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The world economies are managed by the numerous currencies that are released by the respective heads of the government in order to create and facilitate domestic and international trade. But since these fiat currencies are centralized and controlled by the government while charging higher rates for online transactions with minimal security against fraudulent actors, cryptocurrency was invented. Since Bitcoin was the first cryptocurrency ever developed, it garnered all the attention towards itself from the numerous other cryptocurrencies that were developed over the subsequent years. One of these cryptocurrencies was the Litecoin.Earn Free Litecoin
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Digital Gold of the Future, Litecoin is an asset that has provided financial freedom to millions across the globe. So if you believe in it, storing your Litecoins is a good option.
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Litecoin is accepted globally for financial transactions online at various e-commerce sites as a mode of payment.
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Following the trend that Bitcoin created upon its creation, Litecoin is a cryptocurrency that was created in 2011 by an MIT graduate and a former employee of Google. The cryptocurrency grew exponentially and went on to become the third-largest cryptocurrency in the world with a Litecoin market cap of $2,664,058,930 while the Litecoin price valuing at 3,128.66 INR per 1 Litecoin. Just like its contemporaries, the cryptocurrency works as an alternate, decentralized form of currency that can be used to make online transactions while ensuring security and safety from viruses and fraudulent actors that have plagued the internet.
Litecoin was released via an open-source client on GitHub on October 7, 2011 by Charlie Lee, a former Google employee. The Litecoin network went live on October 13, 2011. The Reason behind its creation was to improve upon bitcoin. In May 2017, Litecoin became the first of the top-5 cryptocurrencies to adopt Segregated Witness.
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Instead of being issued by the government or being printed and stamped by the Reserve Bank, Litecoins, like every other cryptocurrency in circulation, is created from a process called cryptocurrency mining. Mining refers to the action of processing cryptocurrency transactions, in this case, Litecoin transactions. These transactions are provided to the computers in the form of complex computational problems that the computers process and strive to solve. The process helps in the generation of blocks that subsequently help in furthering the blockchain thereby securing the network further.
The incentive for performing mining activities is that every successful verification and production of a block results in the award of Litecoins to the miner. These Litecoins can be either be traded or exchanged for fiat currency on online cryptocurrency exchanges that are present all over the internet. But the amount of Litecoins that are awarded to miners upon successfully verifying a block is reduced every year. This process is known as Litecoin Halving and it ensures that the cryptocurrency is able to tackle gradual inflation. This process is continued until 84,000,000 Litecoins are in circulation across the internet. After that, the production of Litecoins from mining comes to stop. In order to keep the miners incentivized after the designated number of Litecoins have been mined and are in circulation, the miners are provided with a service fee when an online Litecoin transaction occurs.
Although Bitcoin might seem like a giant in front of secondary cryptocurrencies, Litecoins have many advantages that make them if not superior, on a level playing field. One of these many advantages is Litecoin’s appreciation potential. Although the Litecoin price stands at 3,128 INR as compared to Bitcoin price of 6,96,620 INR, the appreciation potential of Litecoin is currently exceeding that of Ethereum Classic or Bitcoin. The cryptocurrency is also garnering a high amount of interest in countries such as China and is coming out to be a very powerful alternative to Bitcoin.
Another advantage that Litecoin has over cryptocurrency giant Bitcoin is that Litecoin’s market distribution overshadows that of Bitcoin. Where the Bitcoin network cannot exceed 21 million coins, the Litecoin network can accommodate almost 84 million Litecoins at a time. This factor about Litecoin is quite advantageous to users who prefer transactions in whole units, rather than a fraction of units. Thus Litecoins take advantage of people’s psychological aversion to decimal and have turned it into a method to attract investors and users.
Litecoin can be bought on multiple cryptocurrency exchange platforms. After the Supreme Court lifted the ban from cryptocurrency, the sale of a variety of cryptocurrencies has boomed in the Indian Subcontinent. Many local exchange platforms like ZebPay allows investors and traders to buy Litecoins in INR, thus removing the hassle of converting INR to USD for transactions. Another notable platform to earn or buy Litecoin is Moon Litecoin. Moon Litecoin is a platform that allows its users to earn free LTCs multiple times every day. Unlike other faucets, Moon Litecoin allows its users to claim Litecoins as many times as they want by just keeping the platform’s page open on your browser.
Selling Litecoins is quite similar to buying them. Litecoins can be sold on exchange markets that exist all over the internet. Since Litecoins is one of the prolific cryptocurrencies in circulation, it is fairly easy to find an exchange market that deals in Litecoins. Once an exchange market that conducts business in the local fiat currency has been pinpointed, a wallet should be made on that platform in order to keep a track of your transactions. It is also vital to keep track of the LTC price when exchanging it in order to gain a profit from the transaction.