Litecoin was created via a fork of the Bitcoin source code and is one of the oldest altcoins. It was launched in 2011 by Charlie Lee and is a peer-to-peer digital currency that is developed on an ongoing basis in the scope of open source projects.
How is Litecoin different from Bitcoin?
🔸 Litecoin also uses a Proof of Work mechanism that allows miners to earn new coins by adding new blocks to their blockchain. However, Litecoin does not use the Bitcoin SHA-256 algorithm. Instead, LTC uses Scrypt, a hashing algorithm that can generate new blocks roughly every 2.5 minutes, while Bitcoin takes an average of 10 minutes to confirm a block.
🔸 The maximum number of Litecoins that can ever be produced is 84 million, compared to 21 million bitcoins. There are significantly more Litecoins in circulation to-date than bitcoins.
🔸 Litecoin has a competitive advantage as a P2P payment system. LTC can be used as a payment method via Litecoin VISA debit card, converting LTC to USD in real time.
Since Bitcoin and Litecoin are similar, Litecoin has often been used as a “test platform” for developers. For example, Segregated Witness (SegWit) and Lightning Network were implemented first for LTC and only later for Bitcoin.
You can create a wallet on our website and start using a secure and easy way to buy and sell Litecoin, his brother Bitcoin and other assets!