What is Litecoin and How Does It Work?

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What is Litecoin and How Does It Work? : Friends, Most traders have heard of bitcoin, which is seen as the “gold” of cryptocurrencies. However, not everyone is aware that other cryptos also exist. For example, in the crypto world, the equivalent of “silver” is called “Litecoin”.

Litecoin (LTC) can be traded against the US dollar (USD), which is a crypto pair called LTC/USD. In this article we will discuss in detail about Litecoin cryptocurrency and also explain how to trade LTC/USD?

What is Litecoin?

What is Litecoin

Litecoin is a type of cryptocurrency that is used to make country secure and low-cost payments through blockchain technology. Litecoin was created by Github on 7 October 11. Which was made live a few days later i.e. on 13 October 2021.

It provides acceptance among traders and increases circulation rapidly. Litecoin works like any other payment system. Through this system the people of the country are able to send money to other people. It acts like a block china in a way that facilitates all the transactions. Litecoin has a different identity all over the world.

When and by whom was Litecoin created?

Litecoin is a digitally centralized currency which means it is not created by any government. Although currency in all the countries in the world is made only by the protocol of the government there, but this currency has been created without the intervention of any government. Actually it was made by some Engineers. It was created on 7 October 2011 by Charles Lee. Charles Lee created it as a complement to Bitcoin.

Charles lee had made some changes in Litecoin because he wanted this cryptocurrency to be presented on a large scale, that is why he made protocols according to his own and introduced a best and great cryptocurrency in the world’s digital market, which is popular in the market till date. is proving its mettle with.

What Makes Litecoin Different?

Since something must be different which makes Litecoin different from others. Today I am going to tell you some unheard things about this and heard something about it.

There are mainly three things that separate Litecoin from others, especially from Bitcoin:

  • Speed: Litecoin is also based on the same open source code that is behind Bitcoin. But with many differences. Litecoin is also called the silver of Cryptocurrency. Where bitcoin is called gold. The main difference between these two is in their transaction speed. Block formation in Litecoin is four times faster than in Bitcoin. Due to which Transactions can be easily verified and many more processes can be processed in the same time interval.
  • Number of Coins: If we talk about Cryptocurrency, then their value is so high because there is a limit to their supply, after which they will end. These coins can be mined only once. Where this limit is 21 million for Bitcoin, it is close to 84 million for Litecoin. With this you can guess that Litecoin is far ahead of Bitcoin in the amount of Coins.
  • Market Cap: If we compare the market cap, then Litecoin looks firm compared to Bitcoin, but still it comes in Number 5 in Top Cryptocurrency. The fluctuation of their ranking also depends on their price and how many coins are in circulation.

How to buy Litecoin?

If you want to buy Litecoin and are willing to become an investor, then you can buy it by doing exchanges in exchange for Bitcoin, but to buy Litecoin Cryptocurrency, it is very important for you to have Bitcoin. There are many great exchange websites like Coinbase, Binance, KuCoin, Huobi and Kraken where you can buy any cryptocurrency in exchange for your Bitcoin and also be able to buy Litecoin easily.

How safe is Litecoin?

It is a blockchain based cryptocurrency which is completely secure and it is practically impossible to crack by any means. Litecoin ensures that PoW uses Next Pay to allow transactions to be confirmed quickly and without any difficulty.

This system prevents a series of combined powerful double spend and other attacks on the network. Also through seven lite coins it is ensured that it provide 100% uptime of the network.

What are the benefits of Litecoin?

  • It is very easy to use all over the world.
  • We can use it like any other payment application.
  • Lite coin payment processing is much faster than other cryptocurrencies.
  • Simultaneously, people can keep digital currency safe in Lite Coin Wallet.

What is Litecoin Wallets?

Like Bitcoin, Litecoin also has Wallets where you can store your purchased Litecoin. They are also called Digital Wallet.

What is the difference between Bitcoin and Litecoin?

Bitcoin was invented in the year 2009 and Litecoin was invented in the year 2011. The transaction time of Bitcoin is about 2.5 minutes, while that of Litecoin is of 10 minutes. Litecoin’s complete Coin Supply is about 21 million, the same bitcoin has 84 million. Litecoin is called the Silver of Crypto Currency, then Bitcoin is called Gold.

Faqs

Q: What is Litecoin?
Ans: Litecoin is also a digital virtual crypto currency like Bitcoin which is known as Peer to Peer Internet Currency.

Q: What is the symbol of Litecoin?
Ans: The symbol of Litecoin is LTC.

Q: How to buy Litecoin?
Ans: You can buy and sell Litecoin from any Crypto Currency Exchange Platform.

Conclusion

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