What is Litecoin and how is it different from Bitcoin – What is Litecoin in Hindi

What is Litecoin in Hindi – Do you know what this Litecoin is? Why this CryptoCurrency is famous in the headlines today. Here you will learn about it.

What is Litecoin and how is it different from Bitcoin?

 

 

 

 

 

 

Do you know what Litecoin is ? Why this CryptoCurrency is famous in the headlines today. If you are already aware of Bitcoin, then you can probably guess that the virtual currency we are talking about today is also called the little brother of Bitcoin. Yes friends, since its origins in 2011, this peer-to-peer cryptocurrency has achieved its status very easily.

This is a type of Digital Money that uses BlockChain to complete its Transaction so that it can easily maintain public ledger. Litecoin is used between individuals and businesses to transfer funds, and to do so any intermediary such as bank and payment processing service. Litecoin has gained a lot of fame due to these types of features. So today I thought why should you people also be given complete information about what is Litecoin so that you also know about it beforehand which will make it easier for you to understand and buy it. Then without delay let us know what this Litecoin is and how it is different from Bitcoin.

What is Litecoin in Hindi

 

If any cryptocurrency is in the market after Bitcoin and XRP, it is Litecoin . It has emerged as the fifth largest cryptocurrency in the world. Litecoin also works like other online payment systems. Just like we send money to another user in Paypal or any online banking, similarly in Litecoin also we can send money easily to another person

Just like our traditional currency becomes Federal Reserve or Government, in contrast, Litecoin does not form any government or does not make any such Institution, but its Transaction Block is calculated and mine. This is also a type of de-centralized currency. So let’s know about Litecoin in detail.

What makes Litecoin different?

Because something must be different that makes Litecoin different from others. Today I am going to tell you some things about this and tell some unheard things.

There are mainly three things that distinguish Litecoin from others, especially Bitcoin:

Speed

Number of Coins

Market Cap

Speed

Litecoin is also based on the same Open Source code that is behind Bitcoin. But with a lot of difference. Litecoin is also called silver of Cryptocurrency. Where Bitcoin is called gold. The main difference between these two is in their transaction speed.

Block making in Litecoin is four times faster than Bitcoin. Due to which Transactions can be easily verified and many more processes can be processed in the same time interval.

 

If we talk about the number of Coins Cryptocurrency, then their value is so much because they have a limit of supply, after which they will end. These coins can be mined only once.

While this limit is 21 million for Bitcoin, it is close to 84 million for Litecoin. From this you can guess that Litecoin is far ahead of Bitcoin in the amount of Coins.

Market Cap

If we compare the market cap, Litecoin seems to be fickle compared to Bitcoin, but still it comes in number 5 in Top Cryptocurrency. The fluctuation of their ranking depends on their price and how much coin circulation is there.

How is Bitcoin different from:

 

In response to this, I am going to present some such facts about it so that you can get to know about the difference between these two.

Litecoin vs Bitcoin

Litecoin

Bitcoin

Founder

Charlie Lee

Satoshi Nakamoto

Release Date

07 OCT 2011

09 JAN 2008

Release Method

Genesis Block Mined

Genesis Block Mined

Total Coin Supply

84 Million

21 Million

BlockChain Protocol

Proof Of Work

Proof Of Work

Usage

Digital Money (Silver)

Digital Money (Gold)

Privacy

Yes

Yes

Trackable

Yes

Yes

Cryptocurrency Used

Litoshi

Satoshi

Cryptocurrency Symbol

LTC

BTC

Transaction Fee

0.001 LTC Average

By load on BlockChain

Algorithm

Scrypt

SHA- 256

Block Time

2.5 Mins

At least 10 Mins

Mining

GPU Script-ASIC Miners

ASIC Miners

followed Scaled

Yes

Yes

Mining Litecoin

The Hashing Algorithm that is used for the mining of Litecoin is quite different from Bitcoin and how many coins will be distributed with it when a solution comes out is also different. When a transaction is ready, it is grouped with others which are recently submitted to Cryptographically-protected blocks.

Computers, which are also called Miners , use GPU and CPU to solve these Complex Mathematical Problems. Once all transactions are completed then they are verified.

When a block is solved then all the miners get their share of money, who had invested their time in this mining.

