Are you tired of slow bitcoin transfers? Are you dissatisfied with the bitcoin transaction fee? Experience instant and near-zero cost payments with Litecoin. Litecoin, similar to bitcoin, is a type of digital currency that no central authority can manage, and you can only use it over the internet. If you plan to invest in Litecoin, but you need complete information about these cryptocurrencies before purchasing, join BITUNIVEX.
What is Litecoin?
In the cryptocurrency market, almost everyone is familiar with bitcoin, but what is Litecoin? In the traditional classification of digital currencies, altcoin refers to all alternative bitcoin currencies, one of which is Litecoin. Suppose we consider bitcoin as gold, Litecoinis digital silver. Litecoin (LTC or Ł), one of the oldest digital currencies after bitcoin, has always been among the most sought cryptocurrencies and in high categories. After a spectacular growth of about 7000 percent in 2017, this popular digital currency attracted much attention.
Litecoin entered the digital currency market in October 2011. The bitcoin team designed Litecoin with a similar but more advanced function and has always been in the top 10 currencies in the world. Litecoin is a peer-to-peer cryptocurrency inspired by bitcoin that allows the immediate transfer of money at a transaction cost close to zero. Litecoin is a global and open-source money transfer network that is entirely decentralized. No organization or individual is responsible for it.
In this system, the network security and the assets of individuals are provided using mathematical algorithms. Litecoin offers less transaction confirmation time and more storage efficiency than bitcoin, a leader in digital currencies. Currency transfer via bitcoin is prolonged and time-consuming. In addition, the fee is very high compared to traditional methods. The time taken to verify each block on the Litecoin network is approximately 2.5 minutes. This time is much less and, of course, more satisfying than Bitcoin, which is about 10 minutes.
Who is the creator of Litecoin?
Litecoin was created by Charlie Lee, an MIT graduate and former Google engineer. In 2011, Lee created Litecoin, inspired by bitcoin and making the desired changes to its algorithm. Just as Lee extracted 150 coins from his fledgling network, he publicly launched Litecoin for others to use.
Lee also avoided the “premine” process in building his digital currency, which was a reward for currency promoters and a way to fund currency development in post-bitcoin cryptocurrencies. At the time, many digital currency community members wanted currencies with a fair production and distribution process similar to the bitcoin process. The initial blockchain block and two other blocks were mined by Lee and his teammates for network testing before the general start of mining.
How does Litecoin work?
The structure of Litecoin activity is the same as bitcoin, and this digital currency uses a decentralized, open-source blockchain network to verify and record transactions. The algorithm of all coins uses computer power to perform transactions. Miners use computer power to authenticate transactions. Miners receive coins in return. Each node in the Litecoin blockchain network has a copy of the blockchain information. Nodes ensure that new transactions do not interfere with or conflict with the transaction history.
Miners, which are network nodes, block new transactions and complete the verification and registration process. A Litecoin network uses a proof-of-work algorithm called a script. The script algorithm allows users to use central processing and graphics processing units (CPU and GPU), making it easy for users to extract Litecoin.
Differences between Litecoin and bitcoin
Litecoin is one of the first digital currencies created after bitcoin, known as silver digital currencies. The structure of this digital currency is very similar to bitcoin. However, small differences have made it a lighter and faster version of bitcoin. These differences are:
Speed of trades
On average, bitcoin takes 10 minutes to generate a block of transactions instead of Litecoin for 2.5 minutes. Accordingly, Litecoin can confirm transactions several times faster than bitcoin.
Bitcoin uses the SHA-256 algorithm, but Litecoin uses the Script algorithm to speed up operations, which has its benefits.
Cost of transactions
In Litecoin, as mentioned, there is a different algorithm. An algorithm called Scrypt drastically reduces the transaction cost.
Market capitalization varies depending on the price and number of coins in circulation. It is interesting to know that while the market capitalization of Litecoin is not much compared to bitcoin, Litecoin is among the top 10 cryptocurrencies;
There are 84 million Litecoin, and the supply of this digital currency is four times more than bitcoin. There are a total of 21 million bitcoins. Accordingly, the Litecoin network can generate far more coins than bitcoin.
Litecoin’s mining algorithms are more straightforward than bitcoin, meaning it can be mined on less powerful computers and will take less energy. ASICs are the most efficient machines to mine bitcoin today.
Is it safe to invest in Litecoin?
Litecoin uses various methods to ensure the security of people’s capital and assets. Litecoin, for example, is safe from “Flood Attacks,”; An attack in which spammers try to disrupt the network by increasing the number of small transactions. Although slight, the attack can ultimately cost significantly using the cost of each transaction.
SegWit (Segregated Witness) prevents attacks on users’ transaction information. SegWit makes hacking impossible by removing data signatures from the transaction history. SegWit is a protocol upgrade that aims to provide protection from transaction malleability and increase block capacity. In addition to all the above, it should be noted that hackers have never attacked the Litecoin network, and none of the BITUNIVEX exchange systems and transactions have been hacked.
Can Litecoin be used anonymously?
The history of any transaction made with Litecoin is stored permanently in the blockchain. However, it is possible to use an alias. The information of each transaction includes the address of the wallet in which the digital currency is stored, but tracking people through this address is very difficult and almost impossible.
As a result, LTC creates a high level of privacy, but it is not entirely anonymous. Suppose you intend to use the services of one of the reputable exchange offices to buy and sell digital currency. In that case, you have to provide some identification documents, even a picture of the identification documents.
We assure you that you will have the safest investment in BITUNIVEX.
You can buy Litecoins from digital currency exchanges. There are generally two ways to buy Litecoin:
1- Direct purchase with traditional currencies such as the dollar
2- Convert other digital currencies to Litecoin
To invest in any of the digital currencies, you first need a wallet to hold those currencies. A digital wallet is a software that enables you to access, transact, and check your digital assets whenever you need them.
wallets that support Litecoin
Litecoin is one of the digital currencies that most digital currency wallets support. Hardware and software wallets are the two main types of wallets. The hardware type is more secure but expensive. Software wallets are also largely secure and free to use. You can store Litecoin in two kinds of wallets. Some digital currency wallets that support Litecoin include:
• Ledger Nano S hardware wallet
• Ledger Nano X hardware wallet
• Trezor hardware wallet
• Trust software wallet
• Litewallet software wallet
• Atomic software wallet
• Exodus software wallet
• Electrum-LTC software wallet
• Liteaddress paper wallet
Leave the buy and sale of your Litecoin and other digital currencies to BITUNIVEX.
You will experience a safe and professional environment in BITUNIVEX.