Litecoin is a cryptocurrency that runs a peer-peer technology. It was founded in 2011, which is two years after bitcoin, by Charlie Lee, a former Google engineer. The Litecoin company sees its crypto as a powerful, political, and economic tool that anyone can use anywhere, without permission to transact with others and also take part in a genuinely global economy.
However, with this crypto, you can easily buy LTC with your credit/debit card. Get news updates about the cryptocurrency on you’re their official page. You can get the LTC wallet available on the app store to enjoy fastness, and simplicity while using the platform.
LTC is decentralized money, that is free from censorship and open to all. You can send low-cost private secure, borderless payments to anyone, anywhere at any time. However, Litecoin has the largest global crypto-based blockchain network. It runs with 100% uptime since 2011 securing and try casting billions of dollars of value.
Also, there’s no approval needed to join the new age of money. You can download your free wallet to kick-off
How Does Litecoin Work?
Litecoin and bitcoin are similar but make no mistake they are in no aspect the same thing other than the fact that they are cryptocurrencies. They are identical in the sense that they are both open-source projections that use proof of work to verify their transaction. That being said there are quite a number of things that differentiate them.
One such thing is the fact that bitcoin is capped at a maximum supply of 21 million coins why Litecoin is capped at a maximum supply of 84 million coins. Another thing that differentiates them is the transaction speed this is because litecoin requires more sophisticated technology to mine than bitcoin which means mining Litecoin is not as fast as mining Bitcoin.
LTC wallet is a mobile app designed for storing LTC, that can be used in purchasing LTC, sending, and also receiving crypto. The wallet is available on the play store. To get the wallet on your device, do the following
- Navigate to the play store
- Enter “Litecoin wallet” on the search engine
- It will take you to the result page, click on the wallet app. Usually, it is the first app that appears on the result page.
- Select the “Install” widget
- It will begin to download, and afterward, it will be installed automatically. Just ensure you have enough memory space on your device
You can now launch the app, fund your account, buy LTC, and send or receive LTC.
To Find out the LTC price today, you can do that through the price chart or by visiting their official page. On their main page, you will see the LTC price displayed on the screen. The price of LTC as of today is $356.88.
Just like other cryptocurrencies, the LTC price varies. There is no fixed price, it goes up and down, depending on the demand. When there is a high demand it goes up.
LTC mining is the act in which a blockchain- that’s a distributed ledger of all transactions made on the network is maintained. Miners get transaction data broadcast by different participants since the last block was discovered, and they come to bring those transactions together into structures known as Merkle trees. Also, they work together to find an acceptable hash. However, this is a result of operating a one-way cryptographic algorithm on a chunk of data.
How To Mine Litecoin
To mine your Litecoin you can choose either a Solo or join a mining pool. To make a great profit, you should go for hardware – Antminer L3 or L3.
Go to the Antminer manufacturer website-BitMain
Create an account
- On the hardware controller, click on the IP Reporter button for about 5 seconds
- It will show your IP address. Proceed to key it into the BitMain site
- Provide the Litecoin wallet address you want to send your mined coin to.
To join the mining pool, do the following
- Go to your BitMain account
- Tape on the miner configuration
- Click on the general settings
- Key in the URL of your mining pool, your worker ID, and your password.
With the above steps, you can comfortably set up Litecoin mining hardware.
How To Buy Litecoin
There are lots of websites that trade on cryptocurrencies including Litecoin. We have Coinbase, Binance, etc.
To buy LTC on the Binance website, you can make a banker transfer, trade LTC and also buy LTC with a credit card. So, the first step is to visit their website at https://www.binance.com register and make your purchase.
What is Litecoin used for?
Litecoin is a cryptocurrency just like bitcoin and it is one of the very first cryptocurrencies that was launched after bitcoin was available. It is basically used for transaction purposes just like you normally would use the money for transactions. It is designed to complete cryptocurrency transactions easily quickly and cheaply this is why it is one of the most used cryptocurrencies.
Is Litecoin better than Bitcoin?
Both coins are very good however bitcoin is the most valuable cryptocurrency that is out there however in terms of which is better it is totally dependent on your goal. Litecoins are generally very much faster than Bitcoin when used in transactions they are also cheaper than bitcoins. Bitcoin is higher in value and better if you want more value Bitcoin.