What is Litecoin(LTC)?:Working and mining

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What is Litecoin?

Litecoin is a peer to peer cryptocurrency. It was created in October 2011 by a former Google employee, Charlie Lee. Litecoin is a decentralized currency with no central control of the traditional banking system. It provides a safe and easy way for merchants to exchange money as there is less fee to receive payments and no chargebacks. All transactions are recorded on a public ledger known as the blockchain so payments can be immediately verified.

Its public blockchain can be independently verified by anyone. With Litecoin you can send money anywhere in the world, to anyone, instantly. The transaction fees are less than as charged by major credit card companies, traditional bank transfers, and even other digital payment processes.

How does Litecoin Work

Litecoin works using security software that allows making payments as easy as sending emails. One can send and store them securely on the computer or the mobile devices. Litecoin has a stable and established marketplace consisting of many exchanges that hold tens of millions of dollars of Litecoin trade every day. It uses its exchanges to trade in dollars, euros, and other fiat currencies. It can be used to purchase services( e.g.website development) or goods. There will only ever be 84 million Litecoins so there will never be a problem of inflation decreasing the value of Litecoin.

Main Difference between Litecoin & Bitcoin

Litecoin is similar to Bitcoin but an improved version of it. Bitcoins came in 2009 whereas Litecoin was created in 2011. Litecoins and Bitcoins have two main differences.
The first one is speed- Bitcoins are very energy intensive to mine. The algorithm needs tons and tons of servers and it takes a long time. Litecoin is four times faster. The speed also varies with transactions. The bitcoins can sometimes take a while to receive or send. Litecoins are much faster.
The second main difference is that there can only be 21 million of Bitcoins that can exist, whereas there can be 84 million Litecoins. Both Litecoin and Bitcoin can be split up to 8 decimal places.

How To Get Litecoin?

Like Bitcoins, Litecoins can be obtained in three ways. Either mining, exchange or buying. Mining ant cryptocurrency requires a vast amount of time and electricity which makes it costly. Litecoin uses proof-of-work which makes mining a costly process in terms of both time and energy. The Litecoin mining has an algorithm that is updated based on total network hashing power that is to ensure that Litecoin the blocks are generated on average of one per 2.5 minutes.

Litecoin is great for trading, spending or raising funds because of its hassle-free nature. It is more stable than other cryptocurrencies and less volatile. It is the most popular alternative available for the Bitcoins and is preferable to less fuss in the Litecoin market. know about dogecoin

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