Infokekinian.com – Here is information about Litecoin: Definition, how to get, and the price. So see this article to the end to find out more complete and clear information.
In sector cryptocurrencies, Litecoin is a well-known term. When you read about digital currencies, you may come across the term Litecoin.
Litecoin is a type of cryptocurrency that has a relatively low price and still exists in the market today.
So what exactly is Litecoin? What makes it unique from other cryptocurrencies? So that you don't get confused, we will cover what Litecoin is, how it works, how much it costs, and how to get it fast. Come on, read the following article to the end!
Under the MIT/X11 license, Litecoin is a type of cryptocurrency or crypto digital currency. Litecoin might be considered as a variation of the existing Bitcoin.
Yes, Litecoin is an open-source and decentralized (i.e., no central authority) blockchain network.
Like Bitcoin and other cryptocurrencies, Litecoin is a cryptocurrency that you can make as an investment choice.
Besides that, Litecoin can also be used in transactions without the need for a third party, namely with a peer-to-peer system (between users).
You also need to know, Litecoin or abbreviated as LTC is not the result of government publications which historically were the only institutions that people trust in issuing money. The acquisition of Litecoin is through mining or mining procedures.
Then, how much money needs to be spent to get it? When talking about price, maybe you are curious about how much 1 litecoin is. As of February 2021, the Litecoin price was around 2.8 million/coin.
History of Litecoin as a Crypto Coin Asset
Litecoin is a cryptocurrency that was published in 2011. The creator of Litecoin is an alumnus of the Massachusetts Institute of Technology (MIT) named Charlie Lee. At that time, Lee was a Google employee until he finally created Litecoin.
In 2013, Lee then resigned from Google and chose to work at Coinbase, a worldwide cryptocurrency exchange market.
However, it is now understood that Lee has left the market and is focusing entirely on Litecoin.
Lee's goal with Litecoin was to develop a version of Bitcoin into one that is both faster and cheaper.
This achievement was achieved to make Litecoin quite popular in the crypto market since it was first launched. Two years after its release in 2013, Litecoin's market cap is $1 billion.
Not only that, as of April 2018 Litecoin is the sixth largest market cap among 1,600 other cryptocurrencies listed that day.
The coin has a market valuation of $8 billion where the Litecoin price at that time averaged roughly $146 per token.
How Litecoins Work
After knowing what Litecoin is, you may wonder how it works. Litecoin actually has the same working system as conventional currency, where you can store it in an account, make transfers, as well as buy and sell transactions, but online.
Then, considering that this cryptocurrency is not issued by a special institution such as the government, the supply or algorithm for Litecoin circulation on the crypto market has also been determined, namely 84 million LTC and there will be no more. So, anyone has the right to develop it as they wish without restrictions.
Every 2.5 minutes, the Litecoin network will generate a block, which is the ledger entry of all the most recent LTC transactions around the world, and this is where the Litecoin value comes from.
These blocks are verified by the mining software and are visible to anyone who wishes to view them.
Once a miner verifies, the next block enters a list, or entry, which is a record of every Litecoin transaction ever made. The protocol also uses a different consensus mechanism called scrypt.
The Difference between Litecoin and Other Cryptocurrencies
As previously explained, litecoin is a modification of the Bitcoin code. However, both certainly have a number of differences. Here are some things that differentiate Litecoin from other cryptocurrencies.
Litecoin transactions are faster because the difference in block time is 2.5 minutes, while Bitcoin is every 10 minutes.
Litecoin uses the scrypt mining distribution method which is believed to be fairer than SHA-256 in Bitcoin.
Litecoin has more coins than Bitcoin, reaching 84 million LTC, while Bitcoin is only 21 million. This adds digital scarcity to the LTC token while increasing market liquidity.
How to Get Litecoin Fast
Then, how to get Litecoin fast? Basically, there are several methods that you can use to get Litecoin, including:
1. Mining or Mining
As previously explained, one way to get Litecoin is Mining (mining).
This is a method that solves the block verification algorithm problem through a proof-of-work (POW) or scrypt mechanism.
In this case, there are two ways of mining, namely Private Rig Mining and also Cloud Mining.
Later, for every problem that is successfully resolved, you will get a prize in the form of a number of Litecoins.
However, keep in mind that the total LTC on the crypto market is only 84 million. So, the more Litecoin you get, the more complicated it will be to solve new problems.
2. Through the Faucet
You can also get Litecoin by collecting a small number of LTC or Faucet chips from various websites.
Unfortunately, this method is less effective because it takes too long. In addition, the credibility of the Faucet provider is also not very convincing.
3. Buy Through the Cryptocurrency Market
The last way to get litecoin is to buy it through cryptocurrency markets around the world.
Yes, this exchange or buying and selling method is the easiest way for you to try. However, make sure that you get it on a trusted market, one of which is through Bitocto.
Bitocto is an instant, safe and practical platform for buying and selling crypto digital currency. Just download the Bitocto application via the Playstore or Appstore on your cellphone to get all the access to online trading needs.
Here are the prices of Litecoin:
- Trading Center: Indodax
- Pair: Ltc/IDR
- Purchase Price: 969,000
- Selling Price: 970,000
- All-Time High Price: USD 412.96 (May 2021)
- All-Time Low Price: USD 1.11 (Jan 2015)
- 24 Hour Trading Volume: USD 1 097 888 041
That's a bit of information about Litecoin: understanding and a brief history of Litecoin, complete with how to get it and the price.
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