crypto explainercryptocurrency tutorial

what is Litecoin and what it’s used for ?

Litecoin is often called the silver to Bitcoin’s gold. It was created in 2011 by a programmer called Charlie Lee, and was one of the first cryptocurrencies to launch after Bitcoin.

Litecoin, like Bitcoin, aims to be a global digital payment system, but with some key differences.

Why Litecoin Created ?

in the early days of Bitcoin, mining, the process by which Bitcoin is created, could be done relatively cheaply. However, as it grew in popularity, people soon started using more expensive advanced hardware to mine more Bitcoin.

Lee and others were worried about this and wanted to build a faster, cheaper, and lighter version. To do this, they created a new proof-of-work algorithm to verify transactions, one that used less computing power and was cheaper to run than the SHA-256 algorithm used by Bitcoin.

This was called script. Litecoin is forked from the Bitcoin core clients. This fork meant the two don’t share any history and they’re considered completely separate cryptocurrencies.

what’s the difference between Litecoin and Bitcoin ?

like Bitcoin, Litecoin is also open source and fully decentralised. Litecoin is different to Bitcoin in some key ways though.

  1. Litecoin takes 2.5 minutes to generate a block of transactions, as opposed to Bitcoin’s 10 minutes. This means that Litecoin can confirm transactions roughly four times faster than Bitcoin.
  2. Bitcoin and Litecoin both have a limited supply, but the total limit for Bitcoin is 21 million, while Litecoin has a limit of 84 million.
bitcoin vs litecoin

what’s it used for? Litecoin’s speed is why it’s often considered more useful for day-to-day transactions, while Bitcoin is widely considered more of a store of value.

what do you think?

  • Does Litecoin’s speed mean it has a brighter future?
  • Will it ever gain mainstream acceptance as a payment method?

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