A Quick Guide About Litecoin

If you are a businessman, finding for a faster blockchain transaction and cheaper cryptocurrency, litecoin could be the one for you.

In the year 2011, through the implementation of the Segwit protocol, it has been established. It is mostly known as an easy coin. A version came from the gold keeper of cryptocurrency, the bitcoin.

Litecoin is simply a cryptocurrency that is also run by the peer-to-peer transaction of blockchain. It was formed by the collaborative effort of participants that support its computing power.

History Of Litecoin Value

All cryptocurrencies have experience ups and downs in their value. Timely, litecoin also did. In the first years of its journey, one litecoin only cost about 4 dollars. Unfortunately, in January year 2015, it decreases by only 1.11 dollars.

In the year 2017, it hits back 10 times as much as it obtains one litecoin for 50 dollars. The month of December had come, and this is a remarkable record of litecoin as it reaches 400 dollars.

However, in the year 2019, when the first month of the year start, litecoin had decreased again. It turns into 140 dollars per coin. Today, the price of litecoin is 42.66 dollars.

How To Earn Litecoin?

Similarly to bitcoin, you can also obtain litecoin through litecoin mining. Just have your computer and verify transactions. In return, you will be paid with litecoin. It can be the slowest process to choose from, but it is indeed a valid method to get litecoins.

The second option is to buy from a cryptocurrency exchange like Changelly. It is simple, just like you are ordering stuff. In this case, you will pay using cheques, money transfer, or credit card. In return, they will put litecoin into your digital wallet. The transaction, of course, calls for a percentage fee. The charge will depend on the amount of litecoin and brand of the service provider.

The last option is to receive payments for litecoin instead of fiat money. By doing some things like watching videos or reading a blog article, you can be paid for litecoin. So, if you work more surely, you will receive more money.

Difference Between A Litecoin And Bitcoin

Despite the similarities of these two cryptocurrencies, Litecoin is ahead when it comes to transaction speed, security, and mining. These are further discussed below, so please read the following.

1. In bitcoin, a new block is formed every 10 minutes. Whereas, in litecoin, it only works for only 2.5 minutes. In ratio, we can deduce that litecoin works 4 times faster than bitcoin. Not only that, but it is also 4 times cheaper than the bitcoin.

2. When it comes to a better playing field, litecoin is the best as it uses the script hash algorithm while the bitcoin uses SHA-256, so it can only be used for parallel processors.

3. Litecoin has a higher coin limit than bitcoin. Bitcoin has only 21 million coins, while litecoin has 84 million coins.

4. Given the fact that bitcoin processes faster, it is not prone to any hack like the double-spending. This happens when a user uses money twice to compensate for different transactions.

Where to Store Litecoin?

Similarly to bitcoin, you can use hardware like wallets like the Trezor or Ledger. However, on the website of litecoin, there are options you may use also. These are the litecoin core, electrum, and loaf wallet.

The litecoin manufacturers power Litecoin core. It requires to download the blockchain cryptocurrency into a hard drive. For that reason, it is a desktop wallet like the Exodus.

Whereas, the electrum wallet does not need to have an installed blockchain. It is very flexible as it can be used on any platform—one of a kind PC type wallet.

If you are too busy, you can always have a loaf wallet. This is a mobile wallet that can be used on any iOS or Android phone. Some examples of these include Edge and Jaxx.

Litecoin – Things they achieve last 2019

1. They have joined the Rootstock. This company is the reason for Smart Bitcoin. The essence of this partnership allows the user to take Ethereum once they recover litecoin.

2. They have started to work with atomic swaps. This contract technology allows the trade of coins without any centralized intermediaries.

3. They have also increased the interchangeability capacity of coins. For example, if you are buying for certain commodities, litecoin can have an equal value, which you can use to pay for any service or food.

4. To gain more support, litecoin had attracted more investors already.

Is Litecoin Worth Investing?

Litecoin is a good investment since it can be traded for other cryptocurrencies. Not only that, but it can also be used to pay services and goods just like a bitcoin. If you use a litecoin either into a short or long-term investment, it is always coupled with advantages and disadvantages.

As for the short investment, when you keep a profit for a longer time, its value will boil down again to the original prize. However, you can still have a choice to trade your litecoin. Since it is popular, it can be easily traced. You will not worry about where to sell it as there are lots of buyers.

Whereas, for the long term investment, you can expect your value to increase slowly. For example, in the year 2011, you purchased one litecoin, which cost 30 cents. It can worth as high as over 10,000 dollars when 2018 came. The only disadvantage relies on scalability. Good thing that litecoin do things quickly for it to be useful in the years to come.