The difficulty of calculating Litecoin is set in such a way 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 4 times (84 million versus 21 million). The initial reward for each block is 50 litecoin. The generation rate of litecoin is halved every 840,000 blocks, which is 4 times more blocks than Bitcoin. Since litecoin blocks are formed 4 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 have been generated.
Litecoin can be exchanged for both fiat money and other cryptocurrencies. Transactions predominantly occur on online exchange platforms. Reversible transactions (for example, via bank cards) are usually not used to purchase Litecoin due to concerns about chargebacks, as transactions involving the transfer of the actual Litecoin are irreversible.
