Site icon Coin FAQs

What Is Litecoin? Everything You Need To Know About

Litecoin or LTC can be referred to as the younger brother of Bitcoin. Talking about the invention of Litecoin, it was first invented by Charles Lee in 2011. Just like the bitcoin there are based on the system of blockchain. However, the point of the main difference is that these are evolved versions of bitcoin. Charles took it upon himself to rectify the issues of bitcoin that many people were facing at large so as to facilitate the growth of cryptocurrencies. Visit here: https://bitalphaai.me/

In the initial years, bitcoin was met with much scepticism. Not a lot of people were a fan of it but it is safe to say it still had a loyal fan base. However, when it came to mining the bitcoins, people were getting increasingly frustrated as it was hard to do so. To address this issue Charles started a currency from the same source code called Litecoin.

As the name suggests, they were a lighter version of bitcoins. They were easily accessible meaning, the mining process of Litecoin was not as difficult as bitcoins. The Litecoins also promoted the peer-to-peer transactions. Slowly we saw that bitcoins evolved to become a store of value while people traded and used more Litecoins for their daily transactions.

Get To Know Litecoin: The Basics of Cryptocurrencies

The popularity of Litecoin also stems from the fact it is one of the oldest known altcoins. Here, one point is to be noted that Bitcoins are mostly referred to as Altcoins. Litecoin is the oldest known altcoin and overall, the second digital currency to ever hit the streets. It addressed many issues that bitcoin had.

One of the major cons of bitcoins has been that they take a long time to process. This means that if you are trying to buy something online it might take you hours to finish the transactions.

Ever since we moved into this digital era, we are sued to having everything at our fingertips and fast. Hence, this feature of bitcoin was a hindrance for many.

However, the engineer behind the creation of Litecoin paid attention to this frustrating factor and built an entirely new hash algorithm. He developed a hash algorithm called the S-crypt. Under this instead of taking hours to complete the blockchain it took only mere seconds, to be exact it took about 2.5 minutes per block. Hence, it facilitated faster transactions and thereby eased the public. This facilitated a lot more peer-to-peer transactions as people could now easily deal with each other without having to wait long hours.

Similar to bitcoins, Litecoin also halves. However, one might be worried about the unprecedented supply of Litecoins. Like bitcoins, they also have a limited supply which has been capped at 84 million. Even for miners, the halving has decreased over the years. We see that initially miners when mining Litecoin received 50 LTC after proving their work however, in recent years it has been brought down to 12.5 LTC. There is a decrease in the miner award after every 840,000 transactions. The next decrease is expected to occur sometime in 2023.

While mining is not the only way to obtain Litecoins. Users can easily engage in peer-to-peer transactions. Here you can exchange cash for Litecoin or also offer some service or good in exchange for Litecoin. Additionally, you can also turn to the exchange platform.

Ever since the boom in cryptocurrencies, exchange platforms dealing with cryptocurrencies have been the front runner for spreading awareness as well as circulating cryptocurrencies. Hence, it is no surprise that Litecoin is also a part of this. You can turn to any safe and secure exchange platform to buy, sell, trade, or invest in Litecoin.

However, when it comes to choosing one, you need to choose a reliable one. One such great platform is the Bitcoin Champion where you can safely and securely trade in Litecoin. You might also wonder why choose Litecoin as an investment opportunity. They are still a relevant choice in 2022. They offer you not only the great ease of doing daily transactions but also allow you to make a profit from investment opportunities.

Conclusion

Therefore, these are some important things that we shall keep in mind about Litecoin. When planning to invest in Litecoin, these are the points that will help you invest with informed decisions.

Exit mobile version