We all have heard about cryptocurrency and its ever-increasing craze among fintech and business tycoons. Cryptocurrencies became a trend because of security and opportunities raised by its decentralized architecture.
Cryptocurrencies and blockchain, the technology that acts as a critical enabler, are both getting eyeballs across mainstream media and the influencer community: if you’re active on social media, you’ve probably seen a number of great Instagram story ideas centered on altcoins like Litecoin.
Apart from that, it carries all its transactions outwardly without any intermediary like banks, government, agents, etc. Therefore, the interest of the public towards these digital currencies fluctuates dramatically. In this article, you will understand what Litecoin is and how to learn about it from YouTube.
What is Litecoin (LTC)?
Litecoin is another popular cryptocurrency that uses peer-to-peer architecture. Charlie Lee, who was a former employer at Google, is the creator of Litecoin. It uses the initial source code of Bitcoin. He designed this cryptocurrency to carry out cheaper transactions that seem more efficient for everyday use. Litecoin follows the principles of Bitcoin and renders an open-source global payment network. There is no central authority to control this system. Litecoin slightly differs from Bitcoin because it uses a more accelerated block generation rate and utilizes Scrypt as a work evidence scheme.
The coin-limit market cap of Litecoin is higher than Bitcoin, and the mining process is much faster. It eventually made the Litecoin transaction more affordable and agile. It uses blockchain technology to manage and transfer funds among individuals or business accounts directly. It records all the transactions by operating on a decentralized payment system. Since Litecoin has a similar structure as Bitcoin, it became a testing ground for improvements to Bitcoin. It leverages Scrypt, which is a password-based derivation function implemented in Tarsnap for the online backup system. Mr. Charlie designed Litecoin in such a way that it can withstand any hardware brute-force attacks.
Tremendous Market Growth and the Future
In 2016, the rate of Litecoin was $4.40. It was the 18th of December, 2017, when Litecoin first experienced its all-time high rate of $360.93. Within a year, Litecoin showed an 8200 percent increase in its cryptocurrency rate. Most small and medium-sized organizations and individuals prefer Litecoin over other cryptocurrencies. It is because most of Litecoin’s functionalities are the same as Bitcoin. Also, the pricing of Litecoin seems more rational as compared to Bitcoin.
If we talk about the future, Litecoin is well-accepted in many online stores that accept cryptocurrencies. Therefore, customers can buy electronic products, clothes, jewelry, groceries, and other items online. The value of Litecoin depends on the currency trading websites like GDAX, Bitfinex, Coinbase, and OKEx. Users can buy or trade Litecoin easily through various apps like WazirX, Coinbase, etc. Apart from buying and trading, users can also mine Litecoin with some decent technical skills.
Let’s Wrap Up
If you plan to mine cryptocurrency or buy Litecoin using WazirX or Coinbase, check out some YouTube videos to learn. You can also convert your video using YouTube to Mp3 converters and listen to it in your free time. Audio’s a great way to learn about crypto while focusing on other responsibilities. Converting educational crypto videos to audio and then listening to them on the go will free up time, while bolstering your knowledge about this hot opportunity.