Litecoin (LTC) – The “Silver” of the Crypto Market

Litecoin (LTC) is one of the oldest cryptocurrencies, launched in 2011 by Charlie Lee – a former Google engineer. Litecoin is considered the “silver” while Bitcoin is the “gold” of the cryptocurrency world, due to its similar design but improved transaction speed and lower fees.

LTC uses the Scrypt algorithm instead of SHA-256 like Bitcoin, making it easier to mine with standard hardware. The block creation time of Litecoin is 2.5 minutes – four times faster than Bitcoin, thus supporting quicker payments. The maximum supply of LTC is 84 million coins, four times that of Bitcoin.

Litecoin has gone through many price cycles and continues to hold a top position among coins with large market capitalization. Additionally, LTC has been a pioneer in testing new technologies such as SegWit and Lightning Network.

Currently, Litecoin is still used as a fast and cheap payment method, supported on many major exchanges and crypto wallets. Although it is no longer the “star” of the market, LTC still plays an important role in the cryptocurrency ecosystem due to its stability and long-standing reputation.