What is Litecoin?
05-11-2021Litecoin is the third largest cryptocurrency after Bitcoin and Ripple. It was originally conceived by Charlie Lee in 2011.
LTC was founded to prioritize transaction speed, and that has already proven as an advantage as it has grown in popularity. In other words, one main difference between Bitcoin and Litecoin is that LTC technology needs less amount of time to take a new block of transaction. The idea was that this might reduce the time needed for confirmation of the transaction prior to the final payment.
The second difference is the LTC mining algorithm. On Litecoin, new blocks are added to the blockchain roughly every 2.5 minutes (as opposed to 10 minutes for Bitcoin).
How does Litecoin work?
Litecoin transactions need a block confirmation time of 2.5 minutes (Bitcoin transactions take around 10 minutes) - this makes Litecoin transactions much faster. It is built upon the same fundamentals as Bitcoin and also uses blockchain technology, where all transactions are stored. Like other cryptocurrencies, Litecoins are mined by users - by solving complex mathematical equations they verify transactions and create new blocks, which are then added to the blockchain.
Benefits of paying with Litecoin.
- It works with its own algorithm - Scrypt algorithm; It makes Litecoin mining more accessible to the public.
- Faster and cheaper transactions
- It can be found on all major exchanges
How to buy Litecoin?
- Create an account
- Verify your identity
- Fund your account and start trading Litecoin on X1
What to do after buying Litecoin?
- Store/Hold Litecoin
You can safely store your LTC in your account or your crypto wallet.
- Trade Litecoin
You can trade LTC for other cryptocurrencies.
- Send Litecoin
You can send it to anyone and anywhere with their LTC address.