Like the rest of the digital currency, Litcoin is an anonymous cryptocurrency created in 2011 as an alternative to Bitcoin, based on the P11P network, so it is not regulated by any authority, as it happens with the official currencies of all countries, so its value depends on demand. Changes. Allows the disclosure of the name of this coin to always hide the identity of those who complete all transactions, since it is done through an electronic wallet where all our coins are stored. The problem with these types of coins is always the same, since they snatch us, we have no way of knowing who emptied our purses.
The blockchain of litcoin, better known as blockchain, is capable of handling more transactions than bitcoin. Because block production is more frequent, the network supports more transactions without the need to change the software continuously or in the near future. Thus, merchants get faster confirmation times, while maintaining the ability to wait for more confirmation when they sell more expensive items.
The difference between Litcoin and Bitcoin.
As Bitcoin is a derivative or a fork, both cryptocurrencies use the same operating system and the main difference is the number of millions of currency issues, 21 million in the case of Bitcoin, while the maximum limit for Litcoins is 74 million, 4 times. There are other differences in the popularity of both currencies, although Bitcoin is well known, Lightcoin for this virtual currency makes little of a hole in this market.
We find another difference in the acquisition of virtual currencies. Bitcoin mining uses an SH-256 algorithm, which requires a very high processor cost. Litcoin mining works through a script that requires a lot of memory, leaving the processor aside.
The lack of alternatives in the virtual currency market and when they have not yet become common currency for any type of currency, Charlie Lee, a former Google employee, was behind the creation of Litcoin. Charlie is Bitcoin based but the intention was to convert this currency into a place of money that is stable and does not rely heavily on exchange houses, something that we have been able to verify does not happen with Bitcoin. So that these currencies are not affected by speculation, the method of taking them is much simpler and more equitable, so that they are created, the process does not complicate or reduce the number of available currencies. Bitcoin is designed to handle up to 21 million coins, although Litcoin contains 64 million coins.