What is Litecoin? How is Litecoin produced?

Litecoin, one of the first alternative altcoins that come to mind in the world of crypto currency, attracts attention with its extremely high prices, just like Bitcoin. In this article We want to share with you detailed information about what Litecoin is and how it is produced.

Even if Bitcoin comes to mind when crypto currency is mentioned, there are many more varieties that are at least as valuable as Bitcoin. Litecoin, defined as the brother of Bitcoin, is one of these crypto coins. In 2017, it attracted attention with its sudden and extremely rising prices. In addition, it became one of the best alternatives after bitcoin price became expensive.

It has recently come up with interesting explanations from its creator, Charlie Lee. Because he sold all the possessions in his hand and said that the crypto money market is starting to go beyond its purpose. Naturally, this statement caused a decline in prices. But, it has regained value after a few small declines. Due to the fact that it is one of the best alternative coins and the rising trend in prices, questions such as what Litecoin is and how we can use it to make profit in crypto currency market are frequently asked. There are also many people who wonder how its production is done. Here are the answers to these questions:

What is Litecoin?

LTC is the first altcoin produced by inspiring Bitcoin’s open source software. LTC firstly appeared on October 13, 2011. At first, the creator’s name was kept secret; but later everyone learnt that he was Google engineer Charlie Lee. The rise in Litecoin prices attracted attention. Like Bitcoin, the decentralized Litecoin is an open source global payment network. That’s why Charlie Lee sells all the Litecoins in his possession. According to Lee, crypto coins should be a global payment method. But the current form of use has turned into making money by taking advantage of the rapid increase in prices and speculating. That’s why Lee sold all his possessions.

How can Litecoin be produced?

The production logic of Litecoin is based on the bitcoin protocol. However, there are some differences. Litecoin was developed using the Scrypt algorithm and is now produced with ASIC minerals. On the other hand, ASIC mineral producing companies are a few in number. So Making litecoin production is a serious problem. For this reason, many people are investigating whether mining can be done without buying a device. But it is known that this is not possible.

The production amount of Litecoin is limited to 83 million units. This is one of the difficulties in production. Increasing the amount of roaming is difficult, even if you have devices. Because the production of a crypto currency becomes more difficult with the increase in the amount of circulation. Therefore, the device rental business known as Cloud Mining has emerged.

Where can I use Litecoin?

Litecoin is a crypto currency that can be one of the payment systems of the future, just like Bitcoin. Although they are seen as investment instruments, their rationale for creation is that payment transactions. With the advent of Litecoin, these transactions can be done quickly without the need for any intermediary institutions.