Software projects are the latest mega requirement in our daily lives. Under the MIT/ X11 license, the Litecoin (LTC) peer-to-peer cryptocurrency and open source software project was released. Not managed by any central authority, Litecoin creation and transfer is based on an open source protocol. This is inspired by and technically nearly identical to Bitcoin (BTC). By virtue of litecoin price, Bitcoins’- gold, Litecoins’- silver. It is the third largest cryptocurrecy by market cap.
Designed to be ‘lightweight’ and more abundant than bitcoin, it also addresses crypto currency’s perceived shortcomings by also using scrypt as its proof-of-work algorithm, making it impervious to ASIC mining. In other news, many other companies say they are planning to launch scrypt ASIC miners in the near future.
Compared to 21 million BTC, 84 million litecoins can be produced on the network!
Here is a bit about litecoin price which will help you take the right call regarding acquiring litecoins.
- Litecoin’s value is lower than bitcoin's.
- The infrastructure of Litecoin is not as established as that of Bitcoin. So if you are a new user, you may have some difficulties.
- You can also mine litecoins using basic computers.
- Like all investments, this must be thoroughly researched.
Here are a few risks that are flagged for your benefit.
As mentioned above, litecoin infrastructure is way less established than bitcons. So the easiest way is to buy them with bitcoins. But here are some issues:
- Lesser number of exchanges which are willing to deal with litecoins.
- Cash to litecoin conversion is limited and most only allow bitcoin to litecoin conversion.
- You can buy litecoin for currency at UK and Australian exchanges but it is location dependent for you.
- Local markets will give you the bitcoin sooner to exchange for litecoins. But local markets will be more expensive.