finance

Litecoin (LTC)

Litecoin was created in 2011 by Charlie Lee, a former Google employee. He pitched Litecoin as "the silver to Bitcoin's gold," implying that it was a lighter, more accessible cryptocurrency than Bitcoin.

Key Features of Litecoin:

● Fast transactions: Litecoin processes blocks every 2.5 minutes, which is four times faster than Bitcoin. This allows for faster transaction processing.

● Scrypt algorithm: Unlike Bitcoin, Litecoin uses the Scrypt algorithm in its Proof-of-Work mechanism. Scrypt requires less computing power, making mining more accessible to regular users without specialized hardware.

● Limited supply: There will only be 84 million Litecoins in existence, which is four times more than the maximum supply of Bitcoin.

Litecoin has been widely adopted by the community due to its speed and efficiency and is often used for small transactions and testing new ideas before they are implemented into Bitcoin.