What is Litecoin and how does it work?

All of you must have heard about LiteCoin. If you have not heard then do not take tension because here we are going to give you information about it and are going to tell what is LightCoin?

It is a type of cryptocurrency, crypto currency i.s. a type of digital currency that can only be used through the Internet. Anyone who knows about bitcoin must know about lite and if not, then in today’s article we are going to tell you about litecoin.

Which is going to be very important information for you. Today we are going to discuss a special digital currency. Like what is Litecoin, what are its uses, how is it different from bitcoin and what are its benefits etc.

If you want to get complete information about it, then please read this important article written by us till the end. In this article you will get detailed information about LiteCoin.

What is LiteCoin?

We are going to discuss litecoin with you first through this article. If any crypto currency is very popular in the market after bitcoin and XRP currency. So that is LiteCoin. It is only a type of crypto currency. Which can be used only in digital form.

Litecoin works like any other payment system. That is, we can send our money to any person very easily, like we send money to another person through applications like phone pay, Google pay, PayPal etc.

Similarly, we can also send money to any person with the help of this currency. It carries out all its transactions using blockchain. Due to this work, it has made a different identity in the whole world. We would like to inform you.

If you know about bitcoin, then you must also know who is called the younger brother of bitcoin. If not, then let us tell you that the younger brother of bitcoin is called Litecoin.

Litecoin is called the younger brother of bitcoin because most of its functions are similar to bitcoin. Its payment service is very fast, due to these amazing features, this coin has gained a lot of fame as soon as it comes in the market.

Who created Litecoin?

Lite coin is a type of digital centralized currency i.e. it is not created by any government. as we all know. Currency in each country is made according to the rules of the government there.

But this currency has not been made according to the orders of any government. It was made by some engineers for the convenience of the people. But its price fluctuates from time to time.

The code for this is taken from the core code of bitcoin. It was created on 7 October 2011 by Charles Lee (who used to work in a Google company). He created it as a complement to bitcoin. Charles Lee made some changes to Litecoin. They made changes here because they wanted this currency to be presented on a large scale, so they made a protocol of their own.

Who else was involved in the creation of Lite Coin other than Charles Lee?

The biggest contribution in the creation of this is by Charles Lee, so Charles Lee is called the father of litecoin. Charles Lee was accompanied by three other engineers, who after Charles Lee made some improvements and encouraged it.

  • GitHub
  • Shaolin Fry
  • Warren Togami

GitHub :- When GitHub came to this company, he was only a worker. They gave it some encouragement and kept it like this in the market.

Shaolin Fry :– Shaolin Fry came in 2016 and he made a big contribution to it. He kept its price from coming down in the market.

Warren Togami: – Warren Togami has made a huge contribution to LiteCoin, at this time he works in the lead.

How does Litecoin work?

Litecoin is a type of crypto currency just like bitcoin. But it follows a different type of protocol. It works in exactly the same way. The way we do any of our payments like Google Pay, Phone Pay, Paytm, Paypal etc. through the internet. It works on a very simple path, that means it is very easy to make any kind of payment with its help.

Lite coin is also called the silver of cryptocurrency, because it is used as an alternative to bitcoin.

Why LiteCoin is different from other cryptocurrencies:-

All cryptocurrencies have their own characteristics. Due to which it is different from other cryptocurrencies. The variation of any of this digital currency determines the features present in it.

If the following variation is found in any crypto currency, then the following are three characteristics that make Litecoin different from others.

Litecoin speed:

The code it uses is located right behind bitcoin. That is, this code comes after the bitcoin code. Where does bitcoin go to crypto currency gold? At the same time, the Litecoin is converted to the silver of the cryptocurrency. It makes any block four times faster than bitcoin. Due to this, the verification of its transactions is done very quickly.

Number of coins:

Each crypto currency in crypto currency has a maximum value after which the crypto currency transaction is closed.

In this case, the maximum value for bitcoin is 21 million, while the maximum value of litecoin is about 84 million in comparison to this.

Market presence:

It comes at number five after four cryptocurrencies, but its ranking depends on the increasing and decreasing price of crypto currency. If the price of this ever increases, then it can also come on the first number (top rank).

What is a LiteCoin Wallet?

As we know, a wallet is also made to store any crypto currency. Similarly, a wallet has been created to keep the purchased Litecoins safe. In which you have to keep it safe by putting a password.

Types of Lite Coin Wallet:

We want to tell for your information that there are two types of this wallet :-

  • Software based wallet
  • Hardware based wallet

Hardware based wallets are very secure whereas software based wallets are less secure than hardware wallets.

However, both types of wallets require a password (private key) through which we can buy or send Litecoins to anyone.

Benefits of LiteCoin:

  • It has many benefits which are shown below. 
  • It’s very easy to use. ust like we use other payment applications.
  • In the same way, this currency can also be used.
  • Lite Coin’s payment processing is very fast compared to other cryptocurrencies.
  • We can keep the digital currency purchased by us in the litecoin wallet.

Also read: What is Ethereum and what is its price?

Conclusion:

After reading this article we come to the conclusion that LiteCoin is a very good crypto currency. But it is important to have proper information before investing in it. Which we can use in most areas. It is also very easy to use.

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