Litecoin – Bitcoin brother
Litecoin is an online peer-to-peer currency that allows you to send money instantly and very cheaply worldwide. Litecoin is an open-source, fully decentralized transaction system without any administrators. Mathematics secures transactions and allows users to control their own money.
Litecoin has shorter confirmation times and higher transaction storage efficiency than the leading cryptocurrency. With support for companies, exchange volume and liquidity, Litecoin is a financial system complementary to Bitcoin. If you want to know how to buy Litecoin cryptocurrency – you will find out at the bottom of the article.
Firstly, litecoin network processes the block every 2.5 minutes. Bitcoin does it every 10 minutes, which according to the creators of litecoin allows faster confirmation of the transaction. Similarly to bitcoin, the network difficulty adapts to the available computing power. It is using a moving average so that each new block is extracted once every 2.5 minutes.
Secondly, litecoin will produce 84 million litecoins, four times more than bitcoin.
Thirdly, litecoin is based on Scrypt as a mathematical proof of work. Creating FPGA and ASIC excavators using Scrypt seems much more difficult than systems using SHA-256 for bitcoin networks and more expensive. Reason is need for fast memory. In addition, the performance of any systems should not differ significantly from the currently used GPUs, since memory speed has the greatest impact on the performance of Scrypt calculations. Each litecoin is divided into 100,000,000 smaller units. Litecoin is largely similar to Bitcoin but is faster. Creator of LTC is Charlie Lee We can store litecoins on various wallets.
Buy cryptocurrency – Litecoin
Finally, I hope you know what Litecoin is and now you are ready to move on. Start investing with us and buy your first cryptocurrency. Learn how to do it – click button below. You will find there tutorial created special for You, enjoy!