The release of bitcoin as an open source software gave developers the opportunity to fork the original code base and add the features they wanted; thus creating a new cryptocurrency. Recognizing the market potential of a cryptocurrency to solve these problems, Charlie Lee came up with Litecoin. The first problem that Litecoin addressed was the transaction time. While the bitcoin network processes one block every 10 minutes, Litecoin does it every 2.5 minutes. This four-fold increase in block generation results in faster transactions. It also allows the network to handle higher transaction volumes during scaling.
Litecoin has a maximum supply of 84 million tokens or digital coins (four times more than Bitcoin). Of which, 54.26 million are currently in circulation.
While it may seem that the network will soon run out of new currencies, analysts predict that this will only happen around 2142. And that is considering the current rate of mining difficulty.
Please read the FAQ in order to know more about the flash sale
What is Bitbns Litecoin flash sale offer?
We at Bitbns believe users should have an easy way to access any virtual currency.
If I trade for Litecoin at that time would it double?
No ! Flash sale is conducted on a seperate page from trading. The flash sale would occur on this page. You can bookmark this page The trading happens on the trading page. In order to ensure you are on the flash sale page check if you see a countdown timer and also a mark saying whether you are eligible for flash sale or not like given below
How many users will get the Litecoin flash sale offer?
The flash sale is based on first come, first serve basis - until the stocks last.
When is the flash sale?
The flash sale would be conducted on 13th March 12:00 Noon
How do I participate in the flash sale?
All you have to do is register with us and complete your KYC verification and then transfer money of which you want to buy Litecoin to be eligible to participate in the flash sale.
Am I eligible for this flash sale?
If you have signed up on or before 5th March on Bitbns, you must complete at least 0.5 LTC worth of transactions before March 12th to participate in the flash sale. But if you have registered after 5th March, there is no minimum trading required.
What is the last date for the Litecoin flash sale registration?
The registration for the flash sale closes on Monday 12th March 2018, at 10 P.M. Indian Standard Time.
Why a flash sale on Litecoin?
Among the many alternative cryptocurrencies or altcoins that exist today (more than 1000) few have existed for so long and have been as good as Litecoin.
It was created by former Google employee and Coinbase Engineering Director Charlie Lee in 2011. And it emerges as one of the first utilities of Bitcoin Core, the open source system with which the first crocodomonedas were created.
The creators of this altcoin based on blockchain define it as "a bit by bit coin that allows instantaneous payments, almost zero cost to any person in the world".
Since Litecoin is based on Bitcoin's open source code, it shares several functions with the latter.
We at Bitbns believe people should have access to any genuine currency they would wish to trade. Hence we after initially launching with bitcoin are adding Litecoin and for more people to get the currency we are introducing a flash sale.
Register: Sign Up with Bitbns. Verify your mobile number, email id and create your Bitbns account within minutes.
ID Proofs: Complete your profile registration by submitting your:
Profile Verification : After submitting all required documents for account verification, you will be notified in 1 working day's time about account activation.
You will then be allowed to transfer funds to your Bitbns account using NEFT/RTGS/IMPS
Bitbns has been established since December-2017 as an intermediary for the purchase and sale of cryptocurrencies. We offer our expertise in an easy-to-access environment where you can simply and confidently buy and sell cryptocurrencies.
If you encounter any difficulty, our helpdesk is at your service. Our employees guide you gladly during your topifications. All you have to do is contact the home page of our site.
Security, speed and ease of use are the spearheads of Bitbns. Our passion is to improve our service on a daily basis. Many customers can testify to their satisfaction.
Bitcoin uses the SHA256 algorithm that consumes many resources. Litecoin instead makes use of the scrypt algorithm that consumes a lot of memory.
In its early stages, Bitcoin could be undermined by CPU and GPU.
However, as the competition in the network increased, the specially constructed FPGA and ASIC devices, with extensive processing capabilities, should be used to mine bitcoins. These devices are expensive and require a large amount of electricity to operate. Therefore, only a few could afford to have them quickly and monopolized the Bitcoin mining community.
To prevent the same thing from happening with Litecoin, Charlie Lee (founder)decided to adopt the scrypt algorithm instead. Scrypt was specifically designed to hinder the type of devices to extract Litecoin. It does so by requiring amounts of memory, higher than those used by bitcoin machines.