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March 27, 2021
Comments Off on Everything you should know about Litecoin
Bitcoin is undoubtedly the most prominent and widespread cryptocurrency currently. It is equivalent to gold. But, do you know which coin is the equivalent of Silver? It is Litecoin. As mentioned by the creator himself, Litecoin incubated to be silver to Bitcoin. It launched with a motive to improve the system of bitcoin. Litecoin soon became a widespread cryptocurrency throughout the world.
Although it is not in the top 5 crypto coins, it is evident that people know about this very well. The coin, which was around $4 in 2013, surged to around $370 in the 2017 bull run. The current price of LTC is about $180.
What is the role of Litecoin?
Litecoin came into existence in 2011 with a motive to improve the bitcoin network. It works on a peer-to-peer network made by Charles Lee. Litecoin was the first-ever alt-coin. It has a similar code to 
bitcoin with slight modifications. The coin made allows it to support large-scale acceptance.
bitcoin with slight modifications. The coin made allows it to support large-scale acceptance.It can also provide users with global payment solutions. These are of low-cost and low maintenance. Just like BTC, Litecoin is also decentralized as it runs on an open-source protocol. Released on MIT/X11 license, allowing users to copy, run, and even modify the software.
How is Litecoin Mined?
Much like any other crypto coin, mining Litecoin will also earn you special rewards. There’s a new block of Litecoin every 2.5 Minutes in the blockchain, which is faster than bitcoin. What’s more, the miners also get more rewards for mining. You will get 12.5 LTC for each block, which halves every 4 years, just like bitcoin, which will decrease in 2023.
Essential Things you should know about
More Supply:
Bitcoin’s limit is 21 Million coins. Likewise, Litecoin was also released with similar principles. Litecoin supply is exactly 4 times more than that of bitcoin. The main reason for this is that its development had a motive to improve and enhance bitcoin.
Faster Transactions:
Litecoin 
also confirms transactions at a must faster pace. Suppose you compare it to bitcoin. It takes around 10 minutes to transact, whereas Litecoin only takes 2.5 Minutes. That’s not because of its faster block generation. It can also handle more volume of the transaction at a given time.
also confirms transactions at a must faster pace. Suppose you compare it to bitcoin. It takes around 10 minutes to transact, whereas Litecoin only takes 2.5 Minutes. That’s not because of its faster block generation. It can also handle more volume of the transaction at a given time.Advanced Algorithm:
Litecoin uses an algorithm called the script hashing algorithm. This is different than that of bitcoin. This lets it generate more efficiency and faster generation capacity.
Daily Payment Solution:
The main motive of Litecoin was to be a lighter and more cost-friendly version of bitcoin. Using LTC for daily payments is very much possible. Because of its faster transactions and more capacity. Litecoin can also become a go-to payment solution shortly.
Trade Finance:
In case you don’t know, trade finance involves the processing of masses of paper volumes. And this work happened manually, which was expensive and very slow. But with the implementation of blockchain, you get the same result automatically. This is with the help of Litecoin as its financial medium.
