In the ranking of cryptocurrencies second behind Bitcoin, we have Litecoin.

Glossary of the content of the article:

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What is Litecoin?

Litecoin is a cryptocurrency that uses the abbreviation LTC and whose monetary sign we could say what is Ł , since it is used in a habitual way but in reality it does not have a formal symbol.

On the other hand, it is a cryptocurrency that is inspired by Bitcoin in terms of the technical aspect and what is supported by a P2P network and open source software under the MIT license.

It is a distributed and decentralized cryptocurrency, which is divided into 100,000,000 smaller units, defined by eight decimals.

Litecoin was launched in October 2011 through an open source client on Github . At present it became an alternative currency to Bitcoin, and the second most recognized.

How does Litecoin work?

Everything related to Litecoin, such as emissions, transactions and balances are managed in a P2P network through scrypt and a PoW scheme, similar to how Bitcoins works.

Through mining there are “hash” values ​​to create block chains. Every 840,000 blocks, which roughly happens every 4 years, the emission rate is reduced by half.

This will be so until the limit of 84 million Litecoins is reached .

Unlike Bitcoin, the production of LTC due to being of intensive memory thanks to the scrypt may be more suitable for mining with GPU, although it will also be more expensive to establish implementations with ASIC or with FPGA.

Litecoins are traded for both fiat money and Bitcoins, for normal online transactions.

As regards transactions for the purchase of LTC, methods such as credit cards that involve reversible transactions are not used because transactions with Litecoins are irreversible, and therefore there is a danger of reimbursement.

Read our article on how to mine cryptocurrencies

Download a Litecoin wallet

In order to use Litecoin you will need to download a wallet, through which you can store the LTC in a totally secure way on your computer or phone .

You will only have to make the download and start receiving and sending the payments in one direction with a click.

Litecoin portfolios are compatible with any operating system, Windows, Mac OS X, Linux, Android , iOs and Blackberry. You also have the options of Electrum, LiteVault and LiteAdress.

When you have your portfolio downloaded and installed you will see that thanks to the encryption of your electronic portfolio of Litecoin you can make sure that the data of your account will be protected, and of what you can carry out any online transaction in a more secure way.

Buy Litecoin through an Exchange

If you want to buy and sell LTC you will need to be in contact with an Exchange that allows you to make these currency exchanges.

In exchanges you can find Litecoins under the following symbols, LTC , the most common, and also XLT .

On the Litecoin page you will find a selection of exchange houses and exchangers to be able to get LTC, and then you can use them as a form of payment in many shops.

In fact, in the Litecoin page you can access the featured stores.

Buying with cryptocurrencies has been a reality for some time now, and if you are looking for where to pay with your Litecoins you will only have to do a search to check availability.

Integrate Litecoin in apps

One of the advantages of Litecoin is that you can integrate this cryptocurrency with ease in the applications, since it has Bitcoin API compatibility and this means that any app that offers Bitcoin support will also be useful for Litecoin .

The Litecoin network offers faster confirmation of transactions, and that is why it is so recommended to make small purchases.

If you are a Bitcoin programmer you will not find it difficult to activate support for transactions with LTC. And in case you are a merchant you can integrate this cryptocurrency to your website or applications using plugins for your shopping cart.

If you are starting to offer Litecoin to make purchases on your page, you can register it so that it appears in the featured merchandise index of the Litecoin website .

If you need help with Litecoin, we recommend that you take a look at the introductory video that you will find on its web portal.

There you will learn everything you need to know, from downloading a purse, buying Litecoin in an Exchange, buying goods and services using this cryptocurrency and how to integrate Litecoin in your applications.

Read our article on how to buy, sell or transfer Litecoin

Litecoin real-time quote

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