Cryptocurrency has swept the world in the recent years. Not only can you find cryptocurrency on the internet media, cryptocurrencies have even made it to the global media and many governments are now considering regulating the new currency.
Cryptocurrencies are a kind of currency with no physical existence. They exist virtually over the internet but can be used to buy, sell and trade. After their advent in 2009, they saw little success. However, recently a surge in the coins and exponential increase in their value has made them a viable token for storing, trading and litecoin mining.
Litecoins
Litecoins came into existence in 2011, 2 years after the initial Bitcoins. Litecoins were invented by Charles Lee, a Google engineer. The purpose of Litecoins was to provide an alternative to Bitcoins. This purpose, Litecoins served well. With paramountly two major differences, Litecoins eventually became the next Bitcoins.
Litecoin Properties
Litecoin enjoys the fundamental property of quicker processing time as compared to Bitcoins. Where Bitcoin takes about 10 minutes for confirming a block, Litecoin takes just 2.5.
Litecoins also have simpler hash algorithms against Bitcoins which are highly complex. Hence they can be unlocked more quickly than Bitcoins.
The algorithms used by Litecoins is called Scrypt, while Bitcoins use SHA-256.
Potential
It wouldn’t be an exaggeration to call Litecoins a cryptocurrency with very high potential. This is because it has several advantages over its counterparts. Litecoins enjoy the highest market cap after bitcoins. Today, resting at a whopping value of around $189, Litecoins are increasing in value every day.
How to acquire
If you wish to acquire Litecoins, you have two methods. You can either buy them at the market price or you can mine for them. Litecoin mining is a complicated process, requiring dedicated machines, time and effort. Purchasing Litecoins is easier on the other hand if you have enough cash. Once you have Litecoins, you can use them for buying and selling over the internet.
If you wish to trade in Litecoins, you can seek the assistance of Litecoin brokers. You also need to stay informed and updated about Litecoin trade and market trends.