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Litecoin: Everything you ever wanted to know!

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If bitcoin is considered the gold of cryptocurrency, then litecoin is the silver. Litecoin builds on the same foundations as bitcoin and applies many of the same processes bitcoin applies. Despite the similarities, litecoin varies from bitcoin in a number of essential aspects. What is the difference between litecoin and bitcoin? In our article, you will learn everything you ever wanted to know about litecoin!

i Possible hint of cooperation between litecoin and monero? - 28.01.2018 A series of tweets posted on Twitter has planted a seed in the heads of cryptocurrency fans of monero (XMR) and litecoin (LTC). Leading developers of both camps (Charlie Lee - litecoin; Riccardo Spagni - monero) described the potential collaboration of popular altcoins for the first time. It is critical to have a thorough understanding of these two currencies, but Charlie Lee (litecoin creator), believes that litecoin liquidity combined with the anonymity and convertibility of monero has potential to change the way we understand currencies. Another litecoin in the news can be found in the chapter Litecoin News - what happened in the world of popular cryptos.
  1. What is litecoin?
  2. Bitcoin vs. litecoin - what are the differences?
  3. Litecoin news - what happened in the world of popular cryptos?
  4. Litecoin mining - how to extract litecoin?
  5. How and where to buy litecoin?
  6. How to choose the best litecoin wallet?
  7. LTC exchange rates - what is the rate and price of litecoin?

What is litecoin?

Litecoin is one of the most popular cryptocurrencies today based on a peer-to-peer payment network designed for ultra-secure transactions. Like other cryptocurrencies, litecoin is a completely transparent tool based on a unique, decentralised database that is able to store and protect records of all financial transactions. The litecoin creator is a former Google employee, Charlie Lee, whose primary goal was to improve bitcoin. Hence litecoin was born as a slightly modified version of bitcoin. The litecoin unit is 1 LTC(Ł).

i Are you interested in other cryptocurrencies? Look at our series of articles about the two most popular cryptocurrencies today - bitcoin and ethereum. The Ripple digital currency is also very popular today, which, unlike the above-mentioned cryptos, provokes controversy. Learn more in our Ripple (XRP) article.

Bitcoin vs litecoin - what are the differences?

Litecoin is essentially an improved bitcoin. Probably the biggest difference between these two currencies lies in the speed of transaction processing. Transaction processing speeds are affected by coin-mining speeds. Bitcoin mines a new coin every ten minutes, while litecoin mines a new coin every 2.5 minutes. This means litecoin transactions are up to four times faster than bitcoin, making litecoin the more suitable currency for financial transactions.

litecoin; bitcoin

With the ever-increasing popularity of bitcoin, transaction fees have increased and verification times are taking longer due to its overburdened network. Litecoin is significantly more cost-effective, and the "fees" attached to a litecoin transaction are purely pragmatic and not a means of creating profit.

i The formula underlying all cryptocurrency limits the total number of units that can be produced. It is universally known that bitcoin tops-out at 21,000,000, while litecoin can reach 84,000,000 total units.

Litecoin news - what happened in the world of popular cryptos?

Cryptocurrency is extremely popular despite widespread speculation, ever-changing procedures and processes, and a continuously evolving landscape. Behind much of the speculation is confusion about how cryptocurrency works, and that is why we're bringing you the most important news and relevant changes regarding the community in general and litecoin specifically.

Litecoin News and Updates

Litecoin's creator gave up all his LTCs - December 20, 2017

The creator, and now litecoin's main developer, Charlie Lee, announced on Reddit and Twitter that he is no longer the owner of a single LTC coin. The buzz on social media spawned an upheaval in the community and concerns that this was a sign of Lee's exit from litecoin completely. But the opposite is true - Charlie Lee did so to thwart suspicions he wielded his influence on litecoin's development to garner personal gain. Lee has stated he will continue his work and remain vested in the future of cryptocurrencies.

Litecoin mining - How to extract litecoin?

The benefit of mining litecoin without an ASIC chipset upgrade democratises cryptocurrencies. Although litecoin also employs ASIC chips and uses a different, simpler Scrypt algorithm in mining, it has encountered the same fate as bitcoin - the ASIC chips eventually managed to "control" the mentioned Scrypt, which has been detrimental to the mining process. The extraction of litecoins using GPUs so-called mining rigs, is still possible but also high-risk.

ASIC čip, Antminer L3+

If you are considering investing in ASIC chips, keep in mind that these devices are costly and because of the ever-increasing demand for mining, their purchase may be a great risk. If you are still determined to start LTC mining, focus on an ASIC device that calculates the Scrypt algorithm. A suitable choice is, for example, Bitmain Antminer from 504MH/s Bitmain.

How and where to buy litecoin?

You can buy litecoin in three different ways:

  1. On a stock exchange or in a currency exchange - Bitfinex, Kraken, Coinbase, BitPanda.
  2. In LTC automats - you can buy LTC using several world currencies.
  3. Acquire a purchase in person - a Facebook group or internet discussion forums.

Different exchanges and markets provide an online LTC exchange platform for most traditional currencies (EUR, USD, GBP), most cryptocurrencies. Purchase conditions require an active litecoin wallet and registration requiring identity authentication. ID authentication requires a copy of the ID card and any document with your address (such as an account statement).

How to buy litecoin on the Coinbase - INSTRUCTIONS

The simplest and safest way to buy litecoin is to transact with bitcoin stock exchanges that support litecoin.

Here's how to buy litecoin through Coinbase exchange in a few steps:

  1. Sign up to create an account on Coinbase.
  2. Add your preferred form of payment (credit card, debit card, bank account).
  3. After verifying your payment method, you can start buying litecoin in the "Buy/Sell" category immediately.
  4. Select the required amount in LTC (litecoin).
  5. Confirm your purchase by clicking "Buy Litecoin."

litecoin; coinbase

Now your keys are safely stored and linked to your Coinbase account. You can also download the Coinbase electronic wallet, where you'll still have the litecoin for Android or iOS.

How to choose the best litecoin wallet?

Like most alternative cryptocurrencies, litecoin is typically stored in a digital litecoin wallet environment. In Litecoin's early development, digital wallets were limited, but today litecoin supports most desktop, mobile, and online wallets. Install the app directly on your laptop, phone, or browser. An overview of the best wallets can be found at coinsutra. However, if you already know what you want, links to each platform are located at the official litecoin.com domain.

litecoin; wallet; peněženka

Do you want to store your litecoin in the most secure environment? Then you need to get this special hardware wallet. This is the most trusted and secure way to store cryptos. Connect your computer to a hardware device that stores your private keys with a USB cable that makes your litecoin or other cryptos immune to viruses and hacker attacks.

i How can I begin mining with a USB flash drive only? Try our Simple but Detailed Instructions How to Extract Cryptocurrencies with Simplemining.net.

LTC exchange rates- what is the rate and price of litecoin?

Litecoin experienced record growth over two very successful years, when it was around $3 and $65 (litecoin and bitcoin respectively). Nevertheless, litecoin has never come close to the value of bitcoin. The total market share of litecoin is estimated at

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