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Litecoin in a nutshell

Litecoin is a peer-to-peer cryptocurrency created by Charlie Lee. It was created based on the Bitcoin protocol but differs in terms of the hashing algorithm used. Litecoin uses the memory intensive Scrypt proof of work mining algorithm. Scrypt allows consumer-grade hardware such as GPU to mine those coins. Why Litecoin? Litecoin is a cryptocurrency that has evolved from Bitcoin after its own popularity in the industry, this alternative, or ‘altcoin’ has emerged to allow investors to diversify their digital currency package, according to Investopedia. Litecoin is one of the most prominent altcoins and was created by former Google employee and Director of Engineering at Coinbase, Charlie Lee.

Litecoin was the first to alter Bitcoin and the most significant difference is that it takes 2.5 minutes for Litecoin to generate a block, or transaction, in comparison to Bitcoin's 10 minutes. ‘While this matters little to traders, miners who use hardware to run Bitcoin's network cannot switch over to Litecoin. This keeps bigger mining conglomerates away from Litecoin because they cannot easily optimize their profits by swapping to another coin, contributing to a more decentralized experience. Litecoin also has bigger blocks, and more coins in circulation, making it more affordable and swift when transacting,’ Investopedia explained. As explained above, Litecoin can transact a lot faster than Bitcoin, but there are also a number of other characteristics that investors need to know before trading.

Litecoin can handle higher volumes of transactions because of the capability of transacting faster and if Bitcoin attempted to transact on the scale of its altcoin, a code update would be needed. However, Litecoin’s blocks would be larger, but with more ‘orphaned blocks'. The faster block time of litecoin reduces the risk of double spending attacks - this is theoretical in the case of both networks having the same hashing power. Litecoin Technical Details: The transaction confirmation time taken for Litecoin is about 2.5 minutes on average (as compared to Bitcoin's 10 minutes). The Litecoin network is scheduled to cap at 84 million currency units. Litecoin has inspired many other popular alternative currencies (eg. Dogecoin) because of its Scrypt hashing algorithm in order to prevent ASIC miners from mining those coins. However it is said that by the end of this year, Scrypt ASIC will enter the mass market.

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Frequently asked questions

How is Litecoin mined?

Litecoin is mined using a proof-of-work algorithm called Scrypt, which is different from the SHA-256 algorithm used by Bitcoin. Miners solve complex mathematical problems to validate transactions and create new blocks, and they are rewarded with newly created LTC and transaction fees.

What is a Litecoin wallet?

A Litecoin wallet is a tool that allows you to send, receive, and store LTC. It can be a hardware wallet, like Trezor, a software wallet on a computer or mobile device, or even a paper wallet.

What is a Litecoin explorer?

A Litecoin explorer is an online tool that lets you view the details of transactions, blocks, and addresses on the Litecoin blockchain. It's useful for verifying transactions and checking balances.

What is the Litecoin hashrate?

The Litecoin hashrate is dynamic and fluctuates based on the total computing power of the network.

How do you make Litecoin payments?

Litecoin can be used for payments both online and in physical stores that accept cryptocurrencies. As with any other cryptocurrency, you will need to send the necessary amount of LTC to the recipient’s receiving address. Transactions are typically faster and cheaper than those with bitcoin.

Litecoin vs Ethereum?

Litecoin is more focused on peer-to-peer transactions, while Ethereum also allows smart contracts and decentralized applications. They use different algorithms, have different block times, and serve different purposes within the crypto ecosystem.