Like I have said earlier that both Litecoin and bitcoin use contrasting algorithms while hacking. While bitcoin uses SHA-256 (short for Secure Hash Algorithm 2), also called quite complex, Litecoin uses a memory-intensive algorithm, also called scrypt .

Using different algorithms means using different hardware, so miners who do bitcoin mining will have to change the hardware if they want to do the mining of Litecoin.

How to use Litecoin Cryptocurrency?

Litecoin is a cryptocurrency just like Bitcoin, but they follow completely different protocols. If we look at the official website of Litecoin, then it says that Litecoin has peer to peer Internet currency in which instantly you can send payment to anyone and that too in very few Fees.

Litecoin is a completely open source, decentralized crypto money , which works on the basis of cryptographic math .

Litecoin is not designed to compete with Bitcoin, rather it is a complimentary solution that can also be used as an alternative. Therefore, it is also called silver of Cryptocurrency.

Where, when and who started Litecoin?

Litecoin was created by Charlie Lee on 7 Oct 2011 , he is an ex-Google employee. Litecoin was built on a complement of Bitcoin to solve problems such as concentrated mining pools and transaction timings.

Litecoin’s code is derived from Bitcoin’s core code, which has since been modified by Charles Lee. The reason for this change is that Charles lee says that since he wanted to adopt a large scale of this currency, he modified its protocol according to his own.

Lee wanted the block confirmation timings to be reduced to a great extent so that the maximum amount of transactions could be confirmed. Therefore Lee has increased the transaction speed of Litecoin by 4 times as compared to bitcoin.

Team Behind Litecoin

When Charlie Lee launched Litecoin in GitHub , he was the only employee of it. There were no full-time developers in Litcoin from 2011–2016. Later Warren Togami (Lead Developer), who is now in the lead, contributed. And in 2016, a developer whose alias name is ” Shaolibfry ” came later and contributed to Litecoin.

Just like that, many other developers have added to Litecoin and are slowly improving it.

How many Litecoins are going to be total?

Litcoin was the first company to have a limited supply of bitcoin, the first time people told about 21 million bitcoin. Therefore they have increased their supply by 4X.

So the entire amount of Litecoin will be 84 million units. In recent times, 53 million have been mined and 31 million units are still left to mine. A litecoin block is mine every 2.5 minutes.

How much does Litecoin cost now?

If I talk about today, then the price of Litecoin is Rs. 16887 / – and its value continuously increases and decreases. Yet Litecoin is ranked 5th in the top cryptocurrency in the world.

How to buy Litecoin?

If you want to buy Litecoin, then you can buy it from exchanges in exchange for Bitcoin, but for this you must have Bitcoin. There are many exchanges where you can buy your desired cryptocurrency in exchange for your bitcoin.

One such exchange is CoinSwitch  where you can easily buy Litecoin.

Litecoin Wallets

Like Bitcoin, Litecoin also has Wallets where you can store your purchased Litecoin. They are also called Digital Wallet.

These Wallets are mainly of two types:

  1. Software Based Wallet
  2. Hardware Based Wallet

If seen, Hardware Based Wallets are safer than Software Wallet. Private Keys are required to open all Wallets, with the help of which Coins can be sent and found.

There are many third party wallets like this which include Electrum, Loafwallet, LiteVault etc. Apart from this, if you are a desktop user then you can install Litecoin Core which has been created according to a full fledged client by Litecoin Development Team and it is constantly updated.

Future of litecoin

The future of Litecoin seems to be quite bright because according to which the price of Litecoin has increased, it is expected that this price will be more profitable in the coming time.

Since it is faster than Bitcoin, its transactions are completed very quickly, so more and more people are getting attracted to it and in the coming time it may also cut the value of Bitcoin.

I sincerely hope that I have given you complete information about what is Litecoin and I hope you all have understood about Litecoin. I request all of you readers that you too should share this information in your neighborhood, relatives and friends, so that our awareness will be there and it will benefit everyone. I need your support so that I can convey more new information to you.

It has always been my endeavor that I always help my readers or readers from all sides, if you people have any doubt of any kind, then you can ask me irresponsibly. I will definitely try to solve those Doubts. How did you like this article Litecoin? Please tell us by writing a comment so that we too have a chance to learn from your ideas and improve something.

 

 

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