$LTC refers to Litecoin, a popular cryptocurrency created by Charlie Lee in 2011. It was designed as a "lighter" version of Bitcoin, with some key differences in terms of speed and transaction costs, while maintaining many of the core features of Bitcoin.
Key Features of Litecoin $LTC
Faster Transactions: One of the primary differences between Litecoin and Bitcoin is its faster transaction confirmation times. Litecoin has a block time of 2.5 minutes, compared to Bitcoin's 10 minutes. This makes transactions on the Litecoin network quicker.
Lower Fees: Litecoin typically has lower transaction fees compared to Bitcoin, making it more suitable for small, everyday transactions.
Scrypt Algorithm: Unlike Bitcoin, which uses the SHA-256 hashing algorithm, Litecoin uses the Scrypt algorithm for its proof-of-work consensus mechanism. This makes Litecoin mining less reliant on specialized ASIC miners initially, though it has evolved with ASIC miners using the Scrypt algorithm as well.
Decentralized: Like Bitcoin, Litecoin is a decentralized digital currency that operates on a peer-to-peer network. There is no central authority controlling the network, and transactions are verified by network participants called miners.
Cap Supply: Litecoin has a total supply cap of 84 million $LTC , which is four times greater than Bitcoin's