Bharat Bhise Explains Litecoin

Bharat Bhise noticed that many people are getting more and more interested in a recent development in a cryptocurrency called Litecoin. Considered as Bitcoin’s little brother, one great way to interpret it is that if Bitcoin were a golden coin, Litecoin would be its silver.

But what are the differences between them? Is one better than the other, and which one should you invest in?

What is Litecoin?

Contrary to popular opinion, Litecoin isn’t new, even though it had just recently gained attention. Litecoin is one of the oldest of the coins on the market. Like Bitcoin, Bharat Bhise says that this coin is a form of digital payment. Founded eight years ago by former Google engineer Charlie Lee, his goal was to create a more “everyday” type of cryptocurrency compared to the heavyweight that was Bitcoin.

How It’s Made

Litecoin, like all other cryptocurrencies, is not government-issued. Like its big brother Bitcoin, you get Litecoins by mining. The mining is done by processing a list of Litecoin transactions, and there is a fixed supply of them. The whole world only has 84 million Litecoins forever. Also, unlike Bitcoin, which generates a block or an entry of transactions all over the world every ten minutes, Bharat Bhise says that the lighter Litecoin makes one every 2.5 minutes.

Mining Process

Both Bitcoin and Litecoin use “proof-of-work” consensus. Miners have to use powerful CPUs to solve cryptographic puzzles. These puzzles need to be extremely difficult; otherwise, the miners will end up draining the entire Bitcoin supply as they mine blocks. But the difference with the two is that Litecoin uses a Scrypt algorithm. While Bitcoin can solve two challenging puzzles (A and B) at the same time, Litecoin’s process only allows those two puzzles to be done serially. Memory is what limits Litecoin.

Being simpler than Bitcoin, Litecoin is seen as something ordinary people can get into with their day-to-day memory cards. But for Bharat Bhise and other experts, it remains to be seen whether this lighter load will make Litecoin any more viable a currency than Bitcoin has been.

Bharat Bhise on Why Cryptocurrencies Help Maintain User Privacy

In July this year, Capital One, one of the largest banks in the U.S.A., reported a data breach that exposed data from over 106 million credit card applications and bank accounts. Bharat Bhise says that at a time when maintaining the privacy of their customers is becoming an increasingly tall challenge for financial companies, cryptocurrencies could be a viable option for individuals who don’t want third parties gaining unwanted access to their personal data.

If you’ve ever tried to open an account with a bank—or performed any financial transaction, for that matter—you may have noticed how much private information you are required to provide. Besides crucial details like your birth date and address, you may also be required to disclose information about your job or your other sources of income. The bank keeps these details in their records, but depending on how tight their security is, your private information could be stolen by hackers and sold in the black market or used for crime.

Bharat Bhise says cryptocurrency transactions proceed anonymously and require very little information from users. Not only does this speed up the entire process, it also keeps your information safe from crooks. After all, thieves cannot take what is out of their reach.

Needless to say, not all cryptocurrencies provide the same level of privacy to their users. Some put more focus on this feature than others. Verge, CloakCoin, and Monero are good examples of privacy-focused cryptocurrencies.

There are plenty of cryptocurrencies to choose from in the market today. If you want to know which ones are best-suited for protecting your identity and data, you can go to experts and ask for their guidance. You can also ask them to help you come up with effective measures to boost the security of your cryptocurrency transactions.