Litecoin (LTC) is a popular crypto asset founded in 2011 by Charlie Lee, known as the "silver to Bitcoin's gold. Litecoin is faster and cheaper than Bitcoin, with a shorter block generation time and lower transaction fees. It aims to provide a peer-to-peer payment system that allows for quick and inexpensive transactions worldwide.
What Makes LTC Unique?
- Fast block generation (2.5 minutes)
- Different algorithm (Scrypt)
What Affects the Price of LTC?
- Market demands
- Competition with other traditional payment methods
What Gives LTC Value?
- Limited supply
- Strong community and developers
- Wide utilities and adoptions
How Secure Is The LTC Network?
Litecoin uses the PoW consensus algorithm to confirm transactions quickly and without errors. Furthermore, Litecoin has robust cryptographic defences — making it practically impossible to crack.
Why is Litecoin called the "silver to Bitcoin's gold"?
Litecoin is often called the "silver to Bitcoin's gold" due to its similarities with Bitcoin but with faster block generation times and lower transaction fees.
How can I use Litecoin?
Litecoin has many purposes, including payment for goods and services, as an investment, or for peer-to-peer transactions. You can store Litecoins in a digital wallet and use it wherever merchants accept Litecoin as a payment form.