Litecoin started as a peer to peer digital currency as a variant if Bitcoin but slowly it has grown to become one of the top cryptocurrenices by market cap . The coin limit of Litecoin is 84 million coins. It follows the algorithm of Scrypt, which puts the transactions in sequential order. Litecoin has basically come up with few alterations over the Bitcoin to provide the better experience. The current block-reward stipulated is 50 Litecoins.
Litecoin is founded in October, 2011 by Charles Lee, a former Google employee. Litecoin was actually a fork of Bitcoin’s client namely Bitcoin Core.
· Algorithm: The algorithm followed by Litecoin is Scrypt in place of SHA-256 by the Bitcoin.
· Block time: The time needed to create a block in Litecoin is 2.5 minutes, whereas the block-time stands for Bitcoin is 10 minutes which essentially means, Litecoin processes greater no. of transactions at a faster speed as compared to its counterpart (Bitcoin).
· Rewards: The rewards for Bitcoin are halved every 210,000 blocks whereas the rewards for Litecoin gets halved every 840,000 blocks.
· Transaction Cost: Litecoin charges a low transaction fee as compared to the Bitcoin.
· Ledger Nano S (Hardware Wallet)
· Trezor (Hardware Wallet)
· Exodus (Desktop Wallet)
· Coinbase (Online Wallet/ Exchange Wallet)
· Litecoin Core (Desktop Wallet)
· Jaxx (Desktop & Mobile Wallet)
· Electrum (Desktop Wallet)
· Liteaddress (Paper Wallet)
· LoafWallet (Mobile Wallet)
Litecoin can easily be traded for dollars, Euros and other fiat currencies. Though, in a popular trend, it is commonly exchanged for the Bitcoins from the authentic exchanges like Changelly , Shapeshift etc.
Here, a concise list of exchanges is presented from where the Litecoins can easily be accessed.
The Litcoin is a decentralised digital currency alternative. The competitors that stand in competition with the Litecoin are:
· Low volatility in comparison to the other fellow-coins.
· Faster and greater number of transactions.
· One of the advantaged of Litecoin is that it is not pre-mined like some of its fellow –coins (Zcash, Dash)
· Litecoin’s block-chain is proportionately larger than the Bitcoin’s block-chain.
· Litcoin provides a relatively less liquidity in contrast to the Bitcoin.