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Litecoin

Litecoin

The subject of finance can be a fairly broad one, the point at which it can become boring for many people. This, in fact, is quite logical considering the amount of mathematical operations that the science of economics involves, as well as the different news that one has to be aware of in terms of important financial movements that can have repercussions on the economy. financial bag or some other type of medium.



Given this, Presumably many people would stray far from the topic of finance, but today and even popular culture has shown the opposite through the topic of cryptocurrencies.

This can be demonstrated through the number of people who are seen talking about the different cryptocurrencies throughout social networks, taking into account that many of them are not active or at least old traitors. And much of this is due to the rise in prices that has occurred in cryptocurrencies such as bitcoin and others, which has only shown that they are very valuable resources that are at the hand of anyone.

But, if you are interested in investing in cryptocurrencies in the near future, you may find yourself a bit confused to realize that there are a wide variety of cryptocurrencies to choose from. But, if you want to go for something safe, you might want to invest in Litecoin.

What is Litecoin





Litecoin is a cryptocurrency that has an Open Source software. In fact, this cryptocurrency is a kind of spin off of bitcoin, that is, at the level of technical details this cryptocurrency has almost the same specifications as bitcoin.

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This cryptocurrency was released on October 7, 2011 at the hands of Charlie Lee, a Google employee who would later end up as the director of coinbase. In fact, Lee pulled the Litecoin Open Source client through GitHub in its entirety.

Likewise, the Litecoin code and not being a kind of fork of the primary bitcoin code, although with some small differences that may or may not make it more or less attractive for different users, for example, the maximum number of coins it has or the time block generation.

Differences between Bitcoin and Litecoin

As we have said before, Bitcoin and Litecoin share much of the same code, but there are some subtle differences that ultimately change the way cryptocurrency is used and even the way it is approached. The first big difference is that the Litecoin network seeks to process each block every two and a half minutes or so, unlike Bitcoin which performs the same process, but every 10 minutes, which makes Litecoin transactions significantly faster.

The second difference is how the proof-of-work system works in the algorithm of the code, it works in a very different way than bitcoin. But, despite the fact that these differences can be extremely subtle, and others that are not so subtle. A clear example of this is that due to how the algorithm of this cryptocurrency works, the mining work is much more complicated and expensive than that of bitcoin.