Litcoin meaning by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about what is Litcoin crypto currency.
What Is Litcoin?
Litecoin(LTC) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. The coin was inspired by, and in technical details is nearly identical to, Bitcoin (BTC).
Litecoin is different in some ways from Bitcoin.
- The Litecoin Network aims to process a block every 2.5 minutes, rather than Bitcoin’s 10 minutes. The developers claim that this allows Litecoin to have faster transaction confirmation.
- Litecoin uses scrypt in its proof-of-work algorithm, a sequential memory-hard function requiring asymptotically more memory than an algorithm which is not memory-hard.
Due to Litecoin’s use of the scrypt algorithm, FPGA and ASIC devices made for mining Litecoin are more complicated to create and more expensive to produce than they are for Bitcoin, which uses SHA-256.
To buy the coin you can sign up with a cryptocurrency broker, you can use Plus500, XM, eToro, Fxpro or AvaTrade crypto currency brokers.
What Is Litcoin Conclusion
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