Litecoin, launched in 2011, was among the initial cryptocurrencies following Bitcoin. Litecoin is based on an open-source global payments network that is not controlled by a central authority and uses ‘script’ as a proof of work that can be decoded with the help of CPUs of consumer grade.
Although Litecoin is like Bitcoin in many ways, it is believed to have a faster block generation rate and offers a faster transaction confirmation. Like almost all digital currencies, Litecoin is produced through mining.
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5 Things to Know About Litecoin
Litecoin has quick transaction confirmation
The Litecoin network processes a new block every 2.5 minutes, 4x faster than Bitcoin’s process.
Litecoin will produce 84 million Litecoin
Miners are awarded with 24 new Litecoin per block, an amount that gets halved every four years and will cap at 84 million coin.
Litecoin is decentralized
It is not managed by any central authority, Litecoin’s value comes from the network of people using it.
Litecoin Uses SegWit
SegWit removes signature data from transactions in order to increase capacity on the blockchain.
Litecoin is backed by an algorithm called “Scrypt”
This algorithm incorporated the algorithm that Bitcoin uses, but its calculations are much more serialized. Scrypt is highly memory-intensive as well as high-speed.
“What about your IRA, including rollover IRA? You need to look at state law, advises tax attorney Adam Bergman of New York’s IRA Financial Group.”
“Adam Bergman…gets several calls a day from clients like McDermott looking to invest their retirement funds in real estate. ‘Our average client has retirement accounts of about $150,000 and is looking to buy one or two properties.'”
“Jeff Brown…transferred roughly $50,000 from his workplace 401(k) to purchase homes to fix up and sell…He uses a self-directed IRA that he set up through IRA Financial Group in Miami Beach.”