Litecoin (LTC) was created by Charlie Lee in October 2011. It was meant to act as a lighter version of Bitcoin. Hence, Litecoin may seem similar to Bitcoin in many ways but it is still much cheaper and faster than Bitcoin. LTC works as a great alternative to make seamless online payments.
3. Characteristics of Litecoin
Litecoin is an open-source software project that offers condensed mining pools with faster transaction times at lower transaction costs. It is a peer-to-peer cryptocurrency issued under MIT/X11 licenses. Litecoin’s network uses the Scrypt algorithm (SHA-256) to mine its tokens. Overall, LTC’s transaction fees come up to about 1/50th of the transactions made with Bitcoin. Litecoin has a max cap of 84 million, the low total supply was made intentionally, as LTC was made to be four times faster than BTC. While Bitcoin takes 10 minutes to create a new block, Litecoin’s blockchain takes only 2.5 minutes.