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16 January 2019 16: 50 & nbspUTC
| updated:
January 16, 2019 at 16: 50 & nbspUTC
There are 180 currencies recognized currently in circulation internationally, ranging from the Samoan Tala to the Burmese kyat.
Similar to that of the normal currency, there are also more digital currencies. And different currencies work on different types of blockchain.
In the past, we discussed, Bitcoin's Blockchain, Bitcoin's Blockchain Cash, Bitcoin's Blockchain and Ethereum Classic's Blockchain.
This time, here I am with Litecoin Blockchain!
Measured by the overall market capitalization, Litecoin is the eighth largest cryptocurrency. Like its contemporaries, Litecoin works in a sense as an online payment system.
Similar to PayPal or a bank's online network, Litecoin users can use this cryptocurrency to transfer currency to one another.
But instead of using US dollars, Litecoin conducts transactions in Litecoin units. This is exactly where the resemblance of Litecoin ends with the payment system and more traditional currency.
Still, Litecoin is one of the 5 most important virtual currencies in addition to Bitcoin.
You can also read: Litecoin will be a good investment in 2019?
How is Litecoin made?
The block awards are that the first miner to successfully check a block is incentivized with 50 Litecoins.
The number of Litecoin assigned for this task that has been reduced over time.
In October 2015, it has been halved and halving will continue at regular intervals until Litecoin's 84,000,000 will be mined.
But could an unscrupulous miner change the block, helping the Litecoin themselves to spend twice?
No.
The scam would have been detected promptly by whatever another miner, anonymous for the first.
The only reliable approach to truly playing the system would be to get the majority of miners to accept the fake transaction, which is virtually impossible.
Litecoin Mining at a useful rate for miners needs impious processing power, courtesy of specialized hardware.
For the extraction of most digital currencies, the central processing unit of your Dell Inspiron is not fast at all to complete the operation.
Which brings us to another point of differentiation for Litecoins, the LTC can be extracted with standard standard computers more than other digital currencies can make.
Even if the capacity of an extraction machine is greater, the greater the chances that it will gain something of value for a miner.
You can also read: How many Litecoins are left?
What is Litecoin worth today?
Any currency is as precious as the company thinks it is. In the event that the Federal Reserve had started circulating too many banknotes, the value of the USD would have precipitated in a short time.
This phenomenon transcends the currency. Any good or service becomes less valuable, as it is readily available and inexpensive.
The creators of Litecoin have understood from the beginning that it would have been daunting to develop a new currency on the market.
But by limiting the number of Litecoin in circulation, the founders could at least alleviate the fears of overproduction of people.
There are merits inherent in Litecoin compared to Bitcoin. Litecoin can handle more transactions than Bitcoin, given the shorter block generation time.
Furthermore, Litecoin has a barely perceptible transaction fee. It usually costs 1/1000 Litecoin to process a transaction, regardless of its size.
You could also read: Should you invest in Litecoin?
Conclusion
Once a currency reaches a critical mass of trusting currency users, what it represents and perhaps will not lose its value, then it can support itself as a payment approach.
Litecoin is not universally accepted everywhere, even as its founders agree that it has less than 1,00,000 users.
But as digital currencies become more readily adopted and their values stabilize, one or two of them will emerge as the standard currencies of the digital realm.
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Kapil Gauhar
Kapil Gauhar is the founder of Blogger's Gyan. He is a passionate blogger, a great thinker and a creative writer. His passion for making friends with words and making people aware of the wonders of the digital world is what drives him to write as a career.
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