What is Litecoin?

DEFINITION of Litecoin

Launched in the year 2011 by Charlie Lee, an MIT graduate, and former Google engineer, Litecoin is the second most popular cryptocurrency after the Bitcoin.

It is a form of digital currency which is created and transferred electronically using encryption. Like Bitcoin, Litecoin’s transactions are recorded on a public ledger and new coins are created through a process known as “mining”.

Litecoin’s advantages over Bitcoin include its faster block confirmation times and scrypt hashing algorithm (to prevent ASIC mining).

BREAKING DOWN

But will Litecoin ever see the massive success Bitcoin has seen and mighty exceed it?

Originally, Litecoins were launched with the aim of being the "silver" to Bitcoin's "gold," and have gained much popularity since the time of inception. Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. It is an open source, a global payment network that is fully decentralized without any central authorities. Cryptography secures the network and empowers individuals to control their own finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.

Litecoin is designed to produce four times more coins that of Bitcoin and at a faster rate (1/4th of the time of Bitcoin). Overall, Litecoin is seen as second to Bitcoins in value, but Litecoins are more easily obtainable and transactional.

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2024-05-30 • Updated

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