Heyy Guys I m not a very strong supporter of Litecoin.I just do nt think it has too much potential.....But It went over 200% overnight and i have been asked by many of my frnds about Litecoin i Think u guys must also be curious to know about this cryptocurrency so here i m with some knowledge before start investing in LTC
Getting Started With Litecoin??
Just like bitcoin, litecoin is a crytocurrency that is generated by mining. Litecoin was created in October 2011 by former Google engineer Charles Lee. The motivation behind its creation was to improve upon bitcoin. The key difference for end-users being the 2.5 minute time to generate a block, as opposed to bitcoin's 10 minutes. Charles Lee now works for Coinbase, one of the most popular online bitcoin wallets.
ASIC Mining
ASIC Mining
For miners and enthusiasts though, litecoin holds a much more important difference to bitcoin, and that is its different proof of work algorithm. Bitcoin uses the SHA-256 hashing algorithm, which involves calculations that can be greatly accelerated in parallel processing. It is this characteristic that has given rise to the intense race in ASIC technology, and has caused an exponential increase in bitcoin's difficulty level.
Litecoin, however, uses the scrypt algorithm – originally named as s-crypt, but pronounced as 'script'. This algorithm incorporates the SHA-256 algorithm, but its calculations are much more serialised than those of SHA-256 in bitcoin. Scrypt favours large amounts of high-speed RAM, rather than raw processing power alone. As a result, scrypt is known as a 'memory hard problem'.
The consequences of using scrypt mean that there has not been as much of an 'arms race' in litecoin (and other scrypt currencies), because there is (so far) no ASIC technology available for this algorithm. However, this is soon to change, thanks to companies like Alpha Technologies, which is now taking preorders.
Bitcoin Mining Rig
GPU mining
To highlight the difference in hashing power, at the time of writing, the total hashing rate of the bitcoin network is over 20,000 Terra Hashes per second, while litecoin is just 95,642 Mega Hashes per second.
For the time being, 'state of the art' litecoin mining rigs come in the form of custom PCs fitted with multiple graphics cards (ie: GPUs). These devices can handle the calculations needed for scrypt and have access to blisteringly fast memory built into their own circuit boards.
There was a time when people could use GPU mining for bitcoin, but ASICs have made this method not worth the effort.
Transaction differences
The main difference is that litecoin can confirm transactions must faster than bitcoin. The implications of that are as follows:
- Litecoin can handle a higher volume of transactions thanks to its faster block generation. If bitcoin were to try to match this, it would require significant updates to the code that everyone on the bitcoin network is currently running.
- The disadvantage of this higher volume of blocks is that the litecoin blockchain will be proportionately larger than bitcoin's, with more orphaned blocks.
- The faster block time of litecoin reduces the risk of double spending attacks – this is theoretical in the case of both networks having the same hashing power.
- A merchant who waited for a minimum of two confirmations would only need to wait five minutes, whereas they would have to wait 10 minutes for just one confirmation with bitcoin.
Transaction speed (or faster block time) and confirmation speed are often touted as moot points by many involved in bitcoin, as most merchants would allow zero-confirmation transactions for most purchases. It is necessary to bear in mind that a transaction is instant, it is just confirmed by the network as it propagates
How To Get A Litecoin Wallet?
While choosing a wallet for any of your computerized monetary forms, you have to ensure that you are extremely cautious and run with a trusted and straightforward organization. There have been various Bitcoin tricks that have brought about individuals losing thousands, and even a large number of dollars worth of Bitcoins.
Every so often, individuals attempt to spare little measures of cash by choosing less straightforward wallets with less expensive charges. Shockingly, endeavors to spare pennies now and again result in individuals losing immense totals of cash.
Organizations that are sponsored by Silicon Valley wanders, or are formally consolidated in the United States and other created nations, for instance, are most likely more trust commendable than organizations that don't reveal their area, or are situated in regions with poor requirement measures.
Here Are sm secure wallets that u can use to store ur LItecoins
- TREZOR’S Litecoin Wallet
- Ledger Nano S’s Litecoin Wallet
- Exodus’s Litecoin Wallet
- Jaxx’s Litecoin Wallet
- Litecoin-QT’s LitecoinWallet
Well guys here i end my article i hope u guys liked it...I will be posting about how to mine LITECOIN in my next article(after7-8 hrs or tomorrow).....Also Will be telling where you can buy it and where to spend it keep updated for the Next Post...And DO not forget to Vote Follow and Resteem....
Thank U :)
I’ve invested in LTC when it was at 96 dollars. So far nothing but great reviews. I did a lot of research on it, I was impressed by its ability of creating more coins than BTC. Hopefully it keeps going up
Yes but thats the thing i do nt like about litecoins Its just a improved version of bitcoin it can never replace it....Does nt have its own features unlike bitcoin it wont go too up in the value and if mining become too difficult and the price is also low the currency will crash...Thats why i think it will nt be wise for a long term invester....well its my own opinion though
Great article and great information. Thanks!
Im sure u will do well here on steemit, welcome friend :)
following u
Thank u sir.....Just collecting and merging information and giving it away hope will benifit someone hard for new people to get attraction so many people are already working out thr...
and followed back :)
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