In this lesson, we’ll look at the operating system of Litecoin, including how to convert Dogecoin to LTC.
(Newswire.net — November 24, 2020) —
What Is Litecoin?
Litecoin is an alternative cryptocurrency based on decentralized blockchain technology. The coin is one of the oldest cryptos, coming a few years after Sakashi’s BTC. It was modeled on Bitcoin’s coding, and after a few modifications, its transaction time dropped to just 2.5 minutes. This was a significant improvement on BTC’s ten-minute transactions.
How It Works
Mining
For Litecoins to be generated, users have to solve compound cryptographic puzzles in a process known as mining. For every block solved, miners get a reward of 25 LTC. This figure changes every four years, or until 84 million Litecoins are produced (which is after 840,000 blocks are solved). There are several apps to mine with, such as Antminer L3+, designed specifically for this purpose.
Buying
You can buy Litecoins using fiat currencies, say US dollars or UK pounds, on several decentralized exchange platforms. However, this is typically slower and less secure. You can also trade with other coins. For example, you can convert Dogecoin to LTC.
What Is Halving?
Litecoin halving is the periodic event (happening every four years) that divides the value of coins given to miners upon solving a block (approximately every 2.5 minutes). Initially, 50 LTC were given to miners per block, but this has now fallen to 12.5 due to the series of halving events that have taken place. The value of the reward per block will continue halving until it reaches 0, after which it will return to 50 LTC. The next halving event will see the RPB drop to 6.25 LTC.
Reasons to Invest in Litecoin
Why Invest in Litecoin?
- LTC has displayed promising performances in 2020. There are high hopes on the coin.
- Litecoin has been predicted to appreciate in the coming years. The coin never really goes out of use.
- Despite being as old and popular as BTC, you require very little to mine and trade Litecoins.
Why Count How Much LTC Is Left?
- Keeping track of LTC is important because its worth is largely based on the amount in circulation. The more coins in circulation, the lower its worth, and vice versa. Also, halving is crucial to the current number of coins in circulation. By knowing how much LTC is left, you know the amount of coins to buy or sell.
Ways to Obtain Litecoin
How to Get Litecoins
Mining
You can obtain free LTC by solving a block of difficult cryptographic puzzles. When you solve one puzzle, you get 12.5 LTC.
Trading
You can obtain LTC by trading with other coins or a fiat currency. This is best done on instant, decentralized platforms.
P2P Exchange
Litecoin can also be obtained by exchanging on P2P platforms.
Example (Dogecoin to LTC)
- Choose Currency Pair: Choose Dogecoin as the base currency and LTC as the coin to convert to.
- Put in your wallet address.
- Deposit the amount of coins you wish to.
- Complete the exchange.
Conclusion
Litecoin has been in existence for a long time. Before investing in Litecoin, you should keep count of the total number in circulation, as this influences its worth. The coin can be obtained through mining, buying, and trading (on decentralized platforms). For example, Godex.io is a legitimate exchange website to try out.