What is Litecoin and how is it different from Bitcoin?

by Admin Date 04/04/2020

What is Litecoin and how is it different from Bitcoin?

Litecoin is a type of digital money which uses a block chain to complete it's transaction by which it can easily maintain public ledger. To transfer funds between individuals and businesses, Litcoin is used and to do so that any type of intermediary like as bank and payment processing service. Only because of these features, Litcoin becomes more famous in current time.
It is the type of Cryptocurrency bitcoin which is in the market after Bitcoin and XRP, then it is called Litcoin. Litcoin has emerged as fifth largest Cryptocurrency in the all over world. It also work as other online payment systemsystem by which we can send money to another user in PayPal or any type of online Banking or we can send money very easily to another person.

Value of Litecoin:

Now a days, one Litecoin is equal to rs. 16,887.it's value is not fix it can be increased or decreased. It is at the 5th position in top Cryptocurrency in all over world.

How Litecoin is different from Bitcoin?

  1. Litecoin uses digital money(Silver) while Bitcoin uses digital money (Gold).
  2. Cryptocurrency of Litecoin is "Litoshi" While Cryptocurrency of Bitcoin is known as "Satoshi".
  3. Crytocurrency symbol of Litecoin is "LTC" while Cryptocurrency symbol of BTC is "BTC".
  4. Block time of Litecoin is only 2.5 minutes while Bitcoins have block time at least 10 minutes.
  5. Both Cryptocurrencies are traceable.
  6. Both Cryptocurrencies need privacy.
  7. Transaction fee of Litecoin is 0.001 LTC Average while Bitcoin charges according to the load of block chain.

What is Cryptocurrency bitcoin and it can be earn and it working?

Bitcoin is Virtual Currency like as different types of other currency(rupee, dollar etc). Similarly, Bitcoin is also a type of digital currency but it is different from other currency because neither we can see it nor touch it. Only we can store it in online wallet. Bitcoin is decentralized currency that means there is no bank or government or any type of authority to control it that means no one is the owner of this money. Anybody can use the Bitcoin. Bitcoin is just like internet that whomever want to use it, can use Bitcoin.

Value of Bitcoin:

In current time, a Bitcoin's value is approximately $999 it means that it is equal to Rs. 65,000.But it's value is not fix it can be increased or decreased. Because of it has no authority, so it's value can be changed according to the demand.

 How can you earn Bitcoin?

There are basically three ways to earn Bitcoins which are as follows:

  1. If you have enough money so you can directly buy it just for rs. $999 but if you have not enough money so you can also buy small unit of Bitcoin which is known as "satoshi".One Bitcoin is equal to ten crore satoshi. So you can slowly deposit one or more Bitcoins.
  2. If you are selling something online and if Bitcoin is present with that buyer then you can easily take bitcoin in exchange for that money, in that case if you will sell them that stuff and you will get bitcoin also. This money will be store in your bitcoin wallet. Later,you can get profit by selling that bitcoin to another person, if you want.
  3. Bitcoin mining is also useful for earning the Bitcoin. For this mining,we will need a computer with high speed processor whose hardware should also be work properly. We use bitcoin only for making online payments and when someone pays with bitcoin, that transaction is verified. Those who verify these are called miners.

And those miners have high performance computer and GPU and they verify all the transactions through
it. They verify whether the transactions are true or not, and there has not been any fraud in that. In
exchange for this verification, they get some bitcoins and in this way new bitcoins come in the market.
Anyone can do this, a computer with a high speed processor is needed, which is not in everyone's
budget to buy.