Litecoin – faster than bitcoin
What is Litecoin (LTC)?
Litecoin (LTC) is an altcoin that was created in 2011 by former Google employee Charlie Lee as a faster version of bitcoin that can make very fast and cheap payments. Litecoin appeared as a result of fork Bitcoin. Often, Litecoin is referred to as “silver”, thus comparing it to Bitcoin, which is referred to as “gold”.
The main idea and purpose of its creation is to eliminate some of the weaknesses of Bitcoin. The main thing is to reduce the time it takes to verify each new block in its blockchain and maintain the reliability of storage.
As of August 2022, 1 LTC costs nearly $62 and has a market capitalization of almost $4.4 billion.
Litecoin mining
Litecoin mining is easiest to explain in comparison to Bitcoin mining. Bitcoin uses a hashing algorithm that requires miners to solve mathematical problems for each individual block. Those who solve these problems first get the right to add the next block containing transactions from the “mempool” and receive a reward. Litecoin has the same mining process, but it has a different hashing algorithm that allows miners to use the GPU and CPU.
Since Litecoin confirms transactions much faster than Bitcoin, it can be mined much faster. Mining LTC is approximately 4 times faster than mining BTC.
How to buy Litecoin?
Buying Litecoin, like any other cryptocurrency, should be done only through reliable services. It can be a crypto exchange or an exchange like Leoexchanger! Here you can see the current exchange rate and choose a convenient exchange method.
How to work with Litecoin?
How you can use Litecoin:
Means of payment There are many different products that can be bought with cryptocurrencies. In 2022, with cryptocurrencies, including Litecoin, you can buy almost everything, from small goods to cars and real estate.
Trading. You can try to constantly buy and sell Litecoin, profiting from price changes.
Long-term investment. If trading is not for you, just buy LTC and keep it for a long time. There are chances that it will rise in price and it will be possible to sell it profitably.
Dynamics of LTC price movement (in US dollars)
How to store Litecoin?
There are 2 options to store LTC – on the exchange and in a crypto wallet.
- Exchange.After buying LTC on a cryptocurrency exchange, e.g. WhiteBit, you can leave it on your personal exchange account. This is the easiest to do, since you do not need to install any additional programs. In this case, there is also a negative side – physically, your Litecoin is not with you. If you lose your exchange account, you will lose access to your LTC.
- Crypto wallet.. When buying crypto, you can put it in your crypto wallet. There are many options on how to classify crypto wallets. One of them is a hot/cold wallet. A hot wallet has a permanent internet connection, a cold wallet does not have a permanent internet connection. They are also divided according to the place of installation – browser, online, desktop, mobile, hardware. You can study the experience of users of different wallets and choose the most convenient option for you.
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