What Is Litecoin?
Litecoin was developed in 2011 by a former Google employee, Charlie Lee. Although it basically has the same working principle as Bitcoin, there are some differences between them. It has emerged in order to correct some errors found in the Bitcoin system and has been successful in this area.
It is a cryptocurrency value that is not connected to any Center and is traded on an open-code blockchain system. During his first days, he achieved great success and gained an important place among other cryptocurrency values.
Litecoin, which is the first sub coin, currently has a Sunday value of over $ 1 billion. It has emerged that money can be transferred at very low costs. It offers more storage than other cryptocurrency values.
Litecoin blockchain is a faster block, unlike Bitcoin blockchain. Block creation speed allows Litecoin to be faster at approving transactions.
What Are The Advantages Of Litecoin?
Although it uses the same system as other cryptocurrencies such as Bitcoin, Litecoin has some advantages over other cryptocurrencies. Inspired by bitcoin’s open source software, Litecoin uses a different algorithm.
Thanks to this algorithm, mining operations can be made easier and system requirements can be kept to a minimum. This advantage in mining operations significantly reduces transaction approval times and greatly affects shipping speed.
How Is Litecoin Mining Done?
Litecoin mining is carried out with devices called ASICs, which are manufactured exclusively for mining operations, used in Bitcoin mining. You can also mining with a video card on your personal computers, but your profit rate will be severely reduced.
Due to the increase in the number of miners and the increase in demand for processor capacity, Litecoin mining is constantly becoming difficult.
What are the differences between Litecoin and Bitcoin?
* The formation time of each block in Bitcoin transactions is 10 minutes, while in the Litecoin system this time is 2.5 minutes. This difference significantly affects the speed of transaction approval.
* Continuous mining can be done with personal computers thanks to the algorithm used by the Litecoin system. Bitcoin mining can not be done with your personal computers.
* The total number of bitcoins in circulation is limited to 21 million, while in Litecoin this limit is 84 million.