The open-source code for the most popular global cryptocurrency, Bitcoin (BTC), served as a powerful impetus for creating many similar projects. The new digital currencies are called altcoins — alternative coins. So exchanging 0.15 ltc to usd today is not a problem at all.
Not all of them managed to cope with the increasing competition and complexities of the market. Many exciting ideas have been ruined due to ineffective advertising, a lack of loyal users, and other factors. One of the projects is Litecoin (LTC).
It stayed afloat and occupied a niche. There is an opinion that bitcoin is gold and litecoin is silver. The rate of litecoin is showing good growth. The LTC currency itself is among the top ten cryptocurrencies.
What is Litecoin?
The official website says that Litecoin is a fork of Bitcoin. It uses the same algorithm. The developers do not give detailed information about how their system works. But the project ranks among the top 10 cryptocurrencies by capitalization and number of transactions. In addition, the digital asset ranked sixth on the list of a thousand cryptocurrencies.
The history of Litecoin began when the VTS open-source client was published on the GitHub website. The corresponding file was uploaded on October 7, 2011. This is considered the birthday of LTC. The father-creator of the system was the American programmer Charlie Lee.
The program is characterized by enhanced security, efficiency, and support for SegWi. To avoid the risks, it is recommended to use only the official client. However, it is not inferior to alternative programs in terms of performance and functionality.
Bitcoin and Litecoin have a lot in common. But there are fundamental differences as well.
The important difference between LTC and BTC is the use of the Scrypt function and the increased speed of block processing.
What are the similarities and differences between BTC and LTC?
There are quite a few differences between Litecoin and Bitcoin systems. The common features of BTC and LTC are:
- The absence of a control center (decentralization of the system);
- There is no way to manipulate the exchange rate or change the data recorded in the blockchain.
- The use of a peer-to-peer network;
- the same scheme of collective mining.
For example, payment transactions on the Litecoin network are performed using the Scrypt function. This algorithm is more demanding on the amount of RAM available. In this regard, LTC mining is more effective for CPUs than for GPUs.
It takes about 10 minutes to find a hash (to process one block). In the Litecoin network, this figure is less than 2.5 minutes. Accordingly, this high speed of payment transactions allows you to earn cryptocurrency faster.
Also Read- Best Cryptocurrency Apps For Android
The increased issuance of Litecoin is another important difference between the two systems. While the issue of VTC was initially limited to 21 million coins, the LTC system has a programmed reserve of 84 million. At the moment, the network’s capitalization figure is $12.725 billion.
The cryptocurrency at a favorable price for exchange and purchase is available at https://alligat0r.com/. The investment potential of this currency is highly estimated by experts and has a steady upward trend. But potential investors need to keep in mind that the legal status of LTC in most countries has not yet been settled. This is one of the main risks of such investments.