Litecoin uses digital money(Silver) while Bitcoin uses digital money (Gold). Cryptocurrency of Litecoin is "Litoshi" While Cryptocurrency of Bitcoin is known as "Satoshi"
Litecoin is a type of digital money that uses a blockchain to complete its transaction by which it can easily maintain public ledger. To transfer funds between individuals and businesses, Litcoin is used, and to do so that any type of intermediary like a bank and payment processing service. Only because of these features, has Litcoin becomes more famous in the current time.
It is the type of Cryptocurrency bitcoin which is in the market after Bitcoin and XRP, then it is called Bitcoin. Bitcoin has emerged as the fifth largest Cryptocurrency the all over world. It also works as another online payment system by which we can send money to another user in PayPal or any type of online Banking or we can send money very easily to another person.
Nowadays, one Litecoin is equal to rs. 16,887. its value is not fixed it can be increased or decreased. It is in 5th position in top cryptocurrencies all over the world.
Bitcoin is a Virtual Currency like as different types of other currency(rupee, dollar, etc). Similarly, Bitcoin is also a type of digital currency but it is different from other currencies because neither we can see it nor touch it. Only we can store it in an online wallet. Bitcoin is a decentralized currency which means there is no bank or government or any type of authority to control it which means no one is the owner of this money. Anybody can use Bitcoin. Bitcoin is just like the internet whomever wants to use it, can use Bitcoin.
At the current time, a Bitcoin's value is approximately $999 which means that it is equal to Rs. 65,000. But its value is not fixed it can be increased or decreased. Because it has no authority, its value can be changed according to the demand.
There are basically three ways to earn Bitcoins which are as follows:
And those miners have high performance computer and GPU and they verify all the transactions through
it. They verify whether the transactions are true or not, and there has not been any fraud in that. In
exchange for this verification, they get some bitcoins and in this way new bitcoins come in the market.
Anyone can do this, a computer with a high speed processor is needed, which is not in everyone's
budget to buy.