Today, we are going to tell you about Litecoin. A small introduction was given to you in the previous article. You must have heard about the growth of Bitcoin is compared with Litecoin. A term “Altcoin” is what is want to introduce to you. Altcoins are called alternative digital coins , which are made on the scene after the success of Bitcoin. A new crypto currency is introduced to public to show them more options. The crypto currency introduced later are released with more features & better option than the earlier one.
The most popular altcoins are PeerCoin, Litecoin, Ripple , Ethereum & Dash. Here we are going to talk about the growth of Litecoin in 2017 & some helpful information about it. if you are a newbie, then you must check the articles written with the basic knowledge about Crypto currency.
What is Litecoin?
Bitcoin has stealed all the lime-light from all the nations by rising on all time high every week. But if you think that other currencies are not rising, then you must know something more about them. Litecoin has raised its value with $340 which is all time high. The trade is flowing between $300 to $320.
Litecoin was introduced in 2011. It was founded by a Google employee Charlie Lee. Presently he is working as Director of Engineering at CoinBase. The ledgers of Litecoin transaction are maintained via blockchain.
What is the difference between Bitcoin vs Litecoin?
Bitcoin & Litecoin are quite similar. There are major differences given in the Bitcoin & Litecoin.
Altcoins are generated four times faster than bitcoin & the transactions are done more faster.
The coin limit of Bitcoin is 21 Million while in case of Litecoin, it is 84 million.
Algorithm used in Bitcoin is SHA-256 & Scrypt in Litecoin.
Mean Block Time of Bitcoin is 10 minutes & Litecoin is 2.5 minutes.
Mean Block Time
Block reward details
Halved every 210,000
Halved every 840,000
Current Block reward
January 3rd , 2009
October 7th, 2011
These are some of the major differences between Bitcoin & Litecoin. The hardware used in mining Litecoin are done by hardware instead of raw processing power according to CoinDesk States.
The change in mining protocol , let miners use special hardware to mine Litecoin. This makes Litecoin to reach for more small players much easier.
Why Litecoin has raised higher from all time ?
Litecoin is raising faster these days. The main reason of all the cryptocurrencies are rise in Bitcoin. Bitcoin is also showing some new features to show more adoption in e-commerce and online payment systems.
Litecoin is an option for many investors who are going for bitcoin but can’t due to the prices. That’s all for now. Hope this helped you to know something about Litecoin.
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