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What is Litecoin? What are the differences between Litecoin and Bitcoin?

by Financial Economy

Litecoin (LTC) was developed in 2011 by former Google employee Charlie Lee. Although it basically has the same working principle as Bitcoin, there are some differences between them. It emerged in order to eliminate some errors in the Bitcoin system and has been successful in this area. Litecoin is a cryptocurrency that is not affiliated with any center and is traded on an open code blockchain system. It achieved great success during its first release and gained an important place among other crypto money values. ınformation about differences between Litecoin and Bitcoin is in rest of the article. You can browse here for information of dogecoin.

What is Litecoin? What are the differences between Litecoin and Bitcoin?

Litecoin, which is the first sub-coin, currently has a market value of over $ 1 billion. It has emerged with the aim of transferring money at very low costs. It offers more storage possibilities than other cryptocurrency values. Unlike the Bitcoin blockchain, the Litecoin blockchain creates blocks faster. Block generation speed gives Litecoin speed in the approval of transactions. Differences between Litecoin and Bitcoin are as follows:

  • While the formation time of each block in Bitcoin transactions is 10 minutes, this time is 2.5 minutes in the Litecoin system. This difference significantly affects the transaction approval speed.
  • Thanks to the algorithm used by the Litecoin system, continuous mining can be done with personal computers. Bitcoin mining cannot be done with your personal computers.
  • While the total number of Bitcoins in circulation is limited to 21 million, this limit is 84 million for Litecoin.

What are the advantages of Litecoin? How to mine Litecoin?

Although it uses the same system with other cryptocurrencies such as Bitcoin, Litecoin has some advantages compared to other crypto money values. Litecoin, inspired by the open source software of Bitcoin, uses a different algorithm. Thanks to this algorithm, mining operations can be done easier and keeping system requirements to a minimum. This advantage in mining operations significantly reduces transaction confirmation times and greatly affects shipping speed.

Litecoin mining is done with devices called ASICs that are specially produced for mining operations used in Bitcoin mining. You can also mine with the graphics card in your personal computers, but your profit rate will decrease significantly. Litecoin mining is constantly getting more difficult due to the increase in the number of miners and the increase in processor capacity demand.

For details: https://en.wikipedia.org/wiki/Litecoin

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