The virtual currency highly regarded as Litecoin is basically an open sourced Cryptocurrency which is based on the Blockchain technology. Litecoin enables an almost zero cost payment across the globe.
The digital currency is completely decentralized, and it makes sure that every transaction that is not restricted to a distinct server is made available to all its users. All the data stored in its ledgers can neither be altered nor destroyed.
Moreover, the Cryptocurrency was built by a man known as Charlie Lee; a staff of Google. He had tried several attempts to create virtual currencies, and each had failed. Finally, he brought about the concept of Litecoin cryptocurrency and built it to be a much better version than the prominent Bitcoin.
As a result of Litecoin’s low cost and availability, it was nicknamed the silver to Bitcoin’s gold when it comes down to the comparison of the two Cryptocurrencies.
Benefits of Litecoin
On a general note, Litecoin was built to be exactly like Bitcoin and even the underlying innovation is based on the PoW model; Proof of Work. Users are able to gain coins through a process known as Litecoin mining.
Basically, the process entails joining blocks to the blockchain. The first Litecoin miner or LTC miner as they are sometimes called, to validate a block gains a particular amount of Litecoin.
The miners make use of their computers to secure the Litecoin system. Meanwhile, Litecoin makes use of the Scrypt algorithm in its PoW model. This makes its transactions to be faster and much more secure. Some of the major benefits of Litecoin include.
Easy process of transaction
The cryptocurrency operates through a peer to peer link. Hence, it eliminates the need for an intermediary, and this further disrupts the cost of transactions.
When compared to the likes of Bitcoin, transactions here are executed with a lesser amount of time and are highly secure. With a reduced transaction fee, its cost is also highly affordable.
Litecoin is based on a decentralized Blockchain technology. Hence, it makes sure that data is issued to every user and not restricted to a distinct database. Every information is documented and stored permanently.
Litecoin Cryptocurrency provides an instant and secure mode for executing transactions. It can easily be likened to sending a text message on a mobile device. Every transaction via Litecoin is cheap when placed in comparison to other prominent Cryptocurrencies.
Purchasing & Storing Litecoin
Asides Litecoin mining, the Cryptocurrency can be purchased via traditional fiat currencies on exchanges such as Binance and Coinmama. Subsequently, the coin has been known to be exchanged with diverse virtual currencies like Ethereum, Bitcoin, etc. These conversions are executed on exchanges such as.
- CoinSwitch, and so on
Similar to Bitcoin, it can be kept safely in prominent wallets. Diverse Litecoin wallets are available, and they include;
- Hardware wallets like Trezor
- LTC wallet such as Electrum LTC and;
- Paper wallets.
Additionally, iPhone and Android apps such as LoafWallet and Jaxx can be used as a Litecoin wallet.
To Wrap It Up
Though Cryptocurrencies are highly flexible, i.e., their prices can increase and decrease at any point in time; it does not affect the growth of Litecoins’ value. The coin will be an ideal investment in the nearest future.
Interested in other cryptocurrencies? Visit our coins page for more information.