Litecoin: What it is and the Benefits You can Get
Litecoin has rapidly soared from obscurity to a level where it’s considered to be one of the world’s most popular, well-known, and most valuable cryptocurrencies. By definition, Litecoin is a peer to peer internet currency that allows instant, near-zero cost payments to anyone in the world. Litecoin is open-source, goal payment network that runs decentralized, operating without any central authorities.
How to Buy and Store Litecoin
As mentioned, Litecoin is one of the most popular cryptocurrencies out there and it’s available on pretty much every cryptocurrency exchange.
It’s quite easy to buy Litecoins as they can be traded directly with your own fiat currencies. This is in high contrast with other cryptocurrencies, where the only way to buy is to first buy bitcoin and then exchange the bitcoin to the other coins that you want.
There are also many different Litecoin wallets available for free that you can download. They are where you can store your coins. And such software also supports nearly all kinds of operating systems. In addition to these “standard” wallets, Litecoin has a few varying options like Electrum LTC, LiteVault, and LiteAddress.
Electrum LTC is a lightweight wallet that doesn’t really require you to sync to the network to use. Rather, all you need is a 12-word security password and you’re good to go.
LiteVault, on the other hand, is an Ideal Online Trading Platform that functions within the web browser. It uses in-browser tech and allows you to access your coins from any computer. In order to protect your security, LiteVault never sees your private keys and this in turn keeps you safe from hackers.
LiteAddress, meanwhile, lets you create your own paper, vanity, and brain wallets.
Its Difference with Bitcoin
Litecoin is considered to be nearly identical to bitcoin in terms of its intended use. On the other hand, there are still some remarkable differences as far as functionality is concerned.
First, Litecoin sports a much faster transaction time than bitcoin. The money that is sent through Litecoin will in general appear in your wallet within a few minutes. For the case of bitcoin, this can take from 10 to 15 minutes.
Transaction fees are hugely lower with Litecoin. The longer the block, the more you have to pay the miners for each transaction. Litecoin sports smaller blocks than bitcoin, hence the lower fees.
Then, Litecoin has remarkable technical improvements such as the Segregated Witness, or SegWit, and the Lightning Network.
Further, Litecoin fares better at dealing with HQBroker Online Trading Review high transaction volume, which is something that has been a huge problem for bitcoin and ethereum in the past.
And lastly, there will be a total of 84 million units of Litecoin, and this is more than 4x that of bitcoin.
Litecoin has all the functions of bitcoin plus some notable additions. It is possible than eventually bitcoin and Litecoin could become the gold and silver standards, not only for purchases but for all the coins and tokens.
In the future, if you need to purchase another type of coin or a physical product, you could just swap the coins you already have for what you need.