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Litecoin is the first alternative coin and has remained as one of the top cryptocurrencies in the market today. 

When Bitcoin and Ethereum rose to fame, people gradually warmed up and embraced the idea of digital currencies. Soon after, people started to look for alternative crypto investment opportunities. Litecoin, cloned after Bitcoin, became a popular choice. Created by an MIT graduate, Charlie Lee, LTC was launched on October 13, 2011. Although Bitcoin and Litecoin share the same functionality, the latter is designed with cheaper and everyday transactions in mind. Litecoin also has a larger supply of LTC, its native cryptocurrency. If you want to know more about this exciting blockchain project and how to get free LTC, read more below.

What is Litecoin?

Litecoin is a blockchain-based, peer-to-peer cryptocurrency and processes transactions much faster than Bitcoin. A single Litecoin block can take two and a half minutes to be mined, while only a quarter of Bitcoin takes up to 10 minutes. 

Using the Litecoin network, merchants wouldn’t have to wait for a full hour for six confirmations. Faster transaction speeds also help merchants adopt the tech much faster since LTC enables them to perform a lot of mini-transactions per day.

To grasp Litecoin, we must first take a look at Bitcoin and how Litecoin differs from it. The most fundamental difference between the two is their mining process. Both coins use the “Proof-of-Work” consensus mechanism, which means miners have to use heavy computational power to solve complex puzzles. 

Litecoin and Bitcoin have different approaches to the same process. 

Bitcoin utilizes the SHA-256 hashing algorithm. The SHA-256 puzzles require tons and tons of processing power, which led to the rise of ASICs specifically designed for Bitcoin mining. It wasn’t long before miners discovered they can exponentially increase their mining power when they form mining pools through parallel processing.

However, mining pools waste so much power, and your average miner wouldn’t be able to compete with big companies that use ASIC plants. Not to mention, 50% of Bitcoin’s hash rate is used up by five mining pools. If a mining pool gets to a 51% hash rate, it can launch a 51% attack on the blockchain.

Litecoin uses Scrypt to combat the problems of Bitcoin mining. While Scrypt still uses the SHA 256 algorithm, its calculations are more serialized. It disables the ability to parallel-process. Imagine two processes: Process 1 and Process 2. On the Bitcoin blockchain, it is possible to perform these two actions at the same time. 

But on the Litecoin blockchain, you will need to do Process 1 first before you can proceed to Process 2. If you parallelize the two, Scrypt wouldn’t be able to handle the memory required. 

The limiting factor of Scrypt’s memory allows average individuals to buy typical memory cards instead of expensive ASICs, which makes mining LTC accessible and democratic for all.

How to Get Litecoin

The quickest way to get LTC is via purchasing them on Coinbase. Several legit exchanges such as BTC-e, Kraken, and Cryptsy also support LTC. 

If you prefer to mine LTC, there are several things you need to acquire. First, find suitable hardware. Then, you should download and install software that can run the ASIC miners. After joining a mining pool, you have to configure your mining device and register a payout address. 

Mining is a complicated process that will cost you a ton of money, not even including the electricity bills. 

If you don’t have access to hardware suitable for mining, technical skills, or extra cash to buy LTC, there is a 100% legitimate and secure way of getting free LTC without spending a single cent. 

FreeCryptoRewards offers a wide variety of cryptocurrencies, including LTC, so you can diversify your portfolio at virtually zero risk to you. Simply complete daily tasks such as taking surveys, watching videos, and completing offers.

Each task takes less than five minutes and earns you points, which you can convert to LTC, any other available crypto coins like MATIC or lumens, and even cold hard cash. The only capital you’ll be needing is time.

Put your wallet away and get into crypto investing without risking any money.

Beware of LTC Scams

A quick Google search pulls up a bunch of websites offering free LTC without asking for anything in return. It is tempting to click on one of these links and rake in the freebies. However, if something is too good to be true, 10 out of 10 times, it probably is. 

Don’t waste your time with these shady websites. You might just be inviting trouble to your doorstep. Clicking on those suspicious links leaves you vulnerable to identity theft, hacks, and other nefarious online scams. Ask yourself: is it worth the hassle of dealing with these cyberattacks?

Work with FreeCryptoRewards instead. We are an accredited rewards site. We can guarantee that your personal information remains secure at all times.

Claim Your LTC Today

You are only a few clicks away from getting LTC deposited directly to your Coinbase wallet. Get started to claim your crypto coins right away. 

So, what are you waiting for? Sign up today for free!