Litecoin (LTC) - basics of crypto-currency
- Llitecoin was published in October 2011 by Charlie Lee.
- Like Bitcoin, also Litecoin, from "miners" to create.
- LTC relies on Blockchain technology and decentralized Peer-to-Peer network.
- The algorithm Litecoin uses "srypt". In this Proof-of-Work Mining is not to be distributed to as many people as possible, since specialized Hardware called ASICs and server farms are worth, because of the calculation method.
- In the Litecoin network, all of 2.5 minutes to generate new blocks, with Bitcoin currently, every 10 minutes. As a result, the network is four times faster, and it can be 84.000.000 units produced.
What is Litecoin? (Image: Pixabay)
Pros and cons of Litecoin
- An advantage of Litecoin is that the crypto currency is faster and cheaper than Bitcoin.
- Also as a advantage to the Mining that as many people as possible are involved in the process and the System is decentralized.
- In addition, a Team is behind Litecoin, which drives the development of all the time.
- A disadvantage is that Litecoin is infinitely scalable. The more people are using Litecoin, the slower the network is.
- Like Bitcoin, also Litecoin is transparent and not anonymous. Each transaction and each account balance can theoretically be viewed.
As you Litecoin buy can, we show you in the next tip.
