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Litecoin - digital silver

Litecoin - digital silver

Today, Lightcoin is one of the most popular cryptocurrencies, which regularly ranks in the top ten in terms of capitalization among other types of digital coins.

 

The creators of the cryptocurrency Lightcoin have developed a whole network based on blockchain. In this network, any user can safely and completely privately exchange currency. Today everyone knows about this system. However, at the stage of the creation of Lightcoin, this development was innovative.

 

DEVELOPER HISTORY AND GOALS

 

Lightcoin's launch dates back to 2011. The source code of Bitcoin was taken as the basis for one of the first altcoins. But the most popular cryptocurrency has its drawbacks, which the developers of Lightcoin and tried to eliminate.

 

The idea of creating a competitive altcoin came to Charles Lee - it is one of the programmers of Google Corporation. Already at the turn of 2013, this cryptocurrency was a key analogue of the popular Bitcoin.

 

Most users were happy to accept the news about the development of a direct competitor Bitcoin. Thanks to this, the market has been updated and it has created healthy competition in the field of cryptocurrencies.

 

At the beginning of 2016, Lightcoin was already the second largest capitalization position among other digital funds. It was called "digital silver."

 

KEY FEATURES AND WAYS OF WORKING

 

But Lightcoin has a number of advantages before its predecessor:

  • Transaction security. Transfers are much faster, all transactions Of Lightcoin are quite difficult to track. This reduces the risk of hacker attacks.
  • Big emission. The number of "digital silver" coins that can be mined is about 80 million.
  • The speed at which blocks are created. To create a new block, Lightcoin, which will be 25 coins, you need to spend about 2 minutes of your free time. For example, in Bitcoin, you need to spend 4 times as much time creating a new block.

 

Before you start working with "digital silver," you need to have a safe and, most importantly - a secure wallet. There are 3 key ways to work with Lightcoin:

 

On the official website of the cryptocurrency you can find a special purse for its cold storage, which is called "Lightcoin Core." This program takes up a lot of space on the hard drive of the computer. Now it weighs more than 100 GB and the daily volume will only grow.

 

But this method of storage is able to provide the most reliable protection. Third parties will not be able to access your assets. With this method of storage, there are also disadvantages. For example, it will be impossible to use crypto monitors online immediately after creation. In addition, access to the wallet will not be restored if the password has been lost.

 

You can also use an online wallet to store Lightcoin. Thanks to it, you can quickly exchange assets on the Internet. But this method of storage is not the safest, there are risks that hackers will hack the account, regardless of the level of protection.

 

The hardware wallet is another safe way to store crypto-monitors. The removable device is somewhat like a flash card. It allows you to always have your assets on hand.

19.01.2021
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