What is Litecoin and Its Advantages?
Litecoin, which is among the oldest coins of the cryptocurrency exchange, has a very loyal fan base. It was designed by a former Google engineer, Charlie Lee, to eliminate some of the problems encountered in Bitcoin just 2 years after Bitcoin. There is not much difference between Litecoin and Bitcoin. Only some of its shortcomings until the time it was designed to have been corrected. Undoubtedly, if Charlie Lee had designed Litecoin in 2022, he could have designed a much more privileged coin by eliminating some of the fundamental shortcomings.
What Are Their Biggest Differences?
Litecoin has a more stable system. By seeing the shortcomings of Charlie Lee, he managed to evolve crypto mining options towards today's world. This system, which has many advantages, is written in an open-source manner. Apart from that, it is faster and more stable, so many features, especially mining, are faster. It should not be forgotten that there are serious differences in approval periods in this regard.
How is Litecoin Mining Made?
This is where the revolution started. When it comes to cryptocurrency mining, Litecoin has brought devices called ASICs to the fore today. So what is ASIC? If we recall, we can say that these devices are only devices designed for mining. But is it not possible to mine with other devices? Of course, you can also mine with other graphics cards. You will be extremely slow compared to normal mining alone.
Litecoin vs. Bitcoin
The most important of all is speed. Litecoin is four times faster than Bitcoin. Approval times are important here. For example, while the confirmation time of a block is 10 minutes in bitcoin, this time decreases to only 2.5 minutes in bitcoin.
This led to the acceleration of mining. There are four times as many litecoins as the total amount of bitcoins in circulation. There are currently 84 million bitcoins in circulation. The fact that this amount will not increase has also prevented the emergence of problems such as inflation. Litecoin can be easily designed and mined quickly.
When all these question marks are answered together, litecoin will come to the fore as a more privileged coin in the future.