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What is Litecoin? Advantages of Litecoin

What is Litecoin? Advantages of Litecoin

Today, digital currencies are implemented one after the other on a specific blockchain and are launched on the cryptocurrency market. The producers of digital currencies are mostly aiming to be used as an alternative to Bitcoin. Therefore, digital currencies are created and produced, which are a branch of Bitcoin and intend to improve this digital currency. One of these digital currencies that we are going to talk about is Litecoin. Maybe this question arises in your mind,  what is Litecoin ? Litecoin is another cryptocurrency that is very similar in nature to Bitcoin. If you want to learn more about the Litecoin currency and how to mine Litecoin, read the rest of the article.


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What is Litecoin?

As we mentioned at the beginning of the article, LiteCoin is another digital currency that is very similar to Bitcoin. This digital currency, like Bitcoin, can be used to pay peer-to-peer transactions. Litecoin digital currency has a blockchain separate from Bitcoin, but the blockchain network of these two digital currencies is very similar. You can send money to all parts of the world using this digital currency. Litecoin digital currency was founded in 2011 by a person named Charlie Lee. Lee Coin was one of the powerful programmers of Google who noticed some of the problems of the first Bitcoin digital currency. This person created the Litecoin digital currency in order to solve problems such as the long duration of transactions, the high cost of network gas and transactions.

Read more: How to mine Ethereum

On the other hand, it takes 10 minutes to break each block of the Bitcoin blockchain, Charlie Lee changed it to 2.5 minutes. This process made the Litecoin mining process easier than Bitcoin mining. Currently, 14,400 Litecoins are mined per day, which is the daily limit of Litecoin mining. Litecoin digital currency currently has a price of $59.20 and is ranked 21st on the Coin Market Cap website. It should be noted that most of the value of this digital currency was at the end of 2017, when the price of Bitcoin increased greatly, in that year its value was equal to 358 dollars.

Therefore, this digital currency, like other digital currencies in the digital currency market, is affected by Bitcoin. Because before Bitcoin fell to the valley of 20 thousand dollars, the value of this digital currency was equal to 278 dollars. Therefore, if the price of Bitcoin returns to its upward trend, we will certainly see an increase in the price of Litecoin currency.

Litecoin blockchain

So far in the article What is Litecoin, you got acquainted with this digital currency and the price of Litecoin. In the following, we are going to introduce you to the Litecoin blockchain so that you can understand the network structure of this cryptocurrency. Like Bitcoin, Blockcheat Litecoin has used the proof-of-work algorithm to check the validity of transactions. Therefore, to be able to mine Litecoin digital currency, you will need strong miners. The most common device used to mine Litecoin is ASIC. The amount of tokens in the Litecoin blockchain network is equal to 84 million coins. If you want to learn more about blockchain, read the article about blockchain.

The advantage that the Litecoin blockchain has over the Bitcoin blockchain is the time required to break each block. The time required to break each block is equal to 2.5 minutes, which is exactly a quarter of the time it takes to generate or break a new block in the Bitcoin network. The Litecoin blockchain network rewards its users with 25 LTC for mining Litecoin. This network uses a system similar to Bitcoin halving, where rewards are halved after breaking 840,000 blocks.

What is the difference between Bitcoin and Litecoin digital currency?

How to mine Litecoin

As we mentioned before, mining Litecoin currency is hard and difficult like Bitcoin. Therefore, this digital currency cannot be extracted using home and mobile systems. There is not much difference between mining Bitcoin and Litecoin, and for mining Litecoin, a similar device is needed for mining Bitcoin. Now, if you intend to extract this digital currency, you should pay attention to the following points.

  1. Buy a device that supports the Scrypt algorithm.
  2. The higher the hash of the device you buy, the easier the mining process will be.
  3. Having a wallet that supports LTC cryptocurrency.
  4. Strong and stable internet
  5. Powerful power supply
  6. Provision of strong cooling system
  7. Joining one of the Litecoin mining liquidity pools such as Poolin.

By following these steps, you can easily mine Litecoin digital currency and increase your income easily. Of course, it goes without saying, before starting the mining operation, check the rules and conditions of digital currency mining in Iran. Because if any violation is observed by the electricity department, your device will be confiscated and you will be required to pay a fine. You can also learn more about the concepts of the digital currency market by viewing the advanced digital currency course and find the right cryptocurrency to mine. If you find it difficult to mine this digital currency, you can go to another Bitcoin branch, Bitcoin Cash digital currency.

The future of Litecoin currency

The possibility of predicting Litecoin currency is not a problem, because it gets the most effect from the price changes of Bitcoin. On the other hand, this digital currency, like Bitcoin, has a long history and was launched exactly 3 years after Bitcoin. Since it is difficult to mine Litecoin like Bitcoin, few people go to mine this digital currency. But since the reward and time to break each block, the block pin of Litecoin currency is 2.5 minutes and has a reward equal to 25 Litecoin units. It will attract many people to this work, which indicates its bright future.

On the other hand, it is promised that Bitcoin will return to its peak time, which will increase the price of this digital currency. The supply limit of this digital currency is 84 million coins, and as it approaches this figure, its value will increase greatly. Therefore, a promising and bright future awaits this digital currency.

Frequently Asked Questions

How to buy Litecoin?

To buy Litecoin, you can go to world-famous exchanges such as Binance and Kocoin and buy this digital currency.

What is the best wallet to store Litecoin?

There are many wallets on which it is possible to store and keep Litecoin, but Trust Wallet, Metamask, Atomic Wallet are among the best.

What are the benefits of Litecoin?

Litecoin currency also has advantages like other digital currencies, although the advantages of this digital currency are a little similar to Bitcoin.

  • Its decentralization allows you to access the whole world.
  • It is able to produce digital currency 4 times Bitcoin per year.
  • It has the ability to perform transactions in a very large volume.
  • It is possible to receive money and cash using the Litecoin wallet.
  • You can transfer money around the world without connecting to banking systems.

What are the disadvantages of Litecoin?

Litecoin mining is as difficult as Bitcoin and has not been accepted by investors.

Conclusion

Litecoin is another one of the millions of digital currencies that can be found in the digital currency market. Litecoin currency has a good and bright future that convinces some investors to buy this digital currency. In this article, we tried to introduce you to Litecoin digital currency and examine its advantages and disadvantages.

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