Many new digital currencies appear annually in the virtual currency market, but despite the emergence of many digital currencies, bitcoin and Litecoin remain at the forefront of these currencies, as they managed to prove their eligibility and merit, and even more, so after the widespread achieved by the volume of trading in them in the markets. That is why we will talk below about the explanation and definition of Litecoin, which is considered as a treasure that many investors in the digital currency markets do not know.
What is the Litecoin currency ?
Litecoin (LTC) is one of the encrypted electronic digital currencies that does not exist on the ground of reality, it is special for online transactions, and it is the same as bitcoin in terms of transactions and blockchain protocols, which is the main system in mining bitcoin.
The silver coin is called Litecoin because it appeared after bitcoin, which in turn got the name of the gold coin, and Litecoin comes in second place after bitcoin in the list of virtual currencies in terms of trading, but it differs slightly in its encryption and programming system, due to the ease of obtaining and mining it.
The establishment of the digital currency Litecoin was announced in 2011, two years after the founding of bitcoin by engineer Charles Lee, who previously worked at Google, and currently works at one of the major companies, Coinbase, a producer of bitcoin wallet services.
How to produce Litecoin ?
Litecoin is produced by mining or known as" graphic cards "in the currency markets, just like electronic bitcoin, and AMD cards are the best types of cards used to extract silver coin" Litecoin", through graphic cards, complex algorithms are deciphered and coded to obtain a specific number of litoshi, and 100 million litoshi is equal to one Litecoin. Litecoin can also be obtained by having a special wallet through which you can get Litecoin by buying Litecoin from another person through digital currency trading companies that have recently increased their prevalence on the internet.
- litoshi (Litoshi)is 0.00000001 Litecoin.
Litecoin coin price?
At the beginning of the establishment of the digital currency, Litecoin (LTC) or silver coin is estimated to be worth about USD 2 to USD 2.5 in the markets, but since March 2017 it has witnessed a significant rise, as it reached USD 48 and continued to oscillate
between ups and downs several times, as its price fell to equal USD 16 and then climbed again to reach the level of USD 30 and also witnessed a sharp rise to exceed the barrier of USD 65, which corresponds to an increase of 1400%, it is known that the reason
behind this swing and rise and fall is the amount of supply and the demand in the currency market, bitcoin gold coin and its crazy rise also contributed to the rise in prices
of silver coin or Litecoin, where the price of bitcoin " gold coin" rose in a few days from the level of USD 100 to reach USD 1200 and then rose again during this month to exceed USD 5000!
But what is the reason why the price of Litecoin fluctuates?
It is known that any currency in the world is prone to fluctuating between rising once and falling again, and all this is due to the size of inflation, supply and demand for this currency, but it is often individual actions of users that cause changes in currency prices, and it is natural that this also happens with electronic currencies such as bitcoin and Litecoin.
What is the difference between bitcoin and Litecoin?
Despite what we have explained about the definition of Litecoin, many traders in the currency markets do not know the differences between bitcoin and Litecoin, so we will explain more about those differences between gold and silver coins below:
In 2009, Satoshi Nakamoto launched the first electronic currency in the world, but the code or source code was available and not encrypted with any codes, which means that
anyone can make any modification freely and without any complications to use it in other projects, and then a lot of virtual digital currencies similar to bitcoin were
launched using the same code or code, but each currency has its price in the currency markets depending on the volume of its circulation and demand.
Fans of Litecoin believe that this silver coin includes many important differences, the most important of which is the mining method or hashing algorithm, known as script and pronounced s-crypt, but the fact of the matter is that this algorithm is applicable with the same algorithm on which bitcoin mining is based, which is SHA-256 (Secure Hash Algorithm 256-bit/ 32-byte).
Also, the Litecoin electronic currency requires only two minutes to obtain two confirmations only to accept the payment or transfer between accounts, and this is considered something more easy and simple than what happens in bitcoin, which requires more than five minutes to obtain only one authentication.
But despite the simplicity and ease of obtaining the required approvals, bitcoin or gold currency remains the most widespread and famous worldwide and the most used in trading operations than other electronic currencies, followed by Litecoin in second place, and therefore it is called Silver currency.
Trading Litecoin
The process of trading Litecoin (LTC) currency is through electronic currency trading platforms dedicated to CFD trading, where you can make instant buying and selling operations for any currency, it is possible to win a great opportunity to profit by rising or falling the price of a currency.
Through our website, we recommend that you come to experience trading in Litecoin in the real market situation by opening a risk-free demo account. This demo account is limited to a time period of up to 21 days and is completely free of charge to learn about the nature of trading in Litecoin currency before entering into trading in the markets with Real Money.
Litecoin or Silver currency is one of the popular digital currencies online, and it is considered to have a prosperous future because of its many advantages such as ease of obtaining, but you can not use it on the ground, this currency ranks second after bitcoin in terms of fame, popularity and demand for trading on it through electronic currency markets, this currency is produced by mining.
Litecoin has a price that varies from time to time depending on supply and demand, just like other currencies.
Think about getting into the field of trading and investing and earn by using Litecoin spreads!
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