Litecoin Basics

So what is Litecoin? I’ve already written about Bitcoin basics and provided a Bitcoin glossary for digital currency virgins, but this is my first post on Litecoin, because I believe the timing is right.

Litecoin has often been described as the digital silver to Bitcoin gold. Many cryptocurrency fans will tell you that mining or investing in Litecoin right now is a great decision, and will be more profitable than if you did the same with Bitcoin under current circumstances. Before moving on the facts you can check the price of Litecoin and compare it with other available digital tokens here at coinmarket to get idea or the current market value of your coin.

Here are 5 facts about Litecoin that give a good overview of the subject.

  1. Litecoin is a decentralized cryptocurrency, just like Bitcoin (BTC), not tied to any national government or bank.
  2. There is a finite supplyin circulation that will total 84 million Litecoin (LTC), exactly four times the Bitcoin cap.
  3. The current valueof a Litecoin is about 3% of a Bitcoin, at roughly $2.70 USD, compared to BTC at about $95 USD.
  4. Litecoin is mined or minted in larger blocks than Bitcoin, and dispersed more often, every 2.5 mins or so, compared to Bitcoin every 10 mins. Bitcoin is released in blocks of 25, where Litecoin is at 50.
  5. Litecoin can be efficiently mined with consumer-grade hardware, whereas most people would argue that to mine Bitcoin effectively you need to invest in highly specialiazed (and relatively expensive) hardware to mine BTC.

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