What is Litecoin?

Litecoin is a user-to-user digital currency that can be similarized to the Bitcoin. The Litecoin has gained shape over the years besides challenges like price dips in recent days. The Litecoin operates without a central authority and allows for cheaper and faster cryptocurrency transactions. The currency has gotten much support, which can be proven by figures such as trade volume and liquidity.

The Litecoin comes into the market with the capabilities that allow larger transactions, unlike the Bitcoin. Due to the ability to support multiple purchases, the Litecoin can generate more blocks without having to update the system. The confirmations of a transaction on its platforms are also near immediate than those of its peers.

How they were developed (history)

Former Google employee Charlie Lee developed the Litecoin in 2011. The Litecoin uses the abbreviation, LTC. Motivated by the Bitcoin, Lee thought of a faster cryptocurrency, LTC uses scripts and is 2.5 minutes faster than the Bitcoin. The availability of the coin in the market has been higher and due to the quick reception to the market in 2013 where it was valued at a billion dollars. The Litecoin has found its way to the sixth position, a good rank in the market given the market is made up of about 1600 cryptocurrencies.

The Litecoin has been in use for over five years since official inception in 2013.


The information contained within this website and resource section is not intended to be a substitute for financial advice or promotional offer on the investment or purchase of cryptocurrencies, digital tokens or related assets. Although care has been taken in preparing the information provided to you on this site and in the resource section, we are not held responsible for any errors or omissions and accept no liability whatsoever for any damage or loss you may incur through the result of your own actions and decisions when deciding to purchase or invest in cryptocurrencies or related digital assets. You should never engage in trading unless you fully understand the nature of the transactions you are entering into and the extent of your exposure to loss. We recommend you always seek financial/or legal advice counsel relating to your investment and purchase circumstances. This material has been prepared for informational use only.

Was this article helpful?

About Cryptosouk

Cryptosouk.io is a powerful web based trading platform where you can trade without trade-offs. Our desktop, web, and mobile platforms are designed for performance and built for all levels of investors and traders. Our easy to use and simple mobile applications built for iOS and Android make it a breeze for you to invest and trade on the go no matter where you are.

Cryptosouk.io is a rapidly developing platform with a highly experienced cross disciplined team driving it forward with monthly additions of new features and trading functions to make trading digital token assets an absolute breeze.

Visit cryptosouk.io today

View all posts by Cryptosouk →