LiteCoin was first introduced to the digital currency world in October of 2011. From an outsider’s view, it very much resembles Bitcoins, since it is in fact based on them. However, a closer look reveals that LiteCoins and Bitcoins have three main differences:
1-The network processes a block every 2.5 minutes rather than every 10 minutes
2-The network will produce 4x as many currency units as are issued by the Bitcoin network (84 million units)
3-The two systems use different algorithms in producing their coins.
Up until a few months ago, relatively few people had heard of LiteCoin. However, on April 24, 2013, Mtgox announced that it would start adding them to their system.
It is no wonder that talk of this has already caused a price increase in LiteCoins. However, that is not the only reason for the hype.
Not only are LiteCoins increasing in price, but they are different from Bitcoins in that they are the only digital currency that can be mined with a GPU. Recently, GPU mining has decreased in Bitcoins because of the rising network difficulty–so people are realizing that even with lots of GPUs you will not get as many bitcoins anymore.
Therefore, LiteCoin is on the rise, and it’s expected that a lot of Bitcoin miners may even start moving over to LiteCoins. It is no surprise that because of this, many people have approached CoinMama to start selling LiteCoin via credit card or PayPal as well!
The exchange rate is currently going up, 1 LiteCoin is currently worth ~$5, so get yours today, the easy way, with CoinMama!