Litecoin (LTC) is a decentralized cryptocurrency, a fork of Bitcoin intended by its designers to be more feasibly mined using consumer-grade hardware. Litecoin is a peer-to-peer crypto currency that was developed on the base of Bitcoin and has an open source code. Unlike Bitcoin, the Litecoin blockchain is able to process a greater number of transactions.
The creator of Litecoin – Charlie Lee, a former employee of Google – took the Bitcoin source code as a basis and created a crypto currency that needs 2.5 minutes to generate a block – this is 4 times faster than Bitcoin.The full emission of Litecoin makes out 84 million coins, which is also 4 times more than of Bitcoin. The start reward for a block made out 50 Litecoins, and now it is 25 Litecoins.
Features of Litecoin
- Transaction confirmation is faster
- Increased storage efficiency
- Coins to reward miners
Some common issues of Litecoin, We fix-
- Trouble signing in on litecoin.com.
- Unable to sell and buy Litecoin.
- My password does not work.
- Trouble connecting with the server
- Unable to receive a Litecoin.
- Litecoin hacking issue.
- Unable to deposit and withdraw USD.
- Wallet balance doesn’t show.
- Hacking a payment gateway.
- User address error.
- Loss of a wallet file.
- Unable to send a Litecoin
- Unable to mine Litecoin.
- Unable to send Litecoin from my account.
- Unable to cash Litecoin.
- Two-factor authentication failed.
- Connectivity Issues or “Connection Error”
- Unable to open the Litecoin wallet.
Advantages and Disadvantages of Litecoin
- It is an open source project
- Litecon is little faster than Bitcoin
- Transaction fee is almost zero
- All hardware wallets supports Litecoin
- As it was created by a former Google employee, which means reliable and more secure than the other cryptocurrencies
- Segwit has recently been included in Bitcoin that means advantage in Litecoin over Bitcoin is reduced
- Client code is not maintained properly
Litecoin was released in October 2011 in the form of a client with an open source code on the Internet hosting GitHub by Charles Lee, a former Google employee. The crypto currency works according to the MIT/X11 license, which allows anybody to execute, modify and copy software as well as to distribute any modified copies. It was a fork of the Bitcoin-Qt client, differing primarily by having a decreased block generation time, increased maximum number of coins, different hashing algorithm, and a slightly modified GUI.
The Litecoin exchange rate gave a jump in November 2013: the capitalization of crypto currency exceeded 1 billion dollars.
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