Mining Pools For Litecoin

Mining Equipment For Litecoin

About Litecoin

Litecoin Coin Review: Mining Guide, Price & Analysis of Litecoin Cryptocurrency

Litecoin coin is four times faster than the Bitcoin transaction. Moreover, it is currently among the leading tokens in the market. It has a Market Cap of $5.85B. LTC is cheap compared to BTC. Newbies find it hard to enter the market due to a lack of knowledge.

Bitcoin is the pioneer and most known cryptocurrency in the market. Other altcoins have joined the market since then, and Litecoin is one of them. There is stiff competition, and every token believes it has something unique to offer.

In this review, we shall break down essential information regarding Litecoin. We will explain the technology and purpose of the currency. The developer behind Litecoin wanted to eliminate the flaws of BTC. These include its mining process, slow transaction speed, and inability to transact multiple transactions per second.

History of Litecoin Coin

The currency was released in the market in 2011. The name Litecoin comes from the founders' vision of developing a lighter version of Bitcoin.  Advancement was made on Litecoin in 2013 to make the token secure and more reliable.

The platform also designed another version that was later on and offered io existing users. It was cheaper to use, and the price of the Litecoin coin increased excessively. The platform has gone over several developments.

Charlie Lee sees BTC as the king of all cryptocurrency. He also urges investors to purchase the token and cocomplementitcoin as digital gold. The currency is an open source and allows any of its users to give a Litecoin Improvement Proposal (LIP). The community will either reject or accept the project.

How Does Litecoin Work

The transactions of LTC are scalable. The system can be overcrowded when multiple people use the blockchain system. Hence, leading to the process of a slow transaction. The developer of Litecoin aimed to resolve this problem.

There are various resemblances between BTC and Litecoin; therefore, it is known as silver to BTC gold. Charlie Lee, the developer behind this currency, performed a hard fork to mitigate BTC's problem successfully.

The fork is to make modifications to the original blockchain to achieve better results. The developer made massive changes by designing a separate blockchain. Litecoin's main objective was to become a global payment method.

It wants to enable its users to send and receive funds without intermediaries. Therefore, the currency can send funds directly locally or across the globe. There are many shortcomings with the traditional form of payment.

For instance, if you send funds to a person in a different country from yours using a bank or wire transfer, you will have to pay expensive charges. Additionally, it can take 3 or 5 business days or even more to reach them. In short, you have to go through a tedious process.

However, if you choose to use Litecoin, the transaction process is fast and cheap. It will cost you a few pennies, and within 2.5 minutes, the money will be in the receiver’s wallet. Convenient right? It does not matter the location of your recipient. It will take minutes to complete the process.

Founder of Litecoin

Charlie Lee is the founder of Litecoin. His main aim was to try and resolve the shortcoming facing Bitcoin. Lee formerly worked as a Google software engineer for 6 years. He also has a degree from MIT in computer science.

Charlie, unlike many cryptocurrency founders, did not aim to profit himself. He also worked at Coinbase as the director engineer till 2017. Charlie sold all his LTC to focus on the development of the platform. It caused a stir in the market, with some viewing the currency as useless.

The Technology of Litecoin

It can be hard to grasp the blockchain technology behind cryptocurrency, especially if you are a newbie. However, there is no need to worry as wwewill break it down for you. Litecoin coin is more advanced than other currencies with its speed.

The technology behind the currency makes it admirable. The platform uses sesegregateditness, which makes money transfers speedy. There are multiple transactions taking place on the Litecoin blockchain.

Every 2.5 minutes, they create a new block that has multiple transactions. The SegWit usage of Litecoin is incredible and plays a critical part in its speed.  We recommend investors buy the Litecoin coin because it has proven to be a trustworthy currency. Additionally, it has cheap transaction fees.

Can Litecoin be Mined?

Investors can mine LTC. The currency is decentralized, and no government oversees this operation. It is the responsibility of miners to resolve challenging puzzles to verify the transaction. Litecoin coin uses the Proof of Work (PoW) consensus model of mining.

The currency uses script algorithms, and miners can use GPUs. It is more cheaply compared to SHA 256 hashing. Therefore, more investors can mine the LTC since it is affordable. However, there is a high possibility of Litecoin currency shifting to the ASIC hardware mining process.

When this happens, only miners who can afford expensive equipment will be able to benefit. The time to get the reward is now before the process becomes unaffordable.

Features of Litecoin

These are some of the Litecoin features that set it apart from its competitors.

Transaction Speed

One of the shortcomings that Litecoin coin aimed to resolve is the transaction speed of BTC. It takes 10 minutes for the Bitcoin block to confirm a transaction. However, Litecoin only needs 2.5 minutes to verify. Therefore, it makes LTC a faster payment method than a centralized system.

Nonetheless, it is essential to note that you cannot reverse a transaction once it is complete. Therefore, you need to be keen to avoid any errors. The Litecoin blockchain can perform multiple transactions simultaneously.

Security and Privacy

The financial institutions and social media platforms are built in a centralized server. Therefore, it is easier for them to be hacked, putting your information at risk. The worst thing is that there is nothing that you can do when this happens.

However, if you use decentralised payment methods like Litecoin, your funds and data will be secure. The only chance that can lead to LTC being hacked is to control the network with 51% or more of the mining computing power. Moreover, for more security of your LTC, you should choose a reliable wallet.

Scalability

The best cryptocurrencies in the market are scalable. This means that they can handle multiple transactions. Ethereum can take a maximum of 15 trades in a second. BTC, on the other hand, processes a maximum of 7 transactions per second.

Litecoin is the fastest and handles a maximum of 56 transaction processes within a second. The coin is acceptable worldwide in various stores and merchandise. This currency's success has proven that it ais mong the best and can cope with massive demand in the future.

Advantages

• Low transaction charges
• Fast transaction speed
• Eliminates middlemen
• More scalable

Disadvantages

• Competition from other altcoins
• Volatile
• Less popular compared to BTC
• Illegal usages like money laundering

How to Buy Litecoin

You can purchase Litecoin on popular exchanges like Poloniex in the market. Litecoin has a free wallet that its users can access easily. Users can use Ledger Nano S or Exodus.

Final Verdict

Litecoin is one of the best and fastest payment methods in the market. Users of this currency have access to their funds. The platform eliminates the tedious banking process of filling up forms to send and receive funds.