies such as the dollar, pound or euro. For forex traders who feel that a currency might drop in value, they may purchase Litecoins and hold on to their investment before selling back into their currency (hopefully at a profit).

Litecoin was created by Charlie Lee in October 2011. Lee is a former employee of Google, who designed it to complement Bitcoin by solving some of its issues, like transaction times, fees, and concentrated mining pools.

One of the main goals for Litecoin was to reduce block confirmation timings from 10 minutes to 2.5 minutes, so that more transactions could be confirmed.

This made Litecoin 4x faster than Bitcoin. Each 2.5 minutes, a Litecoin block is mined, and 25 coins are generated. This means that at the moment, 14,400 Litecoins are being mined every day, the maximum amount possible.

Litecoin has so much scope for growth, potential uses, and wide adoption. Right now, we must observe which companies begin adopting it and accepting transactions for their products and services. Other than that, the future of Litecoin is anyone’s guess.

Litecoins can be used anywhere (though illegally in some nations), by anyone. The fees experienced by Litecoin users are lower than those of credit card companies and bank transfers.