What is Litecoin?
Litecoin is the third-largest cryptocurrency after Bitcoin and XRP, and it is considered one of the five most important cryptocurrencies so far. It was released on GitHub in 2011 by Charlie Lee, a Google employee and former Engineering Director at Coinbase, with the aim to allow fast p2p transfers with near-zero transaction fees. He took the core code from Bitcoin and made his modifications to the code and protocol to work in a way that he felt would be best to allow for large-scale adoption of the currency.
Litecoin is quite similar to Bitcoin, a part of a few differences, which are:
- Litecoin Network processes a block every 2.5 minutes (Bitcoin is 10 minutes), this means faster Litecoin transactions.
- Litecoin mining is much harder and expensive than Bitcoin
Like Bitcoin, there is a limit of Litecoin that can be mined, and it’s 84Million Litecoin, while 55.58 Million are already released or mined.Cool Fact: If you have noticed, 84 is 4 times 21(which is the Bitcoin limit amount), it reflects the reason why Litecoin transactions are 4 times faster than Bitcoin, 2.5 minutes against 10.
Like other coins, Litecoin can be purchased on different exchanges.
It has its own wallet application to manage your funds and make transactions.