The crypto market in recent years has gained a large fan base and popularity all over the world. Everyone is aware of what cryptocurrency is and is eager to jump into the bandwagon of crypto trading. After all, it is said to be the currency of the future. The presence of cryptocurrency is worldwide, and if you haven’t heard of it even now, you might be an ancient man. There are different cryptocurrencies available in the crypto market, each with benefits and drawbacks. But the benefits always outweigh the minor risks involved.
Another cryptocurrency called pi can be mined on the phone itself. If you want to know, how does pi cryptocurrency work? You may search for it. The point is that the crypto market is changing every day.
Similarities between Bitcoin and Litecoin
There are some similarities between Bitcoin and Litecoin you must know about, and they are:
- Both are decentralized cryptocurrencies based on an open-source worldwide payment network and are not governed by central authorities.
- The mining process develops both.
- Like bitcoin, the stock of Litecoin is also fixed at 84 million Litecoins. Currently, there are only 16 million coins are left to be mined.
Features of Litecoin
The network of Litecoin generates a new block every 2.5 minutes. The mining software verifies the block and makes it visible to the miner. After being verified by a miner, the next block enters the blockchain. For verifying every Litecoin, the miner gets 12.5 Litecoins, unlike bitcoin, where the miner gets only 6.5.
Litecoin was developed to address the restrictions and constraints of the cryptocurrency while competing with it at the same time. Litecoin is one of the first and oldest Bitcoin rivals in the crypto market.
Trading facts about Litecoin
You might be thinking about what makes Litecoin different from Bitcoin. Don’t think anymore because the following trading facts are what make Litecoin stand apart –
- The block generation rater of Litecoin is much faster. The transaction speed is also way faster than Bitcoin, with a transaction happening every 2.5 minutes, around 10 minutes in Bitcoin.
- The total stock of Litecoin is higher than bitcoin, making it a preferred investment choice.
- Litecoin can be used easily for daily transactions wherever accepted. You can also send money overseas instantly with safety and security.
- The transactions involved in Litecoin are done without intermediaries, so the transaction fees are lesser than other cryptocurrencies.
- The crypto is based on Proof-of-work built with the Scrypt algorithm. It makes the crypto resistant to ASIC and mining accessible to the users.
Among different cryptocurrencies, Litecoin is a sensible choice and profitable selection. It is ranked 18th as of this month. You can purchase Litecoin on a reputed website or app. No matter what app you use, the steps include:
- Create an account after filling KYC norms and registering your cellphone quantity.
- Check if the account is linked for buying Litecoin or other cryptos.
You might know that the first-ever cryptocurrency, Bitcoin, came in 2009. The first-ever altcoin, Litecoin, was created in 2011 by Charlie Lee (a former Google engineer). The name Litecoin indicates it is a lighter version of the famous Bitcoin.