LITECOIN GENERAL INFORMATION
What is Litecoin?
Litecoin, which emerged as the successor of Bitcoin on October 7, 2011, has a different production structure than Bitcoin with its production algorithm. Litecoin decreases the time to create a new block and produces four times faster than Bitcoin and four times more maximum coins by using scrypt method instead of SHA-2.
How to Buy Litecoin?
To perform your Litecoin trading on the Icrypex Cryptocurrency Exchange:
- You can become a member of our site by filling in the name-surname, phone and e-mail address sections from the “New Account” button.
- After the membership process is completed, the TRY balance must be loaded first from the bank account by clicking on the "Deposit" section, and then either through the bank or the Papara payment system. If you want, you can start your investments by sending your Litecoin to the Litecoin wallet you created in the My Assets section.
- In the investments you will make through the bank transfer, Icrypex Bilişim A.Ş. should be written. Transfers sent with different, incorrect or incomplete recipient names are rejected by the bank.
- The transaction description code in the deposit section should be noted to be written on the receipt. Your transfers are made through current TRY accounts registered in your name.
- After the TRY balance is loaded into the wallet, Litecoin can be purchased by entering the "Easy Buy-Sell" page and selecting the "Easy Buy" button, entering the amount of Litecoin you want to buy, and selecting the currency price.
Technical Features of Litecoin
Litecoin is actually a fork of Bitcoin. Therefore, the working methods of Bitcoin and Litecoin are quite similar.
Litecoin user can transfer his LTC to any location provided that he is within the network. It is not possible to change or cancel the transactions. It isn't possible to change or cancel the transactions. Processes take place in seconds; it is 2.5 minutes to be approved by the system. This period is 10 minutes for Bitcoin. Due to this feature of Litecoin, payment transactions are 4 times faster than Bitcoin.
- Processes take place in seconds: it is 2.5 minutes to be approved by the system. This period is 10 minutes for Bitcoin. Due to this feature of Litecoin, payment transactions are 4 times faster than Bitcoin.
- Wallet Encryption: In order to initiate any payment in Litecoin, wallet owners need to enter a special transaction password. Thus, it is more protective of malicious software.
- More Coins: Litecoin has 4 times more production mills compared to Bitcoin. While these numbers are 21 million in Bitcoin, 84 million in Litecoin.
- Security: Due to the block creation time, the risk of a double-spending attack is less in Litecoin. At the same time, Litecoin is encrypted in the proof-of-work algorithm, making Bitcoin safer than the SHA-256 protocol.
How to Make Litecoin Mining?
One or more ASIC miners are required for Litecoin mining. The difficulty level may increase in line with the intensive demand or the level of difficulty may decrease as the demand decreases. For example; If 20 miners can earn an average of 10 LTC per day, when the number of miners increases to 40, they will be able to earn 5 LTC. However, we cannot mention a certain proportion here. The reason for this is ASIC miners.