#OnChainInsights ^ Digital currency Litecoin (LTC) is one of the pioneers in the world of Ramsar, which was introduced in year 6 by former Google engineer Charlie Lee. The currency was designed as a modified version of Bitcoin and its main purpose was to provide faster and cheaper transