Do You Know About Litecoin?

We see Bitcoin (BTC) very often in the headlines, but the name Litecoin is not so popular in terms of news headlines. But Litecoin(LTC) is one of the oldest cryptocurrencies after Bitcoin.

Earlier Bitcoin used to have some shortcomings such as slow transaction processing speeds and mining monopolies. Later on to fix these problems and improve these shortcomings Litecoin was introduced. Charlie Lee, a former Google engineer created this altcoin. Whereas Bitcoin is evolved to a store of value, Litecoin has always been meant for everyday transactions.

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Jay Blaskey, the digital currency Specialist at BitIRA says that Litecoin is the second-oldest crypto after Bitcoin in the market and it was engineered for fast, secure, and low-cost payments. while generating new blocks on the Bitcoin blockchain can take about 10 minutes, it will only take 2.5 minutes to create a block in Litecoin Blockchain.

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Litecoin and Bitcoin have several resemblances like both are open-source projects to verify transactions that use proof to work. And they have some differences too. Besides the processing speed of the transactions, there is an issue of supply. While Litecoin is capped at 84 million coins, the Bitcoin is capped at a maximum supply of 21 million coins.

Anupama Das

An active reader and follower of news. A budding journalist tries to spread authentic news to people.

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