What is Litecoin?
Litecoin is a cryptocurrency or digital currency licensed under MIT/X11. It can be said that Litecoin is the result of a modification of the existing Bitcoin. Well, at its core, Litecoin is open source or a decentralized, open source blockchain network with no central authority. Like Bitcoin and other cryptocurrencies, Litecoin is the cryptocurrency of your choice for investment solutions. Litecoin can also be used for transactions that do not require a third party through a peer-to-peer (P2P) system. It’s also important to note that Litecoin (LTC for short) is not a government publication, historically the only organization people trust to issue coins. The acquisition of Litecoin is done through a mining or mining process. So how much do you have to spend to get it? Speaking of price, you might be wondering how much is 1 Litecoin worth. As of Aug 17, 2022, the price of Litecoin is around 907k per coin.
The History of Litecoin as a Crypto Asset
Litecoin is a cryptocurrency released in 2011. The creator of Litecoin is an alumnus of the Massachusetts Institute of Technology (MIT) named Charlie Lee. At the time, Lee was a Google employee until he created Litecoin.
In 2013, Lee subsequently resigned from Google and chose to work at Coinbase, a global cryptocurrency exchange. However, it is now understood that Lee has left the market and is focusing entirely on Litecoin. Lee’s goal with Litecoin is to develop a faster and cheaper version of Bitcoin. This achievement has made Litecoin very popular in the crypto market since its launch. Two years after its release in 2013, Litecoin’s market cap is $1 billion.
Also, as of April 2018, Litecoin was the sixth largest coin by market capitalization out of 1,600 other cryptocurrencies listed that day. The coin had a market value of $8 billion, where the price of Litecoin at the time averaged around $146 per token.
How Litecoin Works
Once you know what Litecoin is, you might be wondering how it works. Litecoin actually has the same operating system as regular currencies and can be stored in accounts, transferred, and bought and sold trades online.
This will also determine the proposal or algorithm for the circulation of Litecoin in the cryptocurrency market, given that this cryptocurrency is not issued by a special body such as a government. That is 84 million LTC and there will be no more. Therefore, everyone has the right to develop at their own discretion, without restrictions.
Every 2.5 minutes, the Litecoin network creates a block that is a record of all the most recent LTC transactions around the world, from which Litecoin’s value is derived. These blocks are checked by mining software and can be seen by anyone who wants to see them.
Once the miner confirms, the next block moves to the list or record, which is a record of all Litecoin transactions made so far. The protocol also uses another consensus mechanism called scrypt.
Differences between Litecoin and other cryptocurrencies
As explained earlier, Litecoin is a variant of the Bitcoin code. However, both definitely have many differences. What makes Litecoin different from other cryptocurrencies are:
Litecoin transactions are faster because the block time difference is 2.5 minutes whereas Bitcoin is every 10 minutes. Litecoin uses a scrypt mining distribution that is considered fairer than Bitcoin’s SHA-256. Litecoin has more coins than Bitcoin, reaching 84 million LTC, while Bitcoin only has 21 million LTC. This adds digital scarcity to the LTC token while increasing market liquidity.
how to get litecoin fast
So, how to get Litecoin fast?
Basically, there are several methods that you can use to acquire Litecoin.
As explained earlier, one of the ways to obtain Litecoin is through mining. A technology that solves problems in block validation algorithms with proof-of-work (POW) mechanisms or cryptography. In this case, there are two mining methods: private mining and cloud mining.
Later, you will receive a prize in the form of a certain amount of Litecoins for each successfully solved problem. Keep in mind, however, that the total amount of LTC in the cryptocurrency market is only 84 million. Therefore, the more Litecoin you receive, the harder it is to solve new problems.
through the faucet
You can also get Litecoin by collecting small amounts of LTC or Faucet chips from various websites. Unfortunately, this method is inefficient because it takes too long. Also, the reliability of faucet providers is not very convincing.
Buy through the cryptocurrency market
The last way to get Litecoins is to buy them on cryptocurrency markets around the world. Yes, this exchange or buy and sell method is the easiest to try. However, OctoMate should be purchased from a reliable marketplace such as Bitocto.
Bitocto is an instant, secure and practical platform for buying and selling digital cryptocurrencies. Just download the Bitocto app through the Playstore or Appstore on your phone and you will get full access to your online trading needs.