Litecoin
Litecoin is a peer-to-peer cryptocurrency that was created in 2011. It is similar to Bitcoin but has faster transaction times and uses a different cryptographic algorithm called Scrypt for mining.
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Litecoin: Peer-to-Peer Cryptocurrency with Fast Transaction Times
Litecoin is a peer-to-peer cryptocurrency that was created in 2011. It is similar to Bitcoin but has faster transaction times and uses a different cryptographic algorithm called Scrypt for mining.
What is Litecoin?
Litecoin (LTC) is a peer-to-peer cryptocurrency that was created in 2011 by Charlie Lee, an ex-Google employee, as an open source project on GitHub. Litecoin is one of the earliest alternative cryptocurrencies (altcoins) and is often referred to as the silver to Bitcoin's gold. Like Bitcoin, Litecoin is decentralized and uses a blockchain to verify transactions.
Litecoin was designed as an improved version of Bitcoin with several key differences. Litecoin processes blocks four times faster than Bitcoin, allowing for faster transaction confirmations in around 2.5 minutes. It uses a different cryptographic algorithm called Scrypt for mining rather than SHA-256. Scrypt is designed to be more accessible for mining using consumer-grade hardware such as GPUs rather than specialized ASIC miners. The maximum supply of LTC is capped at 84 million coins, quadruple that of Bitcoin's maximum supply.
Litecoin has lower transaction fees than Bitcoin and has implemented technologies like Segregated Witness and the Lightning Network to further improve scalability and reduce costs. It is accepted by a growing number of merchants and exchanges. Though Litecoin doesn't have the same adoption or trade volume as Bitcoin, it remains a popular alternative among cryptocurrency enthusiasts and has inspired hundreds of other altcoins since its launch.
Litecoin Features
Features
- Decentralized cryptocurrency
- Faster transaction times than Bitcoin
- Uses Scrypt proof-of-work algorithm for mining
- 84 million maximum coin supply
- Lower transaction fees than Bitcoin
Pricing
- Open Source
Pros
Faster transactions
Lower fees
More abundant coin supply
Well-established and trusted
Cons
Less adoption than Bitcoin
Less security than Bitcoin
More susceptible to miners with dedicated hardware
Lower market cap and trading volume
Official Links
The Best Litecoin Alternatives
Top Bitcoin & Cryptocurrency and Cryptocurrency Wallets and other similar apps like Litecoin
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