If you visit the website for Litecoin, you will see it described as “a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.” Those who are familiar with Bitcoin may find that this definition is fairly similar to that cryptocurrency. Litecoin is based on the same open source codebase as Bitcoin but it does have a few technological differences. Litecoin is not a replacement for Bitcoin but is instead intended to complement it. Before you go looking for a Litecoin ATM in Los Angeles, there are a few things you should know.
Modification of Bitcoin Codebase
One of the things that makes open source software so special is that anyone can use the original code and build new features they want to see. Bitcoin is the most popular cryptocurrency right now, but there is room for other currencies that either coexist with Bitcoin or are used for a specific community need. The value that each currency has is largely determined by the people who decide to use and hold it.
The founder of Litecoin, Charlie Lee, chose to modify the Bitcoin rules to make things more beneficial. Lee was interested in dropping the amount of time it took to confirm a new transaction. He was also looking to change the mining algorithm so anyone could be a part of the network. As such, Litecoin has a 2.5-minute confirmation time compared to 10 minutes for Bitcoin. Litecoin is also able to process a higher number of transactions in a specific time period due to this.
What Makes Litecoin Different
Unlike Bitcoin, where the creator is anonymous, the creator of Litecoin is known and participates in the cryptocurrency community. With Bitcoin, nobody knows who the creator is and that person hasn’t been available to offer leadership and guidance when it comes to the technical direction that Bitcoin takes in the future. Having an available founder is one of the things that appeals to those who visit a Litecoin ATM in Los Angeles.
Buying and Selling Litecoin
RockItCoin is a major provider of Litecoin, Ethereum, and Bitcoin ATMs in the Los Angeles area. If you are interested in quickly and easily getting involved in cryptocurrency, this is one of the best options out there. You can learn more about the ATMS near you at Sitename.
