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Litecoin

Litecoin is a peer-to-peer cryptocurrency created as a "lighter" version of Bitcoin, offering faster transaction times and lower fees.

What is Litecoin?

Litecoin (LTC) is a decentralized digital currency created in 2011 by former Google engineer Charlie Lee. It was designed to complement Bitcoin by addressing some of its limitations, such as transaction speed and scalability. Often referred to as the “silver to Bitcoin’s gold,” Litecoin shares many technical similarities with Bitcoin but offers faster block generation times and lower transaction fees, making it more suitable for everyday transactions.

Litecoin’s blockchain operates on a Proof of Work (PoW) consensus mechanism similar to Bitcoin, but it uses a different hashing algorithm called Scrypt. This algorithm allows for faster block generation—approximately 2.5 minutes per block compared to Bitcoin’s 10 minutes—resulting in quicker transaction confirmations. Additionally, Litecoin has a maximum supply of 84 million coins, four times the total supply of Bitcoin, ensuring greater availability.

Litecoin is widely used for peer-to-peer transactions and as a medium of exchange on various platforms and services. Its faster transaction processing times and lower costs have made it a popular choice for users looking to transfer smaller amounts of value or use it in commerce. Over the years, Litecoin has maintained its position as one of the top cryptocurrencies by market capitalization, solidifying its role in the broader digital currency ecosystem.

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