What is Litecoin? Blockchain Council

The year 2018 is all about digital economic revolution and when wij are talking about it, then how can wij miss to talk about cryptocurrencies. This virtual currency came into existence ter 2009, and since then wij have seen the upsurge of many other currencies. The very first being Bitcoin followed by others including Litecoin.

Despite being at a stage of infancy, cryptocurrencies have become a dearest way to raise funds and do the cross-border transactions. Here I will be highlighting on Litecoin which came into existence ter the year 2011.

Litecoin is a peer-to-peer cryptocurrency. Creation and transfer of Litecoin are based on open source cryptographic protocol and is not managed by the central authority. Ter plain words, it uses blockchain to maintain a public ledger. It is used to directly transfer the funds inbetween business and individuals without the need of any intermediary like a canap or any payment processing service.

Here is a epistel overview of the stats of Litecoin-

What Makes Litecoin different from other cryptocurrencies?

Today, the market is flooded with many cryptocurrencies with many others on their way. Amidst all this, wij have Litecoin which has garnered many eyeballs. Here are the three things that make Litecoin different –

  1. Speed &ndash, Well, the speed here refers to the speed of transactions. Developed on the same open source code spil that of Bitcoin, Litecoin is a bit different from the other coins. Since Litecoin generates blocks four times quicker than the Bitcoin, it can confirm the legitimacy of transactions better.
  2. Number of Coins– Cryptocurrencies are known for their limited supply which means that once the coins come into existence, then you have only that number of coins ter the market, it can&rsquo,t go overheen it at that point. Lictecoin has the maximum number of 84 million coins.
  3. Market Cap- Albeit, Litecoin cannot contest with Bitcoin when it comes to market cap but, it still holds a position ter top Five cryptocurrencies.

The next question that pops up is how you can buy Litecoin? You can purchase it by exchanging your many cryptocurrencies like Bitcoin and Ethereum on websites known spil Shapeshift and Changelly or you can buy from exchanges by spending your national or fiat currency. For example, you can buy from Coinbase ter the USA and Koinex ter India.

Albeit, Bitcoin is the predecessor of Litecoin, yet te some features, it outshines Bitcoin. Here is what makes Bitcoin different from Litecoin-

  • When it comes to volume of the transaction, then Litecoin is a shade better than Bitcoin.
  • However, this can turn out to be disadvantageous spil the Litecoin Blockchain will be more significant than Bitcoin spil Bitcoin leave many blocks orphaned.
  • The block time of Litecoin is quicker which means the lesser risk of dual spending attacks.
  • A merchant who would otherwise wait for Ten minutes for confirmation te case of Bitcoin, would only have to have five minutes for two approval ter case of Litecoin. For example, if a merchant sells a product ter exchange for some Bitcoins then he has to wait four times longer than Litecoin for payment confirmation. However, you also have the option proceed without approval.
  • A total number of coins produced by Bitcoin is 21 million whereas Litecoin can produce 84 million coins. This offers a psychological advantage to the merchant but, if seen ter real life situation, then things are bit different. For example, if visiting a fancy coffee shop accepting cryptocurrency, and here you buy a coffee for $Two. It would approximately cost .007 Bitcoin or 1 Litecoin.
  • The fundamental difference inbetween the two is their cryptographic algorithm. Whereas Bitcoin makes use of SHA-256 which more complicated, the Litecoin makes use of Scrypt.

Both Bitcoin and Litecoin have their space and importance te the market. Litecoin offers some advantage to the merchants spil compared to the Bitcoin. Their future remains a point of discussion and concern. With ever-increasing dynamism of the market, the cryptocurrencies do hold high prospects ter the times to come.

Related movie: What is a BitCoin? Explained – Tech Tips


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