How much is one Litecoin to naira; Bitcoin and Ethereum are currently the cryptocurrencies with the highest market capitalization. They are also the most popular, and for this reason, many investors focus on them while sidelining other cryptocurrencies that are also profitable. One such cryptocurrency is Litecoin. Litecoin is almost as old as Bitcoin, but it never gained traction like it. Most veteran crypto traders are conversant with Litecoin and how it works, but that is about to change for beginner crypto traders today.
What is Litecoin?
Litecoin (LTC) is an altcoin, an alternative cryptocurrency to Bitcoin. It was created from a fork in the Bitcoin blockchain in 2011 to address significant issue developers noticed. Developers were concerned that Bitcoin was becoming too centrally controlled by institutional bodies, and that defies the “decentralized” nature of Bitcoin. By creating Litecoin, Developers made it harder for large-scale mining firms to gain the upper hand in mining. This strategy, exploiting the utility of Litecoin, was successful until it wasn’t. Today, Litecoin has rebranded itself into a minable cryptocurrency with use cases in SMEs.
Litecoin is an ideal digital asset that is a reliable payment method for merchants and consumers since it assures instant transaction confirmations. It uses a proof of work (PoW) consensus to secure the network, similar to Bitcoin. However, the hashing algorithm its network uses differs from that of Bitcoin. Litecoin uses Scrypt, while Bitcoin uses SHA-256.
LTC has a total circulation of 84 million coins. Like Bitcoin, the Litecoin supply is designed to decrease over time to help preserve its value. As of 2022, an estimated 14 million Litecoins were left to mine.
How much is one Litecoin to naira
The current market capitalization of Litecoin is $5,088,391,057, with a volume of $851,054,504. Litecoin peaked at $386.45 in May 2021 during the crypto bull market. After the bull market in 2021, the prices of all cryptocurrencies have reduced drastically, and LTC was affected.
The current price of 1 LTC in naira is 59,486.09. Keep in mind that the value of crypto is volatile, and this price can change at any time.
Bitcoin vs Litecoin: how are they different?
So, if Litecoin is an “altcoin” or alternative to Bitcoin, what are the significant differences between Litecoin and Bitcoin? Below are some of the aspects that differ between the two cryptocurrencies.
- Algorithm: While Litecoin and Bitcoin use PoW, they operate on different algorithms. For example, Scrypt supports Litecoin’s process of using hashing functions to help verify blocks in the system. On the other hand, Bitcoin uses the fast-running SHA-256 algorithm to help encrypt their blockchains.
- Demand: Bitcoin’s maximum supply of 21 million coins is four times less than Litecoin’s supply.
- Confirmation times: Litecoin averages about 2.5 minutes to confirm a single transaction, while Bitcoin averages around 9 minutes.
How to mine Litecoin
Litecoin is mined with the help of Scrypt, a hash algorithm that requires miners to have specific hardware and software. Like Bitcoin, Litecoin mining relies on the PoW using computers to solve the nonce, a part of the hash, that helps secure the block. After a nonce is decrypted, Litecoin is rewarded.
What is Litecoin halving?
Litecoin halving is the process whereby the number of awards given by one means cutting the number of awards provided by one-half after a block’s hash and transaction information is verified, and an entirely new block is created. Halving’s primary purpose is to limit the creation of new coins.
How to invest in Litecoin
To invest in Litecoin, you must buy it from an exchange platform and store it in a digital wallet until you are ready to sell. Litecoin is not listed on many platforms but can be bought from Coinbase, Kraken, and Binance.
Best place to sell crypto in Nigeria
Astro Africa is the best place to sell your crypto in Nigeria. Astro Africa allows you to trade Bitcoin at the best rates and get paid immediately. The platform is easy to use, with a user-friendly interface that makes navigation seamless. In terms of security, your assets are always safe with Astro Africa as we exploit the best security technologies to ensure that your assets are never prone to hacks by unauthorized third parties. To get started, visit the Astro Africa website or download the app from Google playstore or the App Store.
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