What is Litecoin and how is it different from Bitcoin in 2024?
Do you know what this Litecoin is? Why this Cryptocurrency is in the headlines today. If you already know about Bitcoin, then you can guess that the Virtual Currency we are talking about today is also called the younger brother of Bitcoin. Yes, friends, since its origin in 2011, this peer-to-peer Cryptocurrency has achieved its position very quickly.
This is a type of Digital Money that uses BlockChain to complete its Transaction so that it can easily maintain the public ledger. Individuals use Litecoin to transfer funds between businesses, and to do so, any intermediary such as Bank and Payment processing service. Due to these features, Litecoin has gained a lot of fame.
That’s why today I thought, why not you should also be given complete information about what Litecoin is so that you already know about it so that it will be easy for you to understand and buy it. Then without delay, let us know what it is this Litecoin and how it is different from Bitcoin.
What is litecoin?
If any Cryptocurrency is creating a stir in the market after Bitcoin and XRP, then it is Litecoin. It has emerged as the fifth-largest Cryptocurrency in the world. Litecoin also works like any other online payment system. Just like we send money to another user in Paypal or any online banking, in the same way, we can easily send money to another person in Litecoin.
Just like the Federal Reserve or the government makes our traditional Currency, on the contrary, Litecoin is not made by any government or any such institution. Instead, it is mined by calculating its Transaction Block. This is also a type of Decentralized Currency.
So let’s learn about Litecoin in detail.
What makes Litecoin different from others?
Since there must be something different that makes Litecoin different from others, today I am going to tell you some heard and some unheard things about this.
There are mainly three things that differentiate Litecoin from others, especially from Bitcoin :
- speed
- Number of Coins
- market cap
Speed
The main difference between these two is in their transaction speed. Litecoin is also based on the same Open Source code behind Bitcoin. But with many differences. Litecoin is also called the silver of Cryptocurrency, whereas bitcoin is called gold.
Block formation in Litecoin is four times faster than in Bitcoin. Due to this, transactions can be easily verified, and many more processes can be processed in the same time interval.
Number of Coins
If we talk about Cryptocurrency, their value is so high because there is a limit to their supply, after which they will end. These coins can be mined only once.
While this limit is 21 million for Bitcoin, it is close to 84 million for Litecoin. From this, Litecoin is far ahead of Bitcoin in the number of Coins.
Market Cap
If we compare the Market Cap, Litecoin looks pale compared to Bitcoin, but still, it comes in as Number 5 in the Top Cryptocurrency. The fluctuation of their ranking also depends on their price and how many coins are in circulation.
How is it different from Bitcoin :
In response, I will present some facts about it so you can better understand the difference between them.
Mining Litecoin
The Hashing Algorithm used for Litecoin mining is quite different from Bitcoin and how many coins will be distributed with it when a solution is found is also different. When a transaction is ready, it is grouped with others recently submitted in cryptographically -protected blocks.
Computers, called Miners, use GPU and CPU to solve these Complex Mathematical Problems. Once all the transactions are completed, then they are verified.
When a block is solved, all the miners who had spent their time in this mining get their share of the money.
As I have said earlier, Litecoin and bitcoin use contrasting algorithms while Hashing. While bitcoin uses SHA-256 (short for Secure Hash Algorithm 2), which is also called quite complex, Litecoin uses a memory-intensive algorithm called script.
Different Using Algorithm means using different Hardware, so miners who do Bitcoin mining will have to change Hardware if they want to do Litecoin mining.
How to use Litecoin Cryptocurrency?
Litecoin is a cryptocurrency similar to bitcoin but follows an entirely different protocol. If we look at the official website of Litecoin, it is written that Litecoin has peer-to-peer Internet currency, in which you can send payment to anyone instantly, and that too for meager fees.
Litecoin is open-source, decentralized crypto money based on cryptographic math.
Litecoin has not been made to compete with Bitcoin. Instead, it is a complementary solution that can also be used as an alternative. That’s why it is also called the silver of Cryptocurrency.
Where, when, and who started Litecoin?
Litecoin was created on October 7, 2011, by Charlie Lee, an ex-Google employee. Litecoin was created to complement Bitcoin to solve problems such as concentrated mining pools and transaction timings.
Litecoin is derived from Bitcoin’s core code, which Charles Lee later modified. Charles lee explains the reason for this change: since he wanted large-scale adoption of this Currency, he modified its protocol accordingly.
Lee wanted block confirmation timings to be reduced to a great extent so that the maximum amount of transactions could be confirmed. That’s why Lee has increased the transaction speed of Litecoin up to 4 times compared to bitcoin.
Team behind Litecoin
There were no full-time developers in Litcoin from 2011-2016. When Charlie Lee launched Litecoin on GitHub, he was its only employee. Later Warren Togami (Lead Developer), now Lead, contributed. And in 2016, a developer whose alias name is “Shaolibfry” came later and contributed to Litecoin.
