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In May 2017, Litecoin became the first cryptocurrency to adopt Segregated Witness (or SegWit, for short). The system splits every transaction into two segments, removing the signature (the “witness” part) from the original data. This makes the processing of every transaction faster, one of the key advantages of Litecoin over bitcoin. How is Litecoin different from bitcoin? While there are a lot of similarities between Litecoin and its more widely-accepted competitor, bitcoin, Litecoin states that it has a few distinct advantages when it comes to mining, transaction verification speed and security: • Higher volume of transactions. The Segregated Witness process increases the rate at which transactions are verified on the block, reducing the time for confirmation of payment from 10 minutes (for bitcoin) to 2.5 minutes (for Litecoin).

• More secure. This faster processing time also helps maintain a secure environment by reducing the chance of double-spending attacks – a hack in which the attacker spends the same money twice to pay for two different transactions. • Larger coin limit. While bitcoin has a maximum coin limit of 21 million coins, Litecoin has an upper limit of 84 million coins.

One of the easiest ways to get ahold of your first Litecoin (LTC) is to get it exchanged from Changelly. I like using Changelly because of their competitive exchange. Litecoin (LTC) mining pool with fully automatic process. Start earning Litecoin (LTC) now! Still trying to wrap your head around Litecoin? Learn how it works, where to buy it, and what you should consider before trading. Our guide covers everything you need to know about buying Litecoin (LTC). Litecoin for Beginners. The Litecoin mining algorithm is less dependant on. Our beginners guide to cryptocurrency mining shows you how to mine Litecoin on a. Cryptocurrency Basics Beginners Guide to Mining (Litecoin on a. Litecoin (LTC. How Does Dogecoin DOGE Mining Work Youtube there.

• Harder to mine. This might not be seen as an advantage at first glance, but because Litecoin uses scrypt hashing (instead of SHA-256) mining cannot be accelerated by using parallel processors, as can be done when bitcoin mining.

This has created a much more level playing field as opposed to the race that bitcoin mining has become. Where can I use Litecoin?

You can use Litecoin nearly anywhere you can use bitcoin. Since its release it has become the second largest cryptocurrency after bitcoin, and merchants have been quick to adopt it.

The Litecoin website has an of services, merchants and providers that accept Litecoin, ranging from financial consulting services to health and beauty product merchants. How do I buy Litecoin?

As with most other cryptocurrencies there are quite a few ways to put some Litecoin in your wallet, provided you have done your due diligence and are sure you want to acquire LTC: • Purchase directly from an exchange. The easiest and most straightforward method of acquiring Litecoin is to buy some from an exchange. Exchanges mostly accept credit card payments, cheques, and some even money transfers, and will in turn deposit Litecoin into your wallet. Exchanges also usually charge a percentage fee for their service, typically in the 0.5-2% range, depending on the service provider and the volume of Litecoin you’re exchanging. • Receive payment in Litecoin. Whether you’re providing a service or selling goods to a consumer, you can always accept Litecoin as payment just as you would any other currency.

With its lower fees, commissions and costs, compared to receiving fiat money (ie, government-issued currency), receiving payment in Litecoin results in more money in your pocket. Additionally, Litecoin transactions are known to be secure, faster and less susceptible to fraud. • Earn Litecoin through mining. Generating Litecoin through the process known as mining is slow and requires specialised equipment to be worth the effort, but it is nonetheless a legitimate method of generating coins.

You can just put your computer to work, validating and verifying transactions made on the Litecoin network by other users, and in return you are paid in Litecoin. The faster you can mine, the more Litecoin you can make.

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• Fees: Card: 8.9%, Cash: 11.9% • Supported countries: 50+ countries • Deposit methods: Credit card, cash vouchers, Epay Indacoin Cryptocurrency Exchange Use your credit or debit card to buy bitcoin and other cryptocurrency without having to verify your identity. • Fees: Varies by transaction • Supported countries: More than 100 countries • Payment methods: Payza, Credit/Debit cards (USD) and more Paxful Bitcoin Marketplace Connect with bitcoin buyers and sellers through this peer-to-peer marketplace that accepts cash, credit and more than 300 other payment methods. • Fees: Varies by transaction, and PayPal no fees • Supported countries: Worldwide • Payment methods: Western Union, PayPal and many more BitMEX Bitcoin Trading Exchange Trade cryptocurrency derivatives with high liquidity for bitcoin spot and futures, and up to 100% leverage on margin trading. • Fees: Varies by trading type • Supported countries: Worldwide with exceptions • Deposit methods: BTC only VirWox Virtual Currency Exchange Buy bitcoin through PayPal on one of the oldest virtual currency exchanges in the business. • Fees: Varies by transaction • Supported countries: Worldwide • Payment methods: PayPal, Skrill, paysafecard, uKash eToro Social Crypto Trading Copy the trades of leading cryptocurrency investors on this unique social investment platform. • Fees: Spreads • Supported countries: Worldwide (some exceptions) • Payment methods: Credit card, PayPal, bank transfer Coinmama Bitcoin Marketplace Use USD/EUR to buy bitcoin and Ether with credit card or cash on the Coinmama cryptocurrency exchange.

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• Fees: Varies by transaction • Supported countries: Worldwide • Payment methods: Western Union, MoneyGram, Perfect Money & more 24/7 Cryptocurrency Exchange Easy, safe and instant way to buy, sell or exchange bitcoin and other popular altcoins like Litecoin and Namecoin. • Fees: Varies by transaction • Supported countries:Local payment options in 110+ countries • Payment methods:Credit/debit card, money transfer and more Using Litecoin to transfer money As with cryptocurrencies in general, payments with Litecoin are fast and easy. To pay someone with Litecoin: • Enter the person’s address into your wallet application, or scan the QR code that corresponds to that address. • Enter the amount of Litecoin you’d like to send. There's nothing else to it. What to watch out for Not unlike its bigger sibling, Litecoin has its disadvantages.

Here are a few of the cryptocurrency’s shortcomings that have become evident: • Not as widely accepted. Litecoin is still growing and while its acceptance has become more and more common, bitcoin is still the most commonly recognised cryptocurrency. • Not different enough. Many consider Litecoin’s technical improvements too subtle and this might hinder Litecoin’s growth. Faster transaction times and more difficulty in mining might be good enough reasons for specific-use cases, but in the grand scheme of things many are of the opinion that it does not differentiate itself from bitcoin enough to sustain long term growth. The future of Litecoin Litecoin’s market cap growth is not expected to slow down anytime soon which may lead to more and more businesses adopting the altcoin, either alongside bitcoin or as a complete replacement. Additionally, a lot of work is being carried out on improving the network Litecoin runs on, which will improve the speed at which transactions are verified even further and will, more importantly, allow Atomic Swaps.

New Litecoin ATMs being installed and a growing number of companies are slowly making the switch to Litecoin. Potential buyers should consider these developments before making decisions about purchasing LTC. Disclaimer - Hive Empire Pty Ltd (trading as finder.com.au, ABN: 18 118 785 121) provides factual information, general advice and services on financial products as a Corporate Authorised Representative (432664) of Advice Evolution Pty Ltd AFSL 342880. Please refer to our. We also provide general advice on credit products under our own Credit Licence ACL 385509. Please refer to our for more information.

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