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All you need to know about Litecoin

by Sonal Shukla

The Cryptocurrency world started its journey in 2009 with the innovation of the first crypto bitcoin and after that; the crypto world is continuously expanding with the creation of new cryptos day after day. Therefore, it becomes important to highlight the ones that are playing a significant role in creating a dramatic difference in the global forum. Among the crypto domain brimming with 18,000 cryptocurrencies, you have Litecoin whichwas introduced in October 2011. Former Google developer Charlie Lee introduced this cryptocurrency to the world. When it comes to functionality, bitcoin and bitcoin work almost the same, but there is a certain line of difference between the two, which you need to know if you want to Fiat Money Invest in Bitcoin in this cryptocurrency.

Some of the key features of Litecoin

If you are planning to invest in Litecoin, you must know about its significant features. Here are a few of them:

1. The cryptocurrency Litecoin is an open-source global payment platform that is completely decentralized.it has a Blockchain base just like bitcoin.
2. The transaction on this platform or verified by a network of notes. Cryptography plays an important role in this and the information stored on Blockchain.  
3. The functioning algorithm of Litecoin is different from that of bitcoin.

4. It is one of the first cryptocurrencies to adopt Segregated Witness (SegWit). The latter upgrades the block size limit and thus makes Litecoin more scalable and functional as compared to bitcoin.

5. The transaction confirmation and approval on the Litecoin platform are much faster as compared to bitcoin.

6. This is apt for those who are looking for a fast and reliable payment system. It is a good choice for investors who are looking to invest in the long run in the crypto domain.

Here is how Litecoin addresses the issues with Bitcoin

Bitcoin, the first crypto is one of the most popular among all cryptocurrencies, and it has the highest market capitalization, but we cannot snatch away the fact that there were some discrepancies associated with it. People are skeptical about investing in cryptocurrency, especially bitcoin because they are worried about the recent price dip. To address the issue with bitcoin, here is how Litecoin addresses the problem:

1. Litecoin uses a different proof of work algorithm as compared to bitcoin. It relies on the Scrypt hash function, unlike Bitcoin, which is based on SHA-256.
2. The block creation on the bitcoin system is much faster than bitcoin. It is four times faster. The average time to validate and approve the transaction is just 2.5 minutes which is 10 minutes in the case of bitcoin. Hence the terms of scalability, Litecoin takes the lead over bitcoin
3. As we all know that there is an upper limit on the number of cryptocurrencies circulating in the market. The same is true for both bitcoin and Litecoin. While the number of bitcoin is 21 million, the same in the case of Litecoin is 84 million.
4. Mining is also an important aspect when it comes to a crypto domain, and the same is true in the case of bitcoin and Litecoin. The mining difficulty is much lesser in the case of Litecoin. In the case of bitcoinmining process may take up to 2 weeks, but in the case of Litecoin, this is just 2 ½ days. Again in terms of efficiency, Litecoin takes the lead over bitcoin
5. The issuance of new Litecoins is held every four years, which is also known as having. Since 2019 miners have received 12.5 L coins as a reward for each of their validated blocks. 

Closing words

These are some of the important features and aspects of Litecoin. The cryptocurrency world has taken the global financial world by storm and Litecoin plays a huge role here just like others. With more efficient ones coming into the picture, you can expect the crypto market to bloom. Whether you are planning to invest in bitcoin or Litecoin, or any other cryptocurrency, focusing on the one that gives you positive outcomes is important. Hence, you must focus on searching for a good crypto exchange where you can explore the cryptocurrencies of your interest. While searching, consider a reading review of other users which can help you understand the genuineness and efficiency of the platform. If you are interested in Litecoin don’t forget to know whether the exchange facilitates trading this crypto or not.

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