Litecoin Cryptocurrency Litecoin (LTC) is closely related to Bitcoin. The launch of LTC took place in year 2011.
As a Cryptocurrency, it relies on Blockchains to transfer the currency from individuals to sellers and the reverse, of course without the need for an intermediary.
The distinctions for Litecoin come in three points:
Developers derived LTC from open source code that is similar to that of Bitcoin. If we put them in the ranking orders, LTC takes a Silver category while the Gold goes to Bitcoin.
However, Litecoin is faster than Bitcoin by generating about four times faster than Bitcoin itself
- The intrinsic values
Experts have quoted Bitcoin to have an uppermost limit of 21 million. That of LTC is higher 84 million. Therefore, when we as miners hit the upper-limits, we cannot generate any more coins.
As regards the market cap, LTC still ranks among 5 top, although this is subject to fluctuation, which is a function of the price and the number in circulation.
- The hashing algorithm.
Developers are using different algorithms for each. Therefore, the solutions I get when mining will generate significantly different coins for Bitcoin and LTC.
The solutions I get are shared simultaneously with the Blocks. Note that the solutions are transported cryptographically.
The miners use GPUs or CPUs to solve complex mathematical problems by churning data between blocks using algorithms. The solution made mean that the transactions within the block ate stamped as legitimate and fully verified.
Miners get rewards for the efforts they’ve allocated to the mining process. So If i’m a powerful miner I get higher shares. It is, therefore, worth my efforts to join the pool of miners.
Algorithms, Bitcoin employs SHA-256 (short for Secure Hash Algorithm 2) which is considered to be relatively more complex, Litecoin uses a memory-intensive algorithm referred to as scrypt.
The different proof-of-work algorithms guide you to the respective hardware. You must be sure to hit your specifications so that you can be specific about what you are mining.
How to Buy Litecoin
Purchasing Litecoin is easy. I can purchase LTC alongside other cryptocurrencies in the exchanges. For instance, Coinbase allows you to purchase Litecoin for some given number of Dollars. What I need to watch closely are my cryptocurrency wallets. It’s because I store my cryptocurrencies in them.
Each method has its pros and cons ranging from software-based once resident on computers or mobile phones. You may even use outdated methods like the paper wallet. That entails the printing of the keys on paper and storing away. My choice of a computer should preferably one I’ve not connected to the internet.
LTC and Wallets
The wallets have the private keys for the user to remit and receive the LTC
The hardware wallets store keys offline, a critical aspect since the private keys are required to receive and send coins to and from your LTC addresses. The offline storage is very secure as opposed to online storage.
As is the case with other public cryptocurrencies, all LTC transactions within its blockchain are public and searchable with the deployment of a Google search and the Litecoin Block Explorer