What is Litecoin?
Litecoin (LTC) is a peer-to-peer digital currency and a project based on a licensed open source code named MIT/X11. Litecoin is formed almost like Bitcoin (BTC) and is not regulated by any organization.
The foundation of Litecoin is Peer To Peer so the transaction is completely free for everyone globally. Founded by MIT graduate and former Google engineer Charlie Lee, Litecoin is a cryptocurrency seen as an alternative to Bitcoin. But unlike its predecessor, this peer-to-peer virtual currency runs on a Scrypt algorithm – with a faster block generation speed than Bitcoin. While Litecoin was released in 2011.
Litecoin has improved using the Scrypt platform to facilitate digital currency miners to be able to mine two currencies at the same time, Litecoin and Bitcoin, which is completely different from Bitcoin’s platform, which uses SHA256 only. Bitcoins can be mined on the same machine.
Founder: Charlie Lee
Release date: 07/10/2011
Limit: 84,000,000 LTC
Buy and sell Litecoin on which exchanges?
Litecoin is considered as digital silver, so there are many exchanges that support Litecoin, here I can name some notable names such as: OKEx, GDAX, Bitfinex, Huobi, Binance, Bit- Z or HitBTC,..In which, Litecoin trading volume at GDAX is the largest, however, if you want to invest in LTC, I recommend you to choose Binance or Huobi, because these are the two largest exchanges. at the moment and has cheap transaction fees as well as extremely fast transaction speeds.
DISCOUNT price historyTC since going to the floor.
On April 29, 2013 LTC was traded at $4.30/1 LTC. Current Litecoin Price
What is Litecoin used for?
Litecoin is used for many different purposes, mainly used in e-commerce, commodity trading, buying other virtual currencies. This is a safe way of transaction that is completely free, very convenient for customers.
Sending Litecoin money is as simple as sending an Email, it’s completely easy to do without having to learn too much.
What is Litecoin’s unit of measure?
Like Bitcoin, Litecoin is also divided into 1 million units
- 0.001 mLTC (millicoin)
- 0.000001 µLTC (microcoins)
- 0.00000001 Minimum unit
Which wallet to store LTC in?
Currently you can store Litecoin in many different wallet versions, from hardware wallets to web wallets or cold wallets, depending on your needs, choose the appropriate wallet, below are the types of wallets that support LTC storage. :
Hardware wallet you download at: https://litecoin.com/
Web wallet, the current best choice is Coinbase
Cold wallets you can use: Ledger, Trezor, ..
In addition, you can store LTC in wallets of exchanges to facilitate trading ETC with other coins, which saves you a deposit/withdrawal transaction fee.
How is Litecoin different from Bitcoin?
- Reserve: Litecoin has a reserve of 84 million LTC and BTC has only 21 million
- Development Platform: Litecoin uses Scrypt and Bitcoin uses SHA256
- Litecoin takes 2.5 minutes to process a block while Bitcoin takes up to 10 minutes to process a block. Litecoin is an open source software project published under the MIT/X11 open license which grants you the right to run, modify, and copy the software and to distribute the modification as you wish. The software has a transparent publishing process which allows independent examination of the runtime files and the corresponding source code.
- Current per-block reward: Litecoin is 50 LTC and Bitcoin is 25 BTC. Initially BTC reward equals LTC.
- Year of birth: Bitcoin was born first in 2009 and Litecoin was born 2 years later in 2011
- Compared to Bitcoin, the Litecoin Blockchain is capable of handling a higher maximum transaction volume, as the network generates blocks more often allowing for a larger number of transactions without the need to modify the software in the future. . As a result, users get faster transaction confirmation times, while still potentially waiting for multiple confirmations when making a large transaction.
Advantages of Litecoin
- Powered by the Peer To Peer system, it is completely free to trade from anywhere in the world.
- Transactions are 4x faster than Bitcoin because block generation takes only 2.5 minutes.
- Operating globally and used by many people, many ATMs can trade Litecoin.
- Litecoin is decentralized so it has absolutely no main headquarters, this currency is extremely safe, no one has the right to manage or issue Litecoin.
- Easy to use to shop, transfer money or buy coffee.
- Not subject to any management should reduce management costs.
- Earning Litecoin through Litecoin mining is therefore inflation-proof.
- Safe and very secure.
Disadvantages of Litecoin
- The goal of money laundering of criminal organizations, the fact that Litecoin does not have any organization behind it is also a problem to not know who is using Litecoin money, which makes it impossible for money-laundering gangs to stop. block.
- Difficult to use if you have no knowledge, you need to learn a while to be able to trade Litecoin.
According to tapchibitcoin.vn
See also: How to mine litecoin here
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