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What Is Litecoin- Complete Guide For Beginners

If Bitcoin is a gold coin, then Litecoin is a silver coin. Why it is called so? Since Litecoin is a fork of Bitcoin core client and it is almost the same as Bitcoin, but the only difference is that Litecoin іѕ quісkеr аnd cheaper. It is designed to complement Bitcoin, not to compete. Most businesses accept Litecoin for payments and some of the businesses are Ellenet, Sean’s Outpost, eGifter, Benz & Beamer, KnCMiner.

What is Litecoin

Litecoin is defined as a peer-to-peer (P2P) сrурtосurrеnсу. The ticker symbol of Litecoin is LTC. Litecoin is recognized as a fork of the Bitcoin Core Client. It is an open-source project which was released with the help of the MIT/X11 license. On October 7, 2011, Charlie Lee released Litecoin on GitHub. On October 13, 2011, its network has gone live. The block generation time of Litecoin is 2.5 minutes. Litecoin іѕ nоt under the control of аnу third party. It is a Scrypt-based cryptocurrency. Scrypt is used in the Proof-of-Work (PoW) of Litecoin (LTC). Litecoin was released publicly after the mining of 150 coins.

Charlie Lee

Charlie Lee is a computer scientist, a former employee at Google and the former Engineering Director of Coinbase. He is now working with a non-profit company called Litecoin Foundation as the managing director of the company. He created Litecoin in order to complement Bitcoin by resolving some issues like high transaction times and high transaction costs.

He wrote a Bitcoin-based blockchain technology while working with Google. He attracted to Bitcoin in 2011. Ivory Coast is the place where Lee was born. He sheltered in the United States at age 13. He studied Computer Science (CS) at a Cambridge-based private research university called Massachusetts Institute of Technology (MIT).

Litecoin Mining

Litecoin mining is a process carried out for two purposes viz., to add a new block of transactions and to generate a new digital currency. The working of Litecoin is based on a Scrypt-based proof-of-work (PoW). The first miner to find the hash of a Scrypt hash function for adding the new block will be rewarded with a validated Litecoin.

  • Litecoin Mining Calculator: Litecoin Mining Calculator is used to calculate Litecoin mining profitability. CryptoCompare.com, CoinWarz, WhatToMine, litecoinpool.org, and CryptoRival are Litecoin mining profitability calculators. Litecoin mining profit depends upon hash rate, power consumption, etc.
  • Litecoin Mining Software: Litecoin mining software includes BFGMiner, ScryptMiner GUI, CPU Miner, SGMiner, CGminer, CUDA Miner, GUIMiner-scrypt, MultiMiner, and Reaper.
  • Litecoin Mining Hardware: Litecoin Mining hardware includes Antminer L3++, Bittech L1 and Innosilicon A4.
  • Types of Litecoin Mining: You should have a Litecoin wallet to store and secure your Litecoin before you start mining. There are three types of Litecoin mining viz., Solo mining, Mining pool, and Cloud mining. You can choose any of them to mine Litecoin.
  • Litecoin Wallets 

Litecoin wallets store and secure your Litecoin.

Hardware: Ledger Nano X Wallet, Ledger Nano S Wallet, and TREZOR One Wallet

Mobile: Uphold Digital Money Platform

Web: Uphold Digital Money Platform

Desktop: Atomic Wallet

  • Litecoin Exchange

A Litecoin exchange is an online Litecoin business. BitBay, Coinmama, Uphold, Coinbase Pro, and Gemini are the cryptocurrency exchanges where customers can buy and sell Litecoin. The customers can trade Litecoin for other cryptocurrencies or fiat currencies like USD, EUR, and Yen.

To learn more about cryptocurrency exchanges, click on the link: Cryptocurrency Exchanges: Complete Guide For Beginners-1

Post Disclaimer

This article is for informational purposes only. The information is provided by What Is Litecoin- Complete Guide For Beginners and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. The Blockchain Cafe does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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