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What is Litecoin: Litecoin (LTC) has come into existence as an alternative to Bitcoin. Its inspired and based on Bitcoin (BTC), Litecoin creation and transfer is based on an open source protocol and is not managed by any central authority. Litecoin uses "scrypt" as algorithm to generate litecoins through means of mining which generates hashes to produce litecoins and the process is called Proof-of-work. Now a days you need big mining rigs to generate litcoins as the difficulty keeps raising with more people doing mining with latest ASIC rigs. All the records gets stored at a central location called, blockchain (ledger). To get your Litcoin Payments, You need to have a digital signature consists of 33 number and letter with a starting letter L. A transaction is usually considered complete after six blocks, or 15 minutes, though for smaller transactions, fewer than six blocks may be needed for adequate security. How to get Litecoins: You can get litecoins primarly by d...

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