What Litecoin LTC and how to use this coin
Difference Between LTC and BTC
Modified Date:- Published Date:-Categories: Cryptocurrency
What Litecoin LTCand how to use this coin
Litecoin(LTC) is a cryptocurrency created in 2011 as one of the first altcoins(alternatives to bitcoin). Although it is built on the original sourcecode of bitcoin and shares some characteristics with BTC, LTC was designed toimprove upon BTC, especially in terms of transaction speed. AlthoughLitecoin was initially a popular entry in the crypto category, it gained andlost value over time, with many cryptocurrencie (or even certain stocks and bonds).
Like manyforms of crypto, Litecoin is a decentralized, peer-to-peer cryptocurrency; Itwas created from a fork in the bitcoin blockchain, the transparent, digitalpublic ledger used by most cryptocurrencies. Litecoin was designed to enablenear-instant, near-zero cost payments that can be exchanged between people orinstitutions around the world
Likebitcoin, Litecoin uses a PoW consensus system to verify transactions on theblockchain, but it is considered a lighter, faster version of bitcoin due tosome modifications. The main difference between Litecoin and Bitcoin is thatLitecoin uses a mining algorithm called Scrypt, to enable faster transactiontimes.Litecoin creates a new block to be mined every 2.5 minutes, which isabout four times faster than Bitcoin's 10 minutes. The supply of Litecoin is alsofour times higher. While Bitcoin has a cap of 21 million coins, Litecoin has atotal cap of supply of 84 million.
Litecoin, BTC, cryptocurrencies, crypto, Transactions, Blockchain, coins, scrypt