Lite coin – price in India full overview
Lite coin – price in India
Lite coin is a cryptocurrency that was found in the year 2011.The Litecoin network went live on October 13, 2011.
In May 2017, Litecoin became the first of the top-5 (by market cap) cryptocurrencies.
Bitcoin takes 10 minutes to make the transaction but lite coin takes only 2.5 minutes to make a transaction.
While making transactions four times faster, the maximum number of coins that can be mined.
The higher number of Litecoins, meanwhile, could make it psychologically more attractive to buy small-ticket items using the cryptocurrency.
The founder of bitcoin and lite coin are same.
The founder of bitcoin is Satoshi Nakamoto and the owner of lite coin is also read
He launched Litecoin, though not with the intention of actually creating an alternative cryptocurrency at first.
One reason why Litecoin supporters didn’t ditch the nascent coin for Bitcoin is the different mining process, requiring hardware that is more widely available.
While Bitcoin mining uses the SHA-256 hashing algorithm, which requires ASIC microchip technology, Litecoin uses the script algorithm.
As script requires a larger working memory,
most ASICs makers have been barred from developing a suitable technology.
Instead, Litecoin is often mined on graphics cards or GPUs.
It is a cryptocurrency that has evolved from Bitcoin after its own popularity in the industry.
It is one of the most prominent altcoins and was created by former Google employee and Director of Engineering at Coinbase, Charlie Lee.
Miners of Lite coin
Miners who use hardware to earn bitcoin, they cannot shift to Lite coin because Lite coin is different from Bitcoin. They can not do that before earning bitcoin using hardware is easier it is also profitable.
Litecoin also has bigger blocks, and more coins in circulation, making it more affordable and swift when transacting, Investopedia explained.
As explained above, Litecoin can transact a lot faster than Bitcoin, but there are also a number of other characteristics that investors need to know before trading.
It is proved that lite coin can handle more transactions because it takes less time for each transaction.
However, Litecoin’s blocks would be larger, but with more orphaned blocks.
The faster block time of litecoin reduces the risk of double spending attacks – this is theoretical in the case of both networks having the same hashing power, Coindesk also mentioned.
Litecoin is more scalable by nature and with bitcoins currently flooded with unconfirmed transactions, Litecoin is looking much better than BTC as a medium of exchange.
read about bitcoin click here.
The second major difference between Litecoin and Bitcoin is in the Proof-of-Work algorithms they use. While Bitcoin uses the processor-intensive SHA256 algorithm, Litecoin makes use of the memory-intensive script algorithm.
In its nascent stages, Bitcoin could be mined by CPUs and GPUs.
However, as competition in the network increased, specially-built FPGA– with vast processing capabilities, had to be used to mine bitcoins.
To prevent the same from happening with Litecoin, Charlie decided to adopt the script algorithm instead. Script was specially designed to make it difficult and expensive for processor-intensive devices to mine Litecoin.
It does so by requiring large amounts of memory, something which ASIC miners and the like are short on. So, miners with several ASIC miners can’t mine Litecoin efficiently and hence can’t control more of the network.
This makes the cryptocurrency more accessible to everyone and thereby contributes to a more decentralized system.
like in the case of Bitcoin, makes it difficult for the community to progress.
Meanwhile, Litecoin has taken the lead on implementing technological upgrades courtesy of its dynamic and vocal leader.
With Charlie explaining why and how making certain upgrades are important to the network, the community is more cooperative and understanding on their path to realizing Litecoin’s vision.
In 2017, for example, Charlie aggressively pushed the Litecoin community to support an upgrade called Segregated Witness. This soft-fork has several features one among which is the promising Lighting Network (LN).
The Lightning Network, which is still in the testing phase, addresses the issues of scalability, transaction fees, and interoperability (between LTC and BTC).
It also makes it possible to run lightweight LN clients that outsource monitoring of the blockchain.
All this means that BTC and LTC transactions will be quicker, cheaper, and more risk-averse in the future.
On 1 January 2017, Litecoin had a price of $4.36 and a market capitalization of around $214.15 million.
Today, 12 December 2017, one LTC costs $245 and its market cap stands at a whopping $13.32 billion.
Another factor that boosted this market is the improving acceptance of cryptocurrencies in countries like Japan, South Korea, and Switzerland.
And when it comes to acceptability, Litecoin is right up there next to Bitcoin and Ether.
And if that does happen, only those coins which offer useful features and are easily usable will survive the market crash.
Litecoin reached a $1 billion market capitalization in November 2013.
By late November 2017
By late November 2017, its market capitalization was US$4,600,081,733 ($85.18 per coin).
Later in May of the same year,
transferring 0.00000001 LTC from Zürich to San Francisco in under one second.
Lite coin is a great cryptocurrency. It has become widely known. Most of the people of the world started using it and have made a great profit.
By reading the above sentences, we can say that it is a great cryptocurrency.
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