A Guide To Litecoin : How To Buy, And The Latest Quote.
Article By : Patrick Mansfield | U.S. Consumer Finance
A Brief History:
Litecoin has been around since 2011. The currency was created by Charlie Lee. Charlie Lee is a graduate of MIT, and he worked for Google as an engineer.
The Differences Between Litecoin And Bitcoin:
It's often said that Litecoin is to Bitcoin what silver is to gold. Litecoin uses a scrypt algorithm. This algorithm incorporates the SHA-256 algorithm, but its calculations are more serialised than those of SHA-256 in bitcoin.
Also, a favorable aspect of Litecoin is that it takes 180 seconds to generate a block (The blockchain that validates the transaction) compared to Bitcoins 10 minutes.
Litecoin is fully decentralized. Consumer grade computer processors are often used to authorize transactions, but there also are large-scale Litecoin mining operations. People are rewarded in Litecoin for authorizing transactions. The global payment network of Litecoin is open source.
The Litecoin reward that people get for authorizing a transaction will decrease by half in the near future. The halving of mining rewards has also occurred with Bitcoin.
Are There Merchants That Accept Litecoin?
While most merchants that accept cryptocurrency only accept Bitcoin, some of them accept Litecoin. The number of merchants that accept Litecoin is increasing. Also, major cryptocurrency exchanges allow you to exchange fiat currencies for Litecoin. Here are some examples of businesses and organizations that accept Litecoin:
This company offers multimedia and film production services.
This organization offers services to individuals experiencing homelessness.
This organization offers gift cards.
This company sells the materials that you need to mine cryptocurrencies.
Benz and Beamer:
This company sells vehicles, and their products are widely known all over the world.