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What Is Litecoin

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Following the emergence of the first cryptocurrency, Bitcoin, the Litecoin crypto was developed. 

The same as Bitcoin, the Litecoin network belongs to the peer-to-peer type, storing the information about transactions in blocks. Providing their computer power, miners support the network operability. That is the Proof of Work protocol. 

Litecoin is Bitcoin’s fork. The Litecoin ticker is LTC. It is also called “the younger brother of Bitcoin” for it solves the same tasks as BTC. The difference is that transactions in the Litecoin network are faster and cheaper.

This article will discuss the main differences between LTC Litecoin and BTC Bitcoin.

Benefits of the Litecoin Network 

  • We all know that mining Bitcoin has become increasingly complex. Every block mined requires a lot of computer power, and the high-tech equipment becomes more and more expensive. When it comes to Litecoin mining, it needs much less power and expenses compared with mining BTC. One powerful video card will cope with this task.
  • Low fees. Transactions in the Litecoin network are hundreds of times cheaper than that of Bitcoin.
  • Transactions in the Bitcoin network may take you some time. On the contrary, the Litecoin blockchain enables fast transactions for up to 30 seconds.

The initial Litecoin price was $2. In Dec 2013, that rate boosted to $44.7, followed by a drop to $10 in 2017. In 2020, the rate reached $401.8 and then dropped to $190. To date (mid-June 2022), the LTC to USDT pair is traded at $45,3.

You can buy Litecoin on popular crypto exchanges, such as Binance, White BIT, Kraken, etc. To purchase LTC, you should register an account on one of the mentioned exchanges and go to the block “Trade”, where you will find the list of crypto assets available. Pick LTC and the asset you want to exchange, creating the pair. Place an order and pay the fee. In a matter of seconds, you will receive LTC to your account.