Do You Want a Fast and Innovative Payment Mode? Try Litecoin Now!
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Using fiat money and Bitcoin may have made you curious about alternative payment methods. There surely is another way for you to settle your transactions. This peer-to-peer digital currency is Litecoin. If it is your first time to hear of it, this cryptocurrency empowers you to take control of your personal finances. It may be similar to Bitcoin being a virtual currency, but you can get more out of utilising Litecoin. Thus, read further to discover more here!
Foundation and Attributes of the Virtual Currency
Charlie Lee is a former staff member of Google. In 2011, he created Litecoin based on the Bitcoin protocol. Lee’s creation released on GitHub through an open-source client in October of that year is a peer-to-peer virtual currency. The creator desired to make a “lite” edition of Bitcoin, and the other developers have always expressed that Litecoin is the “silver” to the first-ever cryptocurrency’s “gold.”
Litecoin is dissimilar to Bitcoin in terms of factors like block transaction times, hashing algorithm, and hard cap. Also, it is different from the first-ever digital currency because it prioritises the transaction confirmation pace that is approximately 2.5 minutes per block.
How the Digital Currency Makes Transactions Seamless
Litecoin is an open-source, international payment network. It functions in a completely decentralised manner and without the need for the interference of central banks and other authoritative entities. Litecoin complements Bitcoin. It is a trusted medium of exchange with improved storage efficiency, considerable industry support, liquidity, and trade volume.
You can benefit from using Litecoin as it facilitates instant and almost-zero-cost payments to anyone around the globe. The Litecoin Foundation’s official website features a list of merchants accepting the cryptocurrency as a mode of payment. Meanwhile, if you are a retailer or commercial establishment, you can take advantage of faster confirmation times. It is because the Litecoin blockchain can handle higher transaction volumes compared to Bitcoin.
Also, the Litecoin network supports more transactions without the necessity to alter the software in the future because of more frequent block generation. You benefit from the faster transaction times while still having the capability to await more confirmations when you sell big-ticket merchandise.
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FREQUENTLY ASKED QUESTIONS
Digital currency exchanges today support various cryptocurrencies. You can avail of Litecoin from plenty of these trading platforms.
Litecoin is not the same as Bitcoin because it utilises the memory-intensive, proof of work mining algorithm called Scrypt. This system permits consumer-grade hardware like graphics processing unit or GPU to mine the cryptocurrencies. You can extract Litecoin on Windows or Mac either though a mining pool or solo. Also, by design, Scrypt is more accessible for users who desire to mine through GPUs or central processing units or CPUs. It is because application-specific integrated circuit or ASIC-based mining rigs are not suitable for the mining of Litecoin.
Litecoin is similar to most virtual currencies. You can store it in a hot or cold storage wallet. Also, you can utilise a digital currency exchange as storage.