A Quick Start Guide to Litecoin

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Litecoin is basically a peer-to-peer cryptocurrency and open-source project which is released under MIT/X11 Licenses. Creation and Transfer of coins is dependent on an open source protocol and it is not controlled by any central authority. Litecoin is used to transfer funds instantly between any individuals and businesses without any requirement of a bank or payment service.

Litecoin is similar to Bitcoin. However, Litecoin has some technological improvements which we will list down below. Surprisingly, the Litecoin's marketing theme is regarded as “silver” to Bitcoin's “gold”.

How Litecoin is different from Bitcoin?

Below are the three things that make Litecoin different:

1. Speed

Litecoin is mainly based on the open source code behind bitcoin, along with some important differences. Litecoin is built by Charlie Lee who is the former Google Employee. One of the main difference between BTC and LTC is Transaction speeds.

Litecoin generates blocks about 4 times faster when compared with Bitcoin. Also, it provides authenticity of transactions quickly and generates more blocks over the same time period.

2. Number of Coins

One of the most important reason, why litecoin holds an inherent value is because of their limited supply. As soon as the particular number of litecoins and bitcoins are generated, that's it.

In a lifetime, total 84 million Litecoins will be mined which is 4 times more than bitcoin.

3. Market Cap

Even though the market cap of litecoin is low as compared to bitcoin, yet litecoin is ranking in the top 10 cryptocurrencies in the market.

The ranking depends on the price and number of coins in circulation.

Features of Litecoin

Important features of LTC are given below:

Blockchain: Litecoin Blockchain is structured in a way to handle more transactions as compared to Bitcoin. By enforcing frequent block generation, Lightening, and Segregated Witness (SegWit), the Litecoin network sustains high-value transactions without any requirement to update the software in future. Hence, Litecoin is more effective for merchants and customers who want the advantage of quick confirmation and low fees.

Mining: Litecoin utilizes an algorithm known as Scrypt. Scrypt concludes the mining process for new coins. It enables a higher degree of parallel processing and is normally more accessible for new miners than the traditional algorithm. Thus, Scrypt helps to assist the mining of Litecoin without any requirement of ASIC-based mining hardware required to mine coins with the help of an SHA-256 algorithm.

Industry Integration: Litecoin is basically a fork of Bitcoin, due to this, both the coins have some similar characteristics. Due to this, LTC is one of the most well-incorporated cryptocurrencies in the sector and is accepted widely in the industry. Litecoins is accepted at various exchanges, ATMs, online and offline merchants, etc. It also contains a strong community.

Where to buy Litecoin?

Litecoin is one the most popular cryptocurrencies in the market. You can buy Litecoin from any of the popular exchanges such as Binance, Coinbase, Bitfinex, etc.

In order to buy, follow the essential steps mentioned in the particular exchange.

After purchasing any cryptocurrency, the best practice is to store them in a hardware wallet.

Litecoin Market

Litecoin currently has a market capitalization of approximately $3 Billion. It is also only coin which has remained for the longest period of time in Top 10 lists after bitcoin.

At the time of writing this article, Litecoin is being traded at $51 and a supply of approx. 57.8 million. In December 2017, Litecoin has reached its highest value, when it was being traded at $367 dollars per coin.

Litecoin's popularity is highly accredited to its acceptance of features such as Lightning Network and Segregated Witness (SegWit) technology which enables the network to process more transactions. Litecoin charges a very low transaction fee and it can be used to purchase various goods and services.

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