Litecoin is one of the top peer-to-peer digital currencies that allows people to make almost free and instant payment around the world. This Cryptocurrency is an open source (meaning that it is a software for which the original source code is made freely available and may be redistributed and modified.) global payment network that is fully decentralized without any central authorities in charge. Meaning it is not run by governments, banks or regulatory entities affiliate or any country or global monetary fund.
One of the differences that Litecoin claims to possess over other Cryptocurrencies like Bitcoin, Ethereum, Dash and Ripple is that Litecoin offers faster transaction confirmation times and offers an improved storage efficiency.
The Litecoin blockchain is capable of processing a higher transaction volume than for example Bitcoin. Th software is built in such a way that scalability for the future is already implemented. when it comes to the blockchain and transaction volume will not be needed.
Like most of the crypto currencies, it success also depends partly on those that are mining the Litecoin in this case.
This is important in order to have more litecoin enter the world in a rate which is equal to an amount of work that is performed.
The litecoin miners are at this moment awarded with 50 new Litecoins per block, this amount then will be get reduces to half this amount ever for or so years (every 840,000 blocks). T
The total amount of Litecoins that is to be produces will be around 84 million Litecoins, for those familiar with Bitcoin they know that bitcoin will in the end have 21 million bitcoin releases in I think somewhat like 20 years from now. Litecoin thus will have 4 times the amount. This by itself will of course not mean that much but it will make it easier to go a level deeper when it comes to dividing the coin in smaller parts for mining in the future.
The Crypto currency wallet encryptions makes sure that you keep your wallet save. view this like any other secure account like your bank account for your regular bank online. You need a password and pin to get into your account, once you are in you can view your history transactions and account balance. You will always need to fill in your password again before spending any of it. this is another security check and makes sure that you should think at least a few seconds more before spending all your litecoin on something. the main reason of course is that any virus or other malicious software is required to enter your password for using your litecoin, this adds thus another layer of security to your wallet.
Litecoin is an open source software project which was released under the license of MIT/X11 This license grants yuo and everyone else the ability to run, modify, and copy the software and to distribute, at your option, modified copies of the software. This important at in this way other parties will create and build other applications for the litecoin which in turn will advance the cryptocurrency in its capabilities and offering. The software is released in a transparent process that allows for independent verification of binaries and their corresponding source code.
Want to start Trading Litecoin?
I assume that most of your are familiar with Bitcoin , but for those that are not please the coins are very similar in many aspects so what works for bitcoin in general also will work for Litecoin , this aid there are a few crucial differences.
But here a few of the differences
- Less toxic community
- Less volatile during market crashes/corrections
- Great leadership, Charlie Lee left Coinbase as head of engineering to focus on LTC full time
- Atomic swaps between LTC/BTC
- Lightning network should enable even faster transactions
- 84M total supply
- Market cap is very low compared to other coins in top 10
- China loves it
When the advancements are employed over Bitcoin, Bitcoin is still the main front runner simply because it is by far the best-known currency and has paved the way for the others.
In the meantime, Litecoin gets the benefit regarding both rate and price over Bitcoin. Concerning transaction fees, an Bitcoin trade prices between two to five bucks, which isn't feasible for value purchases like a morning cup of coffee.
Litecoin trades cost normally 5-15 cents which makes it a fantastic alternate to purchase smaller products that are token.
While Bitcoin is the greatest and cryptocurrency, it requires about 10 minutes to affirm a trade using Bitcoin. It might take as much as an hour for instances. Part of this reason is a great number of trades on the Bitcoin Blockchain. This isn't feasible if you would like to produce a exchange.
To the contrary, Litecoin was built to enhance Bitcoin's shortcomings and create transactions as simple and fast. This permits a trade confirmation time of about 2.5 minutes, albeit much slower compared to debit or charge cards. Additionally, the block creation allows Litecoin to deal with a larger amount of trades. The rate of transport is instant.