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What is Litecoin? The differences between Litecoin and Bitcoin

What is Litecoin? When it comes to cryptocurrencies, everybody would immediately think of Bitcoin, or Ethereum, which are the most valuable cryptocurrencies in the World. However, for the last few years, there is another currency that has been developing rapidly. That is Litecoin. If Bitcoin is compared to “Gold”, Litecoin is compared to “Silver”. The market capitalization of Litecoin is higher than all other digital currencies, excepting Bitcoin. So, what is Litecoin? And what are differences between Litecoin and Bitcoin? Let’s find out in this article.

What is Litecoin
What is Litecoin?

What is Litecoin?

Litecoin (LTC) is a cryptocurrency or a decentralized currency, which is used on the internet, and it bases on Peer to Peer architecture. Litecoin allows users to pay any payment in the very short time and completely out of the fee. Litecoin is invented by a Google former employee named Charles Lee, in 7th October 2011 with Github source code. The born of Litecoin opened a whole new era for cryptocurrencies, users then had many choices besides Bitcoin.

While Bitcoin is using SHA256 encrypting architecture, Litecoin architecture is more advanced that allow Litecoin miners to exploit both Bitcoin and Litecoin at the same time. At the time that I am writing this article, one LTC is worth $258.44 dollars.

What is the unit of Litecoin?

As Bitcoin, Litecoin is divided into smaller units.

. 1.001 mLTC (millicoin)

. 0.000001 µLTC (microcoin)

. 0.00000001 – the smallest unit.

What are the differences between Bitcoin and Litecoin?

What are the differences between Bitcoin and Litecoin
What are the differences between Bitcoin and Litecoin?

In the side of technology, BTC and LTC are not much different, some are:

. Litecoin: One LTC block can be executed in 2.5 minutes, which is much faster than Bitcoin due to the Proof-of-work computing. Litecoin uses the decentralized scrypt algorithm.

. Bitcoin: One BTC block can be executed in 10 minutes with the need of hardware installed the 20GB .dat file. Bitcoin uses the SHA256 algorithm. In nature, Bitcoin uses GPU, while Litecoin uses CPU.

At present, many exchange trades accept Bitcoin/Litecoin currency pair. In some Chine trades, they even accept Litecoin/RMB currency pair.

How much is the Litecoin exchange rate?

How much is the Litecoin exchange rate
How much is the Litecoin exchange rate?

In this time, when I am writing this article, one LITC can be exchanged for $258.44 dollars with the growth rate at 13.24%, and the market capitalization at 14,104,713,123 dollars, which is equal to 1,019,623 BTC. Litecoin is now ranked as top 6 cryptocurrencies according to Coinmarketcap after Bitcoin, Ripple, Ethereum, Bitcoin Cash and Cardano.

Conclusion

In 2018, many have predicted that Litecoin would increase sharply and is going to take down the Bitcoin. With the cryptocurrencies, you cannot properly predict anything, maybe someday, Litecoin would be the king of all digital coin.

Thank for your reading. I hope that you have found something useful from my article. Please follow me for more cryptocurrencies articles.

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