What is Litecoin (LTC)?

It’s also the oldest crypto after Bitcoin. As its name suggests, Litecoin was originally created to improve several of Bitcoin’s perceived shortcomings, such as slow transaction processing speeds and mining monopolies. LTC is built to be used in everyday transactions, whereas Bitcoin has evolved into more of a “store of value.”

What is Litecoin and why should you care?

Each coin believes they offer something better, which is usually related to speed, fees or scalability. One of these coins is Litecoin, which was created in 2011. Its aim is to be a lighter version of Bitcoin. Did you know that Litecoin’s transaction times are 4 times faster than Bitcoin’s? That’s right, and not only that, they’re cheaper too!

How does Litecoin confirm transactions?

As Litecoin is decentralized, there is no single authority to confirm a transaction. Instead, a group of volunteers called miners use their computing power to solve really difficult puzzles. This is how transaction blocks ( or, in our case, containers) are verified.

What's the difference between Bitcoin and Litecoin?

But Litecoin has some notable differences from Bitcoin, too. Besides processing speed, there’s the issue of supply. While Bitcoin is capped at a maximum supply of 21 million coins, Litecoin is capped at 84 million coins.