Litecoin for Beginners
When it comes to digital currency, we have already noticed so many numbers of crypto currency. What does this signify? This signifies the amount of growth of the digital currency and the levels where it is reaching. Thus, people have started developing cryptocurrency to enter this field of technology and rule. To enter this field and rule, we have one of our newcomers. This is Litecoin. Now, obviously, Litecoin has numerous amounts of crypto currencies to tackle and also win against them to reach their way high up to be the king in the field of technology. But before judging Litecoin as to how good will it is, we have to learn a lot about Litecoin. So, today in this article, we are going to showcase everything, that is, the basic details you are required, to know about Litecoin before going into the comparisons of Litecoin with some other crypto currency and finally deciding which one is over ruling the other one.
The term “Litcoin”
At many places, you will also find people naming Litecoin as “the second best cryptocurrency” in the world. Well, we will not go into that. Then, what is Litecoin? In a gist, Litecoin is a cryptocurrency which is a part of the digital currency. All the functions and the working are almost same as all other cryptocurrencies.
What is Litecoin
There is certain basic stuff we all need to know, solely due to the reason that not all of us are fully aware of Litecoin. so, let us start with the following points or tips which are given to describe Litecoin in a bit more specific way.
- Understanding the raw and the pure material of Litecoin:Obviously, to make practical use of anything you see in this world, it is always better to know the theory first and then apply your theoretical knowledge, which you have picked up into practical use. So, you have to give time. Take out as much time as you can in first learning about Litecoin. It is okay if you cannot recognize at first and cannot catch the entire gist. When starting initially, there will be problems. But, the more you learn, the more you cherish your brain and rev your mind hard, the more is your knowledge on Litecoin.
- Get together all the things that you know about Litecoin:Well, no problem if you didn’t have it. After understanding all the essential needs and all the important aspects of Litecoin, you now need to get things together in one place and compile up all your knowledge to form one stack of information, which will help you in every field when around this area. Before proceeding yourself with the knowledge of Litecoin further, check whether you have understood all the concepts clearly and you can connect to each one of them when gathered together in one place.
- Selecting your suitable wallet:Come on, this is a cryptocurrency. Like we save or rather keep money in our wallets, even in the same way here. You need to know everything about everything. Thus, we have a wallet known as the cover for them. There are numerous types of wallets. Choose the one which fits you the most. Do remember, there are times in between where you will be confused about two similar wallets. This time it’s totally that kind of a trip, where you go, enjoy and come back. Same goes for the wallets of Litecoin.
Why Use Litecoin
Following are the top five facts; you will find that there are thousands of people not being able to understand:
- The functional differences are what we need to understand: Generally, where there is any new cryptocurrency coming into the market, they are directly compared to Bitcoin. Same as here it goes, Litecoin is almost same as Bitcoin but not totally same. Thus, there exist some functional differences. These functional differences normally state that, with Litecoin, we get four times faster than the confirmation time, security is somewhat higher than Bitcoin, and the creation of a total of 84M can be done.
- Security is one step ahead of Bitcoin:Now this is however not completely true. The reason behind this is, Bitcoin excels Litecoin in terms of security at a particular point. Again, Litecoin excels Bitcoin in terms of security in another particular point. The detailed study states that Bitcoin is faster than Litecoin when it comes to the speed in regards to blocks. But, on the other hand, Litecoin is faster than Bitcoin when it comes to the time taken for the confirmation of all the transactions that have been made. Wherever the work is faster, the work is safer too.
- Reaching $19:Yes, in recent times, Litecoin had hit its peak value where the value of Litecoin rose to $19. Also, do remember that the day Litecoin achieved this level, that is, the day they reached $19, they were 2% ahead of the total value of Bitcoin. Thus, this can show a light to the change of digital currency. All these numbers are obtained from sources like BTC-E.com and nothing is made up.
- Number of Litecoins that can be created:It is seen according to rough calculations that the number of Litecoins which can be created is almost equal to four times the number of Bitcoins that have been created. An approximate number of creation stands to be 4.84 million units of Litecoins.
- The silver and gold relation:As we all know Bitcoin came into the scenario ahead of Litecoin. Also, according to the logos and the working of Litecoin, which basically enhances some parts of Bitcoin, they both are related and said by many people that “Litecoin is the silver to Bitcoin’s gold.”
This was all for Litecoins. What do you think? Would you opt for Litecoin or would you change it for any other crypto currency? Well, definitely this is one of the best cryptocurrencies available today, but it is up to you to decide what you want to opt for according to your needs and desires.