Many other developers have contributed to Litecoin and are slowly improving it.
How many Litecoins are there going to be in total?
Litcoin was the first company to release a limited supply of bitcoin , 21 million and told people about it for the first time. That’s why they have increased their supply by 4X.
Therefore the total quantity of Litecoin will be 84 million units. At present, 53 million units have been mined, and 31 million units are still left to be mined. A Litecoin block is mined every 2.5 minutes.
Is Litecoin worth it now?
If I talk about today, then the price of Litecoin is Rs. 16887/-, and its value keeps increasing and decreasing continuously. Still, Litecoin is ranked 5th in the world’s top Cryptocurrency.
How to buy Litecoin?
If you want to buy Litecoin, you can buy it from exchanges in exchange for Bitcoin, but it is essential to have Bitcoin. There are many such exchanges where you can buy your desired Cryptocurrency in exchange for your Bitcoin.
One such exchange is Wazirx, where you can easily buy Litecoin.
Litecoin Wallets
Bitcoin, Wallets are also located in Litecoin, where you can store your purchased Litecoin. They are also called Digital wallets.
These wallets are mainly of two types
- Software-Based Wallet
- Hardware-Based Wallet
If seen, Hardware Based Wallets are more secure than Software Wallets. Private Keys are required to open all Wallets, with the help of which Coins can be sent and received.
Many third-party wallets, such as Electrum, Loafwallet, LiteVault, etc. Apart from this, even if you are a desktop user, you can install Litecoin Core, designed according to a full-fledged client by the Litecoin Development Team and updated continuously.
Litecoin future
Litecoin is looking very bright because, according to the increase in the value of Litecoin, it is expected to make even more profit in the coming time.
Since it is faster than Bitcoin, its transactions are completed very quickly, so more and more people are getting attracted to it, and it may be that in the coming time, it may cut the value of Bitcoin as well.
What did you learn today?
I have full hope that I have given you complete information about what Litecoin is, and I hope you guys have understood Litecoin.
Please also share this information with your neighbors, relatives, and friends so that there will be awareness among us, and it will benefit everyone. I need your cooperation to convey more new information to you.
It has always been my endeavor to help my readers from all sides; if you have any doubts, you can ask me. I will solve those doubts.
Do you like this article; what is Litecoin? Please tell us by writing a comment so we can learn from your thoughts and improve something. Do you know what this Litecoin is? Why this CryptoCurrency is in the headlines today. If you already know about Bitcoin, then you can guess that the Virtual Currency we are talking about today is also called the younger brother of Bitcoin. Yes, friends, since its origin in 2011, this peer-to-peer Cryptocurrency has achieved its position very quickly.
This is a type of Digital Money that uses BlockChain to complete its Transaction so that it can easily maintain the public ledger. Individuals use Litecoin to transfer funds between businesses, and to do so, any intermediary such as Bank and Payment processing service. Due to these features, Litecoin has gained a lot of fame.
That’s why today I thought, why not you should also be given complete information about what Litecoin is so that you already know about it so that it will be easy for you to understand and buy it. Then without delay, let us know what it is this Litecoin and how it is different from Bitcoin.
What is litecoin?
If any Cryptocurrency is creating a stir in the market after Bitcoin and XRP, then it is Litecoin. It has emerged as the fifth-largest Cryptocurrency in the world. Litecoin also works like any other online payment system. Just like we send money to another user in Paypal or any online banking, in the same way, we can easily send money to another person in Litecoin.
Just like the Federal Reserve or the government makes our traditional Currency, on the contrary, Litecoin is not made by any government or any such institution. Instead, it is mined by calculating its Transaction Block. This is also a type of Decentralized Currency.
So let’s learn about Litecoin in detail.
What makes Litecoin different from others?
Since there must be something different that makes Litecoin different from others, today I am going to tell you some heard and some unheard things about this.
There are mainly three things that differentiate Litecoin from others, especially from Bitcoin :
- speed
- Number of Coins
- market cap
Speed
The main difference between these two is in their transaction speed. Litecoin is also based on the same Open Source code behind Bitcoin. But with many differences. Litecoin is also called the silver of Cryptocurrency, whereas bitcoin is called gold.
Block formation in Litecoin is four times faster than in Bitcoin. Due to this, transactions can be easily verified, and many more processes can be processed in the same time interval.
Number of Coins
If we talk about Cryptocurrency, their value is so high because there is a limit to their supply, after which they will end. These coins can be mined only once.
While this limit is 21 million for Bitcoin, it is close to 84 million for Litecoin. From this, Litecoin is far ahead of Bitcoin in the number of Coins.
Market Cap
If we compare the Market Cap, Litecoin looks pale compared to Bitcoin, but still, it comes in as Number 5 in the Top Cryptocurrency. The fluctuation of their ranking also depends on their price and how many coins are in circulation.
How is it different from Bitcoin :
In response, I will present some facts about it so you can better understand the difference between them.
Mining Litecoin
The Hashing Algorithm used for Litecoin mining is quite different from Bitcoin and how many coins will be distributed with it when a solution is found is also different. When a transaction is ready, it is grouped with others recently submitted in cryptographically -protected blocks.
Computers, called Miners, use GPU and CPU to solve these Complex Mathematical Problems. Once all the transactions are completed, then they are verified.
When a block is solved, all the miners who had spent their time in this mining get their share of the money.
As I have said earlier, Litecoin and bitcoin use contrasting algorithms while Hashing. While bitcoin uses SHA-256 (short for Secure Hash Algorithm 2), which is also called quite complex, Litecoin uses a memory-intensive algorithm called script.
Different Using Algorithm means using different Hardware, so miners who do Bitcoin mining will have to change Hardware if they want to do Litecoin mining.
How to use Litecoin Cryptocurrency?
Litecoin is a cryptocurrency similar to bitcoin but follows an entirely different protocol. If we look at the official website of Litecoin, it is written that Litecoin has peer-to-peer Internet currency, in which you can send payment to anyone instantly, and that too for meager fees.
Litecoin is open-source, decentralized crypto money based on cryptographic math.
Litecoin has not been made to compete with Bitcoin. Instead, it is a complementary solution that can also be used as an alternative. That’s why it is also called the silver of Cryptocurrency.
Where, when, and who started Litecoin?
Litecoin was created on October 7, 2011, by Charlie Lee, an ex-Google employee. Litecoin was created to complement Bitcoin to solve problems such as concentrated mining pools and transaction timings.
Litecoin is derived from Bitcoin’s core code, which Charles Lee later modified. Charles lee explains the reason for this change: since he wanted large-scale adoption of this Currency, he modified its protocol accordingly.
Lee wanted block confirmation timings to be reduced to a great extent so that the maximum amount of transactions could be confirmed. That’s why Lee has increased the transaction speed of Litecoin up to 4 times compared to bitcoin.
Team behind Litecoin
There were no full-time developers in Litcoin from 2011-2016. When Charlie Lee launched Litecoin on GitHub, he was its only employee. Later Warren Togami (Lead Developer), now Lead, contributed. And in 2016, a developer whose alias name is “Shaolibfry” came later and contributed to Litecoin.
Many other developers have contributed to Litecoin and are slowly improving it.
How many Litecoins are there going to be in total?
Litcoin was the first company to release a limited supply of bitcoin , 21 million and told people about it for the first time. That’s why they have increased their supply by 4X.
Therefore the total quantity of Litecoin will be 84 million units. At present, 53 million units have been mined, and 31 million units are still left to be mined. A Litecoin block is mined every 2.5 minutes.
Is Litecoin worth it now?
If I talk about today, then the price of Litecoin is Rs. 16887/-, and its value keeps increasing and decreasing continuously. Still, Litecoin is ranked 5th in the world’s top Cryptocurrency.
How to buy Litecoin?
If you want to buy Litecoin, you can buy it from exchanges in exchange for Bitcoin, but it is essential to have Bitcoin. There are many such exchanges where you can buy your desired Cryptocurrency in exchange for your Bitcoin.
One such exchange is Wazirx, where you can easily buy Litecoin.
Litecoin Wallets
Bitcoin, Wallets are also located in Litecoin, where you can store your purchased Litecoin. They are also called Digital wallets.
These wallets are mainly of two types:
- Software-Based Wallet
- Hardware-Based Wallet
If seen, Hardware Based Wallets are more secure than Software Wallets. Private Keys are required to open all Wallets, with the help of which Coins can be sent and received.
Many third-party wallets, such as Electrum, Loafwallet, LiteVault, etc. Apart from this, even if you are a desktop user, you can install Litecoin Core, designed according to a full-fledged client by the Litecoin Development Team and updated continuously.
Litecoin future
Litecoin is looking very bright because, according to the increase in the value of Litecoin, it is expected to make even more profit in the coming time.
Since it is faster than Bitcoin, its transactions are completed very quickly, so more and more people are getting attracted to it, and it may be that in the coming time, it may cut the value of Bitcoin as well.
What did you learn today?
I have full hope that I have given you complete information about what Litecoin is, and I hope you guys have understood Litecoin.
Please also share this information with your neighbors, relatives, and friends so that there will be awareness among us, and it will benefit everyone. I need your cooperation to convey more new information to you.
It has always been my endeavor to help my readers from all sides; if you have any doubts, you can ask me. I will solve those doubts.
Do you like this article; what is Litecoin? Please tell us by writing a comment so we can learn from your thoughts and improve something.
