Litecoin is similar to Bitcoin in many ways:
- It is also a decentralized cryptocurrency based on an open-source global payment network and is not governed by any central authority.
- Litecoins are also created by the process of mining, which consists of processing a list of Litecoin transactions.
- The stock of Litecoins is fixed at a total supply of 84 million Litecoins. As per an Investopedia report, around 16 million Litecoins are left to be mined by November 2021.
- The Litecoin network generates a new block, meaning a ledger entry of recent Litecoin transactions around the world, every 2.5 minutes.
- The block is verified by mining software and made visible to the miner.
- After a miner verifies it, the next block enters the chain, which is a record of every Litecoin transaction ever made.
- The miner earns 12.5 Litecoins for successfully verifying a block, unlike 6.25 blocks in Bitcoin.
Litecoin was created with an agenda to address the constraints of Bitcoin and compete with it at the same time.
Here’s looking at 5 trading facts about Litecoin that make it distinct from Bitcoin
- Litecoin has a much faster block generation rate. It has a way faster transaction speed than Bitcoin and confirms a transaction every 2.5 minutes, compared to 10 minutes taken by Bitcoin.
- The higher total stock of Litecoin at 86 million also makes it a profitable choice of investment.
- It can be used with ease for purchasing goods in everyday transactions, and for making payments, wherever they are accepted.
- Litecoin can also be used to send money overseas instantly and securely.
- Litecoin transactions can be completed without intermediaries, which makes its transaction fees lesser than Bitcoin and many other cryptocurrencies.
- It was built on the Scrypt algorithm proof-of-work (PoW).
- This makes it ASIC-resistant and makes mining more accessible to regular users. This also makes Litecoin more centralized.
How to buy Litecoin online on Indian crypto exchanges?
Litecoin is a lucrative choice among cryptocurrencies, being ranked 18th, with a market cap of nearly Rs 10 as of December 21, 2021. You can buy Litecoin on a reputed and legitimate exchange like ZebPay :
- Firstly, you should download the app and create an account after fulfilling kyc norms and registering your phone number.
- Then the bank account needs to be linked for buying Litecoin or any crypto for the first time.
- After buying the crypto from the exchange it can be stored safely on the exchange’s wallet itself.