Litecoin

Litecoin is a well-known cryotcurrency that is recognized across different countries of the world. It was created in 2011, and it functions as a peer-to peer digital currency.

Being a fork of Bitcoin, it has a very similar technology with Bitcoin. Like most cryptocurrencies, litecoin is not controlled by any central authority nor is it issued by any government authority. However, it is licensed by the Federal Reserve, and works with a highly secured technology.

The coins of this cryptocurrency are generated from the mining process, whereby miners works on transactions, validating them and in return they get coins as rewards.

Litecoin make use of the mining algorithm known as Scrypt, which is associated with an easier means of transactions.

For first time miners, they get fifty Litecoins as a reward for validating a block. However, it is important to note that this amount of Litecoins decreases with time.

Unlike Bitcoin, Litecoin can takes care of more transactions due to their shorter time of generating blocks. The transaction fees are relatively cheap, not minding the size of transactions.

All its activities are visible to all, as the transactions are recorded in a public ledger. It is a digital currency that is accepted by several persons, and has spread to almost all parts of the world. In fact, they had witnessed a 100% leap within a period of 24 hours, and they keep growing.

Litecoin users stores their Litecoins in a suitable wallet, and the wallet encryption technology allows a well secured transaction. Thus before transactions commences, users must provide their keys before validation.