LTC

Litecoin

Litecoin is a peer-to-peer cryptocurrency designed to be faster than Bitcoin in terms of transaction processing speed.

It was created by former Google employee Charlie Lee and uses a different consensus algorithm to process transactions than Bitcoin, allowing more users to mine it. Litecoin is the little brother of Bitcoin and is designed to be faster to process transactions, hence the term "lite".

Who created Litecoin?

Former Google employee Charlie Lee created Litecoin. He was a big fan of Bitcoin but thought he could make a better version, so he created Litecoin.

A brief history of LTC:

• On October 7, 2011, Litecoin software was released based on the programming community.

• By November 2013, it was worth $1 billion.

• Today, it is one of the largest cryptocurrencies in the world.

What is so special about Litecoin?

• Decentralized - it is not owned or controlled by any individual or group.

• Peer-to-peer - there is no third party.

• Borderless - no exchange is required to move currency across borders.

• Immutable - cannot be changed or withdrawn, unlike today's financial systems.

• Double-spending - solved a problem that many digital currencies have failed to solve.

• Evidence of how blockchain technology works, literally changing everything.

What are the advantages of Litecoin?

• Super fast - Bitcoin takes an average of 10 minutes to create a block, whereas with Litecoin, it takes an average of just 2.5 minutes.

• Super cheap - during the 2021 bull market, the average cost of a transaction was less than $0.07. However, for Bitcoin transfers, it's a good idea to expect at least $10 per bull market.

• It is designed for everyday use - designed for smaller transactions, such as purchases, thanks to its faster processing speed.

• It uses a mining method different from Bitcoin to produce the currency.

The supply of LTC is capped at 84 million. Two thirds of this are currently available, and it will take roughly 100 years to mine the rest of the cryptocurrency.

How is Litecoin mined?

In a similar way to Bitcoin, miners try to solve a complex mathematical puzzle, which, if successful, will earn them the right to have their transaction basket (block) become the newest element of the blockchain. If successful, the miner is rewarded with a freshly mined cryptocurrency. The difference is in the algorithm that the miners use. The algorithm used to mine Bitcoin allows miners to join forces, leading to the creation of "mining pools". Litecoin's algorithm, however, makes this more difficult, making it much easier for individuals to make money mining Litecoin.