Litecoin, which was released on October 7, 2011 by a former Google programmer Charlie Lee, is a cryptocurrency and open source software. It bears great similarities with Bitcoin in its infrastructure and technical details. So much so that Lee uses the expression “Silver Bitcoin” for Litecoin. The abbreviation of Litecoin is LTC.
The Differences between Litecoin and Bitcoin
In the Bitcoin network, every block is processed in 10 minutes. Block processing times in the Litecoin network are set at 2.5 minutes. Transfers that take a long time and are carried out with high transaction fees on the Bitcoin network can be provided faster and cheaper with Litecoin.

Another technical detail that distinguishes Litecoin from Bitcoin is that Bitcoin uses an algorithm called SHA-256, while Litecoin uses a Scrypt algorithm. This algorithm, which is easier to calculate and lighter in terms of workload, allows Litecoin transactions to be approved faster. The concern that the speed advantage may lead to weakness on the security side has not yet been experienced.

 

How to Buy Litecoin?

The fastest and safest way to buy Litecoin is to become a member of a reliable cryptocurrency exchange like Binance.

As with other cryptocurrencies, you can request to receive your salary with LTC or you can get Litecoin from another Litecoin owner.

Register Binance to buy Litecoin. Click here

How is Litecoin Produced?

Litecoin is produced through mining just like Bitcoin. Winning prizes in exchange for solving complex mathematical problems through devices with superior hardware capabilities is defined as Litecoin mining.

There is no mining competition between LTC and BTC due to the Scrypt algorithm dec in the Litecoin infrastructure. In fact, Charlie Lee has explained that it is possible to do Bitcoin mining at the same time while mining Litecoin.

 

How is Litecoin Mining Done?

There are alternatives for Litecoin mining (mining). One of the main ones is hardware mining with computers with powerful processors. Nowadays, it is hardly possible to make a profit from mining without using special equipment.

The decision to mine alone or included in a pool is important when mining LTC. Nowadays, there is almost no chance to get Litecoin using GPU or CPU alone. In pools, a large number of miners can create blocks by generating high hash power.

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