Hello Crypto Enthusiast,
Our today’s topic is based on a
cryptocurrency whose name is “LITECOIN.” Before starting the topic, I
would like to acknowledge you with some of the basics and history of
cryptocurrency and its technologies.
When it comes to cryptocurrencies, the
first name which comes in our mind is ‘BITCOIN.’ As we all know that Bitcoin
was the first cryptocurrency ever recorded in history to be successfully
launched and released in the year 2009 by Satoshi Nakamoto. A
Bitcoin is a digital currency which is used for transaction purposes between
peoples. Due to its anonymity, decentralized properties and low transaction
fees it has been considered as the most valuable asset in the market. Bitcoin
works on “Blockchain Technology.” It is a technology which makes Bitcoin to
efficiently transact between users by hiding their identity. Since, we are here
to know about “LITECOIN” and its features, so I’ll provide additional
links in the bottom to know more about Bitcoin and Blockchain Technology.
However, we’ll start with our topic.
What is Litecoin?
Now, you all are well aware about the
first Cryptocurrency – Bitcoin. Right!
Since, after the release of Bitcoin
many other cryptocurrencies came into the market. These currencies are known as
“Altcoins” or “Alternate Coins.” So, Litecoin is an alternate
coin, as it was released after Bitcoin.
The native coin of Litecoin is
abbreviated as ‘LTC’ represented with a symbol Ł. Officially, Litecoin was released on 7th
October, 2011 on Github by Mr. Charlie Lee. The official
website was also released by Mr. Charlie Lee. The owner of Litecoin was a
Former Engineering Director at Coinbase and an Ex – Employee of Google. In
2015, the first version of the website was released but in 2018, Franklyn
Richard took over the charge from Charlie Lee and released the second
version of the website. Currently, the website is handled and controlled by
Franklyn Richard itself. In May 2017, Litecoin was listed in top 5
Cryptocurrencies and now in 2020, it is under top 10. It is also known as ‘A
Fork’ or ‘Split’ of Bitcoin.
Now, we’ll know about the Features and
services provided by Litecoin.
·
Litecoin also
known as LTC is a Peer to Peer currency which is used for transaction purposes,
Nationally or Internationally. It’s like a normal bank transfer from one
account to another but in a cryptic manner. The sender and receiver remain
anonymous but the transactions are recorded on Public Ledger, where anybody can
see the transaction history but not the identity.
·
The fees taken
here is near to zero in cost and can be initiated anytime, anywhere in the
world.
·
It is an open
source network and supports global payments options to the users 24x7.
·
It is a
decentralized digital currency which means it doesn’t come under any governing
authority’s control.
·
The major
facility it provides to the users is the fastest transaction, confirmation
times and improved storage efficiency.
·
It is an exchange
which is a true, tried and tested secure medium of exchange.
·
It works on Blockchain
Technology with Scrypt Algorithm.
Let’s crack it down.
·
Bitcoin is
considered as “Digital Gold” in the cryptocurrency market whereas Litecoin is considered
as “Digital Silver.”
·
The block time
taken by Bitcoin to get mined is usually 10 minutes whereas Litecoin takes only
2.5 minutes to mine a block successfully.
·
The transaction
fees in Bitcoin is slightly higher than the transaction fees of Litecoin.
·
Bitcoin works on
the “Proof Of Work” system whereas Litecoin works on “Scrypt Algorithm.”
·
Both currencies
work on Blockchain Technology.
·
Bitcoin has a higher
hash rate whereas Litecoin has a low hash rate which makes Bitcoin more secure.
However, it’s not a debate or comparison
between Bitcoin or Litecoin but a source of some information which is important
for all the users to be known and understood properly.
Thank You for Reading.
ADDITIONAL LINKS –