Litecoin is a cryptocurrency created by Charlie Lee in 2011 as a so-called "fork" of the Bitcoin blockchain. Litecoin was developed to offer faster transaction confirmations and lower fees compared to Bitcoin. With a block time of only 2.5 minutes, compared to Bitcoin's 10 minutes, Litecoin enables quicker and more efficient transactions. Litecoin is often referred to as the silver to Bitcoin's gold.
LTC is the official symbol and ticker code for the cryptocurrency Litecoin. Just like other cryptocurrencies, LTC can be used to send and receive payments over the internet without the need for a third party. LTC can be bought, sold, and traded on many cryptocurrency exchanges worldwide. In addition to functioning as a digital payment method in some places, LTC is often used as an investment opportunity and as a way to diversify crypto portfolios.
Litecoin is built on a decentralized blockchain that verifies and records all transactions. The network consists of many computers (nodes) that verify transactions and add them to blocks. These blocks are then linked together in a continuous chain. Litecoin uses a modified version of Bitcoin's Proof-of-Work algorithm called Scrypt, which enables faster block generation and transaction confirmations. This makes Litecoin suitable for daily transactions and micropayments.
Why does Litecoin exist?
Litecoin was created to complement Bitcoin by offering faster and cheaper transactions. While Bitcoin is often seen as a store of value, similar to digital gold, Litecoin is intended to function more like digital silver—a currency for everyday transactions. Litecoin has also implemented several technical improvements, such as Segregated Witness (SegWit) and the Lightning Network, making it one of the most advanced and user-friendly cryptocurrencies on the market.
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Litecoin's website: https://litecoin.org/
Litecoin's white paper: https://api-new.whitepaper.io/documents/pdf?id=SkGJbIbEO
Litecoin's Wikipedia: https://en.wikipedia.org/wiki/Litecoin