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.

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


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