Litecoin

What is Litecoin?

The Litecoin became known as the little brother of Bitcoin. If the Bitcoin was the gold coin, the Litecoin was the silver coin. This cryptocurrency was created in 2011 by Charlie Lee, as a complement to Bitcoin. It is a cryptocurrency P2P that was created as an open source project, so it looks a lot like Bitcoin.

The Litecoin began with a very low price that nothing presaged the high price that would arrive at present. At the beginning of 2017, the Litecoin had an approximate price of $ 4 and during the same year it reached the 360 ​​$ price. At the beginning of 2018, the Litecoin price is over $ 250. Its high value has already made it one of the great cryptocurrencies, and an alternative to Bitcoin. In addition, it can be easily obtained through any exchange house and pay it with the currency we want, such as euros, dollars or other cryptocurrencies.

How does Litecoin work?

It is based on the Blockchain system or blockchain, like many other cryptocurrencies, which allows it to be a decentralized and totally anonymous cryptocurrency. There is no organization that regulates the currency and the knots of the network, they are the ones that validate the different transactions that are made in the system.

Each user will have a wallet or electronic wallet that will allow him to store the different currencies he owns, in a completely anonymous way, so that nobody in the network can know the identity of each person. We must be clear, that if we lose the electronic wallet or the password we will lose all the money we have.