Litecoin is pretty much the “lite” Bitcoin. It is a P2P cryptocurrency that enables near-instant, near-zero-cost payments among users all over the world.
LTC is dubbed to be the “silver” to Bitcoin’s “gold, but that does not where the differences end. Litecoin boasts a bigger coin supply and a hashing algorithm that is more RAM-intensive than processor-intensive (Scrypt).
The functions of Bitcoin and Litecoin are almost the same, that is why they are frequently compared with each other. Traders see a more sustainable future for Litecoin aside from the fact that it is more rationally priced.
Litecoin, while mostly similar to Bitcoin, stands by its “lite” branding, offering a more energy-efficient mining process and faster transaction speeds.
The current high transaction volume leads to faster block generation, which Bitcoin can only match by making huge updates on its own code. Faster block times also reduces the risk of double spending attacks, provided that they use the same hashing power in one instance.
Wallets are the primary storage for Litecoins. These wallets can be accessed anywhere in the works. It helps avoid withdrawing while on travel. International decentralized cryptocurrencies can be accessed anywhere as long as you have an internet connection.
Demand and supply determine the value of Litecoins. In order to get the price in USD, you need to divide the Litecoin’s market cap to the circulating supply. If you are a beginner in cryptocurrencies, the best way to generate valuable information is through looking at the statistics.