KoinBX is the best Crypto Exchange Platform that provides exciting features to trade LTC. Before getting into the steps to buy LTC with INR, let’s first learn about what Litecoin (LTC) is,
What is Litecoin?
Litecoin (LTC) is a crypto created as an alternative to Bitcoin (BTC) in 2011 by Charlie Lee. Litecoin is based on a peer-to-peer network (P2P) that enables users to send payments worldwide quickly. And it has a much faster transaction speed than Bitcoin and is cheaper to acquire, making it an attractive alternative to Bitcoin.
It uses the same open-source code as Bitcoin but with some key differences. In addition to using a proof of work (PoW) consensus model, Litecoin also uses a different hash function known as Scrypt, while Bitcoin uses SHA-256.
How Does Litecoin Work?
Litecoin uses an open-source cryptographic protocol for creating and transferring digital coins. It utilizes blockchain technology to record a decentralized, public ledger of all transactions. The blockchain is a shared digital ledger that records all Litecoin transactions. It uses a proof-of-work (PoW) system to ensure secure and valid transactions.
Crypto transactions are grouped into ‘blocks’ by miners. Blockchain transactions are recorded on the blockchain when Litecoin miners solve complex mathematical problems, known as hashes. After being cryptographically secured, the blocks are linked to the existing blockchain. Mining secures each block to the existing blockchain using mining software. Once a block is confirmed, new crypto units get released. Miners can inject these units into the market. Because of their crucial role in the process, miners can own their coins on the blockchain.
Similar to Bitcoin, Litecoin’s supply will decrease over time to retain its value. In Litecoin, the block reward for verified transactions is halved, which means that it reduces by 50% the reward for each block. The LTC [Litecoin] has recently completed its recent halving, which will cut miners’ rewards in half. The block reward structure of Litecoin has been reduced by 50%, resulting in a drop from 12.5 LTC to 6.25 LTC. Thus, the current daily output of LTC coins through mining is 6.25 LTC. And the LTC block reward could decrease from 6.25 LTC to 3.125 LTC after the next expected Litecoin halving date in 2027.
Litecoin’s Hashing Algorithm:
Litecoin uses the Scrypt hashing algorithm, which is more memory-intensive and slower than SHA-256. Scrypt is used as a proof-of-work technique for plenty of cryptos (most notably as the hash function in the Hashcash proof-of-work method). However, it gained popularity in the crypto world after the 2011 Tenebrix project updated Scrypt to allow mining with regular CPUs. Scrypt’s higher memory needs also made developing application-specific integrated circuit (ASIC) miners challenging. But its ASIC-resistant configuration didn’t last long: the world’s first Litecoin ASIC miner was launched in 2016.
Features of Litecoin
Litecoin has several features that make it attractive to both users and investors.
Lightning Fast: Litecoin offers faster transactions than Bitcoin, with the average Litecoin transaction taking around two and a half minutes to complete. This is much faster than Bitcoin, which can take up to an hour or more for a transaction to be confirmed, which makes transactions instantly.
More Secure: It also offers more secure transactions, due to its use of the Scrypt algorithm, which makes it harder for miners to double-spend coins and it difficult for hackers to access user accounts.
Lower Fees: Litecoin has lower transaction fees than Bitcoin, making it more affordable.
Higher Supply: It has a maximum supply of 84 million coins, which is four times higher than Bitcoin’s maximum supply. This makes it much easier to buy and sell on the market.
How to Invest in Litecoin
Engaging with Litecoin requires a digital wallet capable of storing & transacting with the crypto securely. Individuals can acquire Litecoin through mining, using computational power to secure the network and validate transactions. Alternatively, users can purchase Litecoin on a reputable crypto exchange, providing a convenient way to enter the crypto market.
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Conclusion
Litecoin is a crypto that is gaining popularity due to its features and low transaction fees. It is a decentralized, open-source payment network that is secure and easy to use. Furthermore, it has a higher supply than Bitcoin, making it easier to buy and sell on the market. With its larger total supply and more secure transactions, Litecoin is an appealing choice for those looking for a digital currency.
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