How to Buy Cheap Cryptocurrency

After the growth of the cryptocurrency market and the development of the industry, many people who previously didn’t take digital coins seriously got interested in buying crypto.

Bitcoin has become the most profitable investment because it has shown long-term and stable growth, even despite occasional drawdowns. Investing in Bitcoin is a good idea, but not everyone can afford this asset, also called digital gold.

There is a great option to buy cryptocurrency without investing huge amounts. Litecoin is an alternative to Bitcoin. The Litecoin source code is a software fork of Bitcoin.

Litecoin is often considered “digital silver”. This is due to the fact that Litecoin is 4 times less rare than Bitcoin, and it is easier to buy: the amount of LTC in circulation is actually limited to 84 million, unlike Bitcoin, which is limited to 21 million coins.

Table of Contents

Litecoin Generation

Much of how Litecoin works is modeled after Bitcoin. Litecoin is based on Proof-of-Work, and the newly generated LTC is distributed to miners as a reward for participating in the protection of a distributed ledger, which is a blockchain. As with Bitcoin, the issuance of new Litecoins is planned to be halved every 4 years, which allows you to buy a cheap cryptocurrency at the moment: from 50 LTC per block at launch, it rose to 25 LTC in August 2015, and then to 12.5 LTC in August 2019.

Main Points:

  • Litecoin has a significant network effect: many wallets, exchanges, payment systems, merchants, and other services accept LTC.
  • Security. Its code and Proof-of-Work consensus model has been around for nearly a decade.
  • The coin is more suitable for use in everyday transactions due to the fact that it is not difficult to buy.

Technical Part

Litecoin is based on the Scrypt mining algorithm that was used in the Tenebrix cryptocurrency, introduced in September of the same year by ArtForz and Lolcust. This algorithm was originally intended to counter GPU, FGPA, and ASIC mining and favor CPU mining. Litecoin has not been pre-allocated, and all Litecoins have been naturally mined. However, mining did not go well at first: due to a bug in the difficulty setting algorithm, over 500,000 LTC were generated in the first 24 hours instead of 28,800 LTC. This fast mining has been offset as the 500,000 LTC are now only 0.8% of the total supply, allowing traders to buy the cryptocurrency.

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