The creator of Litecoin calls it “silver to Bitcoin’s gold”. Litecoin has made it to the top and ranks among the world’s largest cryptocurrencies by market capitalization.
Our comprehensive guide to Litecoin will give an overview of what it is and why it’s good.
According to the official website, Litecoin (Ł or LTC) is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. It is an open-source, global payment network that is fully decentralized, meaning that just like other decentralized cryptocurrencies, Litecoin is owned by no country, government, or corporation.
Mathematics secures the Litecoin network and empowers individuals to take control of their finances. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume, and liquidity, Litecoin is a proven medium of commerce, complementary to Bitcoin. That’s right, complementary. We don’t want to compare Litecoin to Bitcoin, although the former is almost identical to the latter.
Litecoin was created in 2011 by an ex-Google employee Charlie Lee. A big fan of Bitcoin, he believed he could do make a better version… and rightfully so! Having a full-time job, Charlie created Litecoin in his spare time working on Chrome OS.
It’s a known fact that digital currencies are created in a limited amount. Guess what, there are four times more litecoins than there are bitcoins. Litecoins stock amounts to 84 million tokens!
On a cryptocurrency scale, Bitcoin has the slowest settlement time, around 10 minutes, while Litecoin needs only 2.5 minutes to settle a transaction. One more good reason to stop comparing Litecoin to Bitcoin!
We think that the best thing about Litecoin is that its creator is an active participant of the global crypto community, unlike the mysterious Satoshi Nakamoto, who’s long disappeared. Charlie Lee’s created a product with great potential and is physically present to drive Litecoin forward.
There’re more pros of Litecoin than meets the eye. Litecoin is best-suited for small transactions, perfect for everyday use. If you think about it, most of transactions you make are small ones.
Litecoin is also easier to mine, in theory. While Bitcoin uses SHA-256 mining algorithm, Litecoin uses Scrypt that requires less computational power. However, litecoins mining is still complicated enough in terms of expensive hardware and technological know-how.
Litecoin can be bought and sold for fiat money at a variety of digital exchanges available online. It will also be available on CoinMetro’s Exchange Platform, once fully launched.
Litecoin ranks #7 in the top 10 of the largest cryptocurrencies in the world by market capitalization. Its market cap reaches $3,418,230,743.
If you’ve made it this far, thanks for reading!
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The CoinMetro Team