How to buy Litecoin and How Litecoin work

Do you know what is this Litecoin(Lee)? Why these Crypto Currency are in headlines today. If you know about Bitcoin, so maybe you can guess that the virtual currency ,we are talking about today is also called Bitcoin’s younger brother. Yes guys since 2011, this peer-to-peer crypto currency has achieved its position easily.

This is a type of Digital Money that uses BlockChain to complete its transaction, so that it can easily be maintained by public ledger. Lee is used to fund transfers between individuals and businesses, and to do so, any intermediary such as Bank and Payment processing service. Due to this type of features, Lee has gained a lot of fame so today I thought why you should give all the information about what Lee is to people so that you also know about it already, so that you will be able to understand about it and buy it. Then without delay, let us know what happens to this light coin and how it is different from Bitcoin.

litecoin

What is Litecoin ?

If any Cryptocurrency market is marketed after Bitcoin and XRP, then it is Litecoin. It has emerged as the world’s fifth largest Cryptocurrency. It works just like any other online payment system. Just like we send money to another user in Paypal or any online banking, we can easily send money to another person in Litecoin as well. Just like our traditional currency becomes a Federal Reserve or a government, unlike Litecoin, there is no government or any such institution, but it is done by computing its Transaction Block. This is also a type of De-centralized currency. So let’s know about it in detail.

What makes Litecoin different?

Since something different, which makes Litecoin different from others. In today you are going to tell people something about this and tell some unheard of things.

There are three such things that separates Litecoin from others, especially from Bitcoin:

Speed

Lee is also based on the same open source code that is styled behind Bitcoin. But with so many differences Lee is also called Silver of Cryptocurrency. Where Bitcoin is called gold. The main difference between these two is in their transaction speed. The block of Litecoin is four times faster than Bitcoin. Transactions can be easily verified and many more process can be processed at the same time.

Number of Coins

If we talk about Crypto currency, then their values ​​are so much because they have a limit to supply, after which they will end. These coins can be mine only once. Where this limit is 21 million for bitcoin, it is close to 84 million for Lee. With this, you can imagine that the amount of coins is far ahead of Litecoin Bitcoin.

Market Cap

If we compare Market Cap, then Litecoin looks more comparing than Bitcoin, but still it comes in Number 5 in Top Cryptocurrency. The fluctuation of their ranking depends on their price and how many coins are in circulation.

How Bitcoin differs from Litecoin

In response to this, I am going to present some facts about this which will help you to know about the difference between these two.

Litecoin vs Bitcoin Litecoin Bitcoin
Founder Charlie Lee Satoshi Nakamoto
Release Date 07 OCT 2011 09 JAN 2008
Release Method Genesis Block Mined Genesis Block Mined
Total Coin Supply 84 Million 21 Million
BlockChain Protocol Proof Of Work Proof Of Work
Usage Digital Money (Silver) Digital Money (Gold)
Privacy Yes Yes
Trackable Yes Yes
Cryptocurrency Used Litoshi Satoshi
Cryptocurrency Symbol LTC BTC
Transaction Fee 0.001 LTC Average Depend on Block Chain
Algorithm Scrypt SHA- 256
Block Time 2.5 Mins At least 10 Mins
Mining GPU Script-ASIC Miners ASIC Miners
Segwit Scaled Yes Yes

Mining Litecoin

The Hashing Algorithm used for mining of Lee is quite different from Bitcoin and how many coins will be distributed with it when any solution is removed, these are also different. When a transaction is created, it is grouped with others, which are only recently submitted in Cryptographically-protected blocks.

Computers, also called miners, use GPU and CPU to solve these Complex Mathematical Problems. Once all the transactions are completed, they are verified. When a block is solved then all the miners get their share of money, which were put in their mining during their time.

As I have said before, Lee and bitcoin both use contrasting algorithms while doing their Hashing. Where bitcoin SHA-256 (short for Secure Hash Algorithm 2) is used, which is also called Complex, it uses memory-intensive algorithm which is also called scrypt.

Using separate algorithms means using different hardware, so the miners who do Bitcoin mining will have to change the hardware if they want to mining Litecoin.

How to use Litecoin Cryptocurrency?

Litecoin is a cryptocurrency like Bitcoin, but they follow a different kind of protocol. If we look at Lee’s official website, then it is written that Lee has peer to peer internet currency in which you can instantly send a payment to anyone and that too in very short Fees. Lee is fully open source, decentralized crypto money, which works on the basis of cryptographic math. Litecoin is not designed to be compete with Bitcoin, but it is a complimentary solution that can be used in conjunction with an alternative. Therefore it is also called Silver of Cryptocurrency.

 How to Buy Litecoin?

If you want to buy Lee, then you can buy it from exchanges in exchange for Bitcoin, but for this, it is very important for you to have Bitcoin. There are many such exchanges where you can buy crypto currency that you want in return for giving your Bitcoin. One such Exchange is CoinSwitch where you can easily purchase it.

Litecoin wallet

As soon as Bitcoin has a Wallets stitcher in Litecoin where you can store your purchased Litecoin. These are also called Digital Wallet. These wallets are mainly of two types.

  1. Software Based Wallet
  2. Hardware Based Wallet

Hardware-based Wallet is more secure, compared to software Wallet. To open all the wallets, Private Keys are required, with the help of which coins can be sent and found. There are so many third party wallets in Mehzud, in which Electrum, Loafwallet, LiteVault etc. Apart from this, if you are a desktop user then you can install Lee Core, which is designed according to a full fledged client, by the Lee Development Team and continuously updated.

 

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