Introduction
Litecoin (LTC) is one of the oldest of all altcoins on the market. When it was first introduced in 2011, Litecoin was branded as “the silver to bitcoin’s gold” for its blockchain was largely based on Bitcoin’s code. While some crypto investors view Bitcoin as a good store of value, Litecoin is often seen as a better option for peer-to-peer payments due to its
lower confirmation time and transaction fees.
What is Litecoin (LTC)?
Litecoin ($LTC ) is one of the first altcoins. Created by former Google engineer Charlie Lee in 2011, its blockchain was developed based on Bitcoin’s open-source codes. But Litecoin introduced certain modifications, such as a faster block generation rate and a different Proof of Work (PoW) mining algorithm called Scrypt.
Litecoin has a limited total supply of 84 million. Similar to Bitcoin, Litecoin can be obtained from mining and has a halving mechanism that occurs every 840,000 blocks (roughly 4 years).
