Litecoin is one of the first cryptocurrencies to emerge after Bitcoin. It is also one of the most popular altcoins in the market today. In this article, we will give you a detailed guide on Litecoin, including its history, how it works, and its advantages over Bitcoin.
What is Litecoin?
Litecoin is a peer-to-peer digital currency and open-source software project released under the MIT/X11 licence. Creation and transfer of coins are based on an open source cryptographic protocol and are not managed by any central authority. The coin was inspired by, and in technical details is nearly identical to, Bitcoin.
What’s the difference between Bitcoin and Litecoin?
The main differences between Bitcoin and Litecoin are:
- Litecoin has faster transaction confirmation times and can handle a higher volume of transactions.
- Litecoin uses a different proof of work algorithm (Scrypt), which is designed to be more resistant to ASIC miners. This gives regular people with regular computers a better chance of mining.
- Litecoin has a higher total supply (84 million) than Bitcoin (21 million)
What is the history of Litecoin?
Litecoin was created by Charlie Lee, a former engineer at Google, in 2011. The coin was designed to be a lighter version of Bitcoin, with faster transaction times and a higher total supply. The coin quickly gained popularity and became one of the most traded cryptocurrencies on exchanges.
How does Litecoin work?
Litecoin works in a similar way to Bitcoin. Transactions are recorded on a blockchain, and nodes verify these transactions. Miners are rewarded for their work with Litecoins.
What are the advantages of Litecoin over Bitcoin?
There are several advantages of Litecoin over Bitcoin:
What’s the future of Litecoin?
The future of Litecoin is bright. The coin has a strong team of developers, a large community, and a well-established infrastructure. Litecoin is also one of the most traded cryptocurrencies on exchanges. As the adoption of cryptocurrency continues to grow, Litecoin is well positioned to be a leading player in the space.