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What is litecoin?

Litecoin is a peer-to-peer cryptocurrency in many regards similar to Bitcoin. Coins are created and transfered using an open source cryptographic protocol and are not managed by any central authority. Thanks to the adoption of Segregated Witness, and the Lightning Network, Litecoin has some technical advantages over Bitcoin and other major cryptocurrencies. It is capable of handling a greater number of transactions in a given time and thus reducing potential bottlenecks, as seen with Bitcoin. Also, payment cost of Litecoin is nearly zero and it’s payment speed is approximately four times greater than that of Bitcoin.



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History?

Litecoin was released via an open-source client on GitHub on October 7, 2011 by Charlie Lee, a former Google employee. The Litecoin network went live on October 13, 2011. It was a fork of the Bitcoin Core client, differing primarily by having a decreased block generation time (2.5 minutes), increased maximum number of coins, different hashing algorithm (scrypt, instead of SHA-256), and a slightly modified GUI. During the month of November 2013, the aggregate value of Litecoin experienced massive growth which included a 100% leap within 24 hours. Litecoin reached a $1 billion market capitalization in November 2013

How Litecoin Is Made?

Like all cryptocurrencies, litecoin is not issued by a government, which historically has been the only entity that society trusts to issue money. Instead being regulated by a Federal Reserve and coming off a press at the Bureau of Engraving and Printing, litecoins are created by the elaborate procedure called mining, which consists of processing a list of litecoin transactions. Unlike traditional currencies, the supply of litecoins is fixed. There will ultimately be only 84 million litecoins in circulation and not one more. Every 2.5 minutes (as opposed to 10 minutes for bitcoin) , the litecoin network generates a what is called a block—a ledger entry of recent litecoin transactions throughout the world. And here is where litecoin’s inherent value derives.

Read more: What Is Litecoin And How Does It Work?

Mining for Litecoin?

The incentive for mining is that the first miner to successfully verify a block is rewarded with 50 litecoins. The number of litecoins awarded for such a task reduces with time. In October of 2015 it will be halved, and the halving will continue at regular intervals until the 84,000,000th litecoin is mined. But could one unscrupulous miner change the block, enabling the same litecoins to be spent twice? No. The scam would be detected immediately by some other miner, anonymous to the first. The only way to truly game the system would be to get a majority of miners to agree to process the false transaction, which is practically impossible.

Read more: What Is Litecoin And How Does It Work?

Storing your litecoin?

Storing litecoin. If you want buy litecoin or you already have some litecoin you have to find find some save place where you will put your litecoin. You have lot of option it depend of your idea what you want done with your litecoin. Most used option is putting your litecoin it to software wallet you can genereate software wallet for free and you have lot of time on software wallet this option is relatively save but not much practicaly. Second most used variant is put your litecoin in to some cryptocurenci stock where your litecoin is not some secured as in Software wallet but you have more option what you can done with your litecoin you can sell your litecoin you can buy more litecoin you can exchange your litecoi you can lend your litecoin and make some profit of them it only depend of you. Newest way is put your litecoin in to hardware wallet be casrfull there is differencsi between hardware and fostware wallet in hardware wallet your litecoin is on absoultly save anyone can not steal your litecoin but if you lost your hardware wallet hardware wallet is technolgical simular to flash drive your will lose all your litecoin be carefull and this oponinin is not much practicaly. It only depend on you what type of variant is best for you.

Different between litecoin and bitcoin?

Litecoin transaction fee cost fee cents bitcoin transaction fee is about dollars. Litecoin has faster network transaction is much fastert then in bitcoin network normal transaction takes 2 minnuste in bitcoin blockchain normal transaction take 10 minute. Total annound bitcoin is 21 million coin and litecoin has 84 million coin. Different algorim bitcoin use Bitcoin’s SHA-256 litecoin use Litecoin’s Scrypt . Bitcoin has a biggest market capitalistion in cryptocurrenci litecoin in now in six postion but in future litecoin should have one of the biggest market cappilastion.

The Bottom Line?

Once a currency reaches a critical mass of users who are confident that the currency is indeed what it represents and probably won’t lose its value, it can sustain itself as a method of payment. Litecoin isn’t anywhere near universally accepted, as even its own founders admit that it has fewer than 100,000 users. (Even bitcoin probably has less than half a million total users.) But as cryptocurrencies become more readily accepted and their values stabilize, one or two of them—possibly including litecoin—will emerge as the coin(s) of the digital realm.

Read more: What Is Litecoin And How Does It Work?

Any question or problem?

If you encounter any problems, you can contact us on this mail adress info@free-litecoin.com