Litecoin (LTC) is a cryptocurrency created by Charles Lee, a former Google engineer, as a "lite" version of Bitcoin. It was launched in 2011 and is one of the oldest and most well-known cryptocurrencies.
Key Features of Litecoin:
* Faster Transactions: Litecoin has a block time of 2.5 minutes, which is four times faster than Bitcoin (10 minutes). This means that Litecoin transactions are processed faster.
* Lower Fees: Litecoin transaction fees are generally lower than Bitcoin, making it more attractive for small payments.
* Larger Supply: Litecoin's maximum supply is 84 million coins, which is four times higher than Bitcoin's (21 million).
* Mining Algorithm: Litecoin uses the Scrypt algorithm, which is different from the SHA-256 algorithm used by Bitcoin.
Advantages of Litecoin:
* Fast and Cheap Transactions: Litecoin is suitable for everyday payments and microtransactions.
* High liquidity: Litecoin is traded on many cryptocurrency exchanges, which ensures its high liquidity.
* Wide acceptance: Litecoin is accepted by many merchants and services.
Disadvantages of Litecoin:
* Less popularity: Litecoin is less popular than Bitcoin, which can affect its price.