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Litecoin – Crypto That Provides Really Instant Payout

By May 5, 2019 No Comments

As almost all leading cryptocurrencies today, Litecoin is the means of payment meant to be accessible globally, working as an open source on a decentralized peer-to-peer network.

One of the most important features of cryptos, and Litecoin is not an exception, is the ability to provide instant payments with low to zero costs. In addition to this, Litecoin is said to have faster confirmation times than other leading cryptos. Litecoins Are Mined. Litecoin miners are usually rewarded with 25 new Litecoins per block. Litecoin network is purportedly predicted to produce 84 million Litecoins, a lot more than BTC units are supposed to be produced.

How Does Litecoin Works Comparing to Bitcoin

Litecoin is functioning on the basis of blockchain technology, and we have seen so far that blockchain is revolutionizing the industries around the world by providing transparency in tracing all participants in the process within seconds, as well as by securing anonymity of the individuals behind the accounts.  When compared to Bitcoin, LTC’s blockchain can handle higher transaction volumes, due to more frequent block generation. What does it mean for regular persons like you and me, or any random merchant using it? Well, basically, it means that we can be provided with faster confirmation times, and at the same time – be able to wait for additional confirmations if selling on a larger scale.

Litecoin Stored in Wallets

Digital wallets are programs that enable you to send and receive cryptocurrencies. As with all other cryptos, Litecoin wallets exist in several versions: paper wallets, software wallets, hardware wallets. One thing is for sure: security is the first feature you should look for when choosing the right wallet to store your assets. This is a quick overview:

Paper wallets – It may sound strange, but “paper wallets” are the ones to consider for maximum security. This basically means that you would right down the passwords, i.e. your private keys, the old-fashion way – on a piece of paper. This is by far, the safest way to store your keys. The downside to this is the fact that once you wish to send the money, you would need a software wallet to import the funds to. You can check out the detailed explanation here.

Software wallets – These types of wallets are considered to be a bit safer than web wallets. Software wallet enables you to store your funds on your desktop or mobile device. However, each wallet used online is prone to hacking. Therefore, software wallets are recommended for smaller amounts of money.

Hardware wallets – This is the most frequently recommended wallet, due to its ability to provide maximum security possible. It means that your private keys are stored offline, which is very important. Once you wish to send or receive funds, you should connect your hardware wallet to your computer via USB and enjoy the ride. This also means that all of the confidential tasks, such as signing transactions, for example, would be done offline. The cozy thing about the Litecoin wallet is the fact that it enables you to see your balance but asks for the password before transferring the funds, keeping you safe from yourself, so-to-speak. The downside to this type of wallets is the price, while all of the above-stated wallets are free. For example, Ledger hardware wallet can be found at app. $59-$269 and Trezor hardware wallets come with the price of app. $80 – $170. For further info on Ledger, you can explore here.

What is your experience with Litecoin?

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