What is Litecoin?

Litecoin (LTC) is another cryptocurrency, whose popularity in the world is systematically increasing. It was created by Charles Lee in October 2011. It allows you to transfer money quickly and cheaply to the whole world. Although, its creator took as an example of bitcoin, which is more popular today, it still has slightly better parameters than Bitcoin.

The creator of Litecoin determined that its maximum supply will be 84 million units. At present, over 50 million of this cryptocurrency has been "mined". Each Litecoin is divided into 100,000,000 smaller units.

How is this currency different from its original or Bitcoin? First of all, Litecoin processes the block every 2.5 minutes, records transaction on ledger. Bitcoin does it every 10 minutes. According to the creators of this currency, it allows for faster confirmation of transactions. 

Another difference is the cryptocurrency supply. As we have already said, 84 million "coins" of this currency are to be created, and in the case of Bitcoin, there will be only 21 million of them. 

Of course, there are also a lot of "technical" differences that affect the production of this currency, or the way in which the transaction code is saved (litecoin is using SegWit). In this case Litecoin is much lighter and its wallet does not require a lot of storage as opposed to Bitcoin. 

Does Litecoin have a chance to beat its popularity with Bitecoin? It's hard to say, but many people say that there is a chance. .

SHARE

Unknown

• 
•