The difficulty of calculating Litecoin is adjusted so that, on average, one block is generated every 2.5 minutes, which is four times faster than Bitcoin, allowing for quicker transaction confirmations. A transaction is generally considered complete after 6 blocks, or 15 minutes.
The issuance of Litecoin is algorithmically limited. The maximum amount of litecoin that will enter circulation exceeds the maximum number of bitcoin by four times (84 million vs. 21 million). The initial reward for each block is 50 litecoin. The rate of generation of litecoin is halved every 840,000 blocks, which is four times the number of blocks compared to Bitcoin. Since litecoin blocks are formed four times faster than bitcoin blocks, this means their issuance and reward rates will be similar. For example, by 2020, about 3/4 of all litecoin will be generated.
Litecoin can be exchanged for both fiat money and other cryptocurrencies. Exchanges predominantly occur on online trading platforms. Reversible transactions (such as through bank cards) are generally not used for purchasing Litecoin due to concerns about chargebacks, as transactions involving the transfer of Litecoin itself are irreversible.
