A Small Guide To Litecoin – The Silver To Bitcoin’s Gold

A Small Guide To Litecoin – The Silver To Bitcoin’s Gold

When it comes to cryptocurrencies, Bitcoin is certainly the first name that jumps in your mind. However, there are also other alternative crypto currencies or altcoins than Bitcoin, which are doing pretty good at blockchain. Technically, Litecoin was the first fork in the Bitcoin blockchain that is based on an entirely different protocol. Where Bitcoins are near impossible to mine on your home PC, Litecoin can be given a shot at the comfort of your home. So, if you’re interested in getting to know more about Litecoin, we’ll brief you regarding the same.

What is Litecoin?

What is Litecoin

Litecoin is another digital currency like Bitcoin that enables you to transact instantly at almost nil payment charges to anyone in the world. Though there’s no big difference between Litecoin and Bitcoin except a few technological changes. Where Bitcoin transactions could take up to ten minutes to get verified, the aptly named Litecoin, due to its better technology takes only two and a half minutes.

In another term, Litecoin is a peer-to-peer decentralized internet currency that is controlled by none. No organization or government can keep a track of the transaction done for Litecoin. Like any other physical currency, Litecoin also has an international currency symbol ? or LTC to denote.

Also Read: Things To Know Before Investing In Bitcoin

What is the mining difference?

The founder of Litecoin Charlie Lee wanted to modify some rules to make them more beneficial. This included the time needed to verify transactions as well as the mining algorithm. As Bitcoin requires special and very expensive equipment, Lee wanted more participation in the mining business to diminish monopoly.

What is the mining difference

With an intention to make a difference, Scrypt technology was used as the Litecoin mining algorithm, where Bitcoin uses a SHA-256. The SHA-256 is the successor of SHA-1 algorithm that generates an almost-unique and fixed size 256-bit (32-byte) hash for validation. Scrypt, on the other hand, is a proof-of-work algorithm that was designed to make it costly to perform large-scale custom hardware attacks by requiring huge amounts of memory.

Also Read: Beware! 2 Step Verification Can Empty your Bitcoin Wallet

Where to buy Litecoin?

When you decide to invest in Litecoin, there are many cryptocurrency exchanges to fulfill your needs. An exchange is an independent group that lets you trade for your desired cryptocurrency. Before you head towards one, make sure to check the market repo and reviews of the exchange. If an exchange offers Bitcoin trading, it is not compulsory that they also let you trade in Litecoin.

Before transacting, you need to have a wallet to keep your Litecoin secured. Although, exchange provides you with wallet, which you can use to transfer your Litecoins in your preferred Litecoin wallet. The process to buy and trade Litecoin is as easy as for Bitcoin.

How to mine Litecoin?

If you want it professionally, you may want to start with a dedicated mining tool. Else, you can mine Litecoin through your CPU or GPU. Litecoin may be the only altcoin that you can mine without the need of any fancy machinery. Even your simple laptop can be used in mining but at a slower rate. The professional miners use riser cables to house multiple graphics card on a dedicated motherboard.

How to mine Litecoin

Also Read: Is This The Beginning Of End For BitCoin?

It is important to know that using your home PC/laptop for mining may reduce the lifespan of the machine. As the mining process is very system intensive, it is necessary that you’ve taken the cooling system to next level to keep the temperature low and avoid system failure.

Overall, Litecoin is a good deal to look at if you’re into cryptocurrency. It has seen the positive change of up to 1000% in one year, which is incredible from an investment aspect. Though it’s important to observe the risks involved with any cryptocurrency available in the digital market.

Rishi Sharma is a technical writer at Systweak Software. Being a software developer, he inclines to write about modern technology and progressive security for computers. One staunch admirer of Cricket, Rishi is also an active social worker and a gourmand.

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