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Litecoin – Everything you need to know

For those who have been involved in the world of cryptocurrencies for several years, this currency is nothing new. It is known worldwide as the “silver coin,” Bitcoin being the “gold.” But what is Litecoin?

Litecoin is a cryptocurrency created by MIT graduate and Google engineer, Charlie Lee, as a fork of Bitcoin; that is, as an alternative currency or “Altcoin.” Those who like Bitcoin will like Litecoin because they are very similar. Both coins were created for the same purpose and with a mechanism and operation that are almost the same. The main difference between these two cryptocurrencies is that Litecoin transactions are much faster and their rates are lower compared to Bitcoin.

What does Litecoin bring?

For many, Bitcoin has increasingly become a “value reserve,” something like “digital gold,” and that is where Litecoin comes in as an alternative to be used in more everyday transactions, that is, to buy everyday things. This is because, as they mention on their website, Litecoin is “a point-to-point currency that allows instant payments and almost zero cost” which in turn “provides faster transaction confirmation times and improved storage efficiency. ”

Litecoin also has other interesting features such as a growing community; In fact, it is registered in Reddit. Today, it has 208,000 members with an average of 1600 members connected at the same time.

Another aspect of this currency is its blockchain which is capable of managing a greater number of transactions compared to its counterpart, Bitcoin. And of course, another aspect to take into consideration is its reward since it allows generating 12.5 coins per block and the blocks are generated more frequently than Bitcoin.

Regarding its Halving, this occurs every 840,000 blocks and, although in the case of Bitcoin this happens every 210,000 blocks, the Litecoin chain takes four times less than Bitcoin, so Halving occurs practically at the same time in both networks.

Similarities and differences between Litecoin and Bitcoin

To understand Litecoin you have to understand a bit of Bitcoin and the relationship between these two currencies; because, as will be seen below, these networks share a little more than the similarity in their names.

The first thing to take into consideration is its Proof of Work. During the development of Litecoin, it was determined that the PoW algorithm was still efficient enough to sustain crypto mining, however, they did not use the Sha-256 set since it consumes a lot of electric energy and, as a result, Scrypt was born.

Another similarity that both networks share is the idea of ​​decentralization.

Where to do Litecoin exchanges?

One of the best portals for exchanging both Litecoin and Bitcoin is criptointercambio.com. In this non-proprietary exchange platform, exchanges can be made safely without registration and without limit on transactions. It is certainly the best way to change cryptocurrencies.

When talking about digital currencies, real, fast and economic use is one of the most important aspects and it is precisely because of this ability to be used as a daily payment currency that many people consider Litecoin a good investment.

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