Nowadays, the trend of cryptocurrency has increased a lot, everyone is investing in it. If you know about Bitcoin then you must also know about Litecoin cryptocurrency. Litecoin is also a digital cryptocurrency in which investment is done like Bitcoin. After Bitcoin, Litecoin is the second most popular currency. Friends, if you do not know about Litecoin, then in today’s post we will talk about what Litecoin is, how to invest in it and how it is different from Bitcoin. So let’s start – What Is Litecoin In English
What Is Litecoin In English
Litecoin is a peer to peer currency similar to Bitcoin. It is a de-centralized currency on which no government or institution has any control. Block chain is used to complete transactions in this currency. Script algorithm is used in this currency due to which it works 4 times faster than Bitcoin. Litecoin is mostly used to transfer funds to a person. Its service is much better than other currencies due to which it is very famous.
Most of the functions of Litecoin are similar to Bitcoin, due to which it is also called the younger brother of Bitcoin.
When and by whom was Litecoin created?
This currency has not been invented by any government or institution, nor does any government or institution have control over it, that is why there are huge fluctuations in the value of these currencies.
Litecoin was invented on October 7, 2011 by Charles Lee, who worked at Google Company. Although Charles Lee is considered the father of Litecoin, three other engineers also contributed in creating it. Whose names are –
- GitHub
- Warren Togami
- Shaolib fry
How does Litecoin work?
Litecoin is also a cryptocurrency like Bitcoin which is used in digital transactions. Just as we transfer funds to another person through phone pe, google pe etc., in the same way Litecoin is also used for fund transfer. Most of its functions are similar to Bitcoin, due to which it is also called the silver of cryptocurrency. This currency is also used as an alternative to Bitcoin.
What is the current value of LiteCoin?
Although the price of these currencies keeps increasing and decreasing, still if we talk about its today’s value then the price of 1 Litecoin is Rs 12,875. This currency holds its 5th position in the world of cryptocurrency.
Difference between Litecoin and Bitcoin
| Litecoin vs Bitcoin | Litecoin | Bitcoin |
| Founder | Charles Lee | Satoshi Nakamoto |
| Release Date | 07 Oct. 2011 | 09 Jan. 2008 |
| Release Method | Genesis Block Mined | Genesis Block Mined |
| Total Coin Supply | 84 Million | 21 Million |
| BlockChain Protocol | Proof Of Work | Proof Of Work |
| Usage | Digital Money (Silver) | Digital Money (Gold) |
| Privacy | Yes | Yes |
| Trackable | Yes | Yes |
| Cryptocurrency Used | Litoshi | Satoshi |
| Cryptocurrency Symbol | LTC | BTC |
| Transaction Fee | 0.001 LTC Average | BlockChain पर load के हिसाब से |
| Algorithm | Scrypt | SHA- 256 |
| Block Time | 2.5 Mins | At least 10 Mins |
| Mining | GPU Script-ASIC Miners | ASIC Miners |
| Segwit Scaled | Yes | Yes |
What is Litecoin Wallet?
Just as there are wallets in Bitcoin, similarly Litecoin also has wallets to store the purchased currency. You can protect these wallets with the help of password. There are two types of Litecoin wallets –
- Software based wallet
- Hardware based wallet
Generally speaking, hardware based wallets are more secure whereas software based wallets are a little less safe. However, both of them are operated with the help of one password only. Only with the help of password we can send money to someone and buy currency. If you miss this password then you can lose the currency stored in the wallet forever.
How to buy LiteCoin?
You can also buy Litecoin through exchange in exchange for Bitcoin. But you must already have Bitcoin! By the way, there is a great platform to invest in Litecoin named WazirX. Here you can easily buy and sell this currency.
What is the future of Litecoin?
Judging by the way the value of Litecoin has increased and people have made profits, the value of this currency is going to increase further in the coming time, due to which you can earn good money in the future. This currency is faster than Bitcoin in that the transactions done through it are completed quickly. This is the reason why it is very popular among the people.
If you want to invest in this currency, then you should invest wisely and should not invest too much amount at once because there are huge fluctuations in the value of these cryptocurrencies.
Friends, I hope you must have liked What Is Litecoin In English! If you have any question regarding What is Litecoin, you can ask us through comments.
