Litecoin is a cryptocurrency project same as Bitcoin and it is abbreviated as LTC. It was introduced by Engr. Charlie Lee in 2011. It works as a decentralized network that works the same as Bitcoin. It varies from Bitcoin in several ways such as the use of Scrypt for proof-of-work (PoW) technique and a quicker block creation speed. It is one of the first cryptocurrencies to be created using Bitcoin’s fundamental source code.
Litecoin was considered a powerful opponent to Bitcoin. It was generally seen as a counter-measure to Bitcoin. Actually, many people including Lee termed it the “lite version of Bitcoin” when it was introduced on a famous Bitcoin forum. As a consequence, it shares many of Bitcoin’s characteristics while also modifying and updating those parts that the developer believed should be upgraded.
Why Choose Litecoin?
Bitcoin mining at a profitable rate demands a massive amount of computing power, which is provided by dedicated hardware. Usually, CPUs of home computers aren’t powerful enough hardware for crypto mining. Litecoin has a major advantage over the other crypto coins that it can be mined on a desktop pc. But mining earnings will increase as higher capacity hardware is used for crypto mining.
The worth of any cryptocurrency coin will be less if it has a very large uncontrolled circulation supply. From the beginning, the designers of Litecoin realized that developing a name in the market would be tricky. The creators fixed the circulation supply for the project. Consequently, LTC became a reliable project for people.
Litecoin is a type of digital currency same as other cryptocurrencies. It may be used to buy products and move money between accounts for both people and organizations. Consumers can use it to conduct transactions without the involvement of a bank, credit card provider, or merchant services agency.
The most significant difference between Litecoin and Bitcoin is the crypto techniques used by each. Bitcoin employs the SHA-256 technology, but it employs the Scrypt technique, which is a newer method.
In comparison to Bitcoin, Litecoin has several intrinsic benefits. Its success comes from the fact that it was created with the objective of maximizing transaction speed. The average transaction completion time on the Bitcoin blockchain is approximately a little below ten minutes, whereas it takes a short time of 2.5 minutes. Due to its quicker block generation time, the Litecoin blockchain can process more efficiently.