The coin’s real-time price is $ 56.18
Litecoin is sometimes referred to as the little sibling of Bitcoin with a few key advantages over its predecessor. The coin has seen an uptake in popularity since 2011 and has become a staple form a digital currency. Also like bitcoin, all transactions on the Litecoin network are stored on a public ledger for anyone to see.
When comparing Litecoin to a Bitcoin, the latter has some distinct advantages over its predecessors.
Litecoin’s code is based from Bitcoin’s by the engineer Charlie Lee. Litecoin is claims to generate blocks four times faster than bitcoin; litecoin also confirms transactions faster as well as a much higher rate per second.
Litecoin has in-built scarcity due its limited supply — similar to bitcoin. The former has a maximum number if 21 million coins while Litecoin will peak at 84 million.
Sizable market cap
Although bitcoin’s market cap is nowhere close to bitcoin’s, it still ranks consistently in the top 10 by capitalization.
Like almost all virtual currencies, litecoin is not issued by the government. Instead, litecoins are created by a procedure known as mining.
Mining will continue until all 84 million coins are in circulation.
Every 2.5 minutes the network creates what’s called a block (compared to 10 minutes for bitcoin)
A block is a ledger entry of the most recent litecoin transaction and is arguably where most of the coin’s value resides.
Block are then verified by a special mining software. Once the miner verifies the transaction, it is then added to the next block of the chain which contains all other transactions.
A key difference between Bitcoin and Litecoin lays in the hash algorithm that each network uses to solve blocks, as well as the amount disbursed each time a solution is found.
Computers use their GPU and CPU power to help solve complex mathematical puzzles to solve blocks. This process continues until a solution is found for the given block.
Like with bitcoin, Litecoin miners are rewarded each time a block is resolved, with more coins going to the most powerful machines.
There is also a difference in algorithms between Litecoin and Bitcoin. Bitcoin uses SHA-256 while Litecoin uses Scrypt. The difference to the end user sending and receiving the crypto is negligible however.
Storing Litecoin and Wallets
Due to the ubiquitous nature of Litecoin and other cryptocurrencies, there is no shortage of coins to choose from.
As a hardware wallet, you can purchase a Ledger Nano S which will keep your coins safe in a physical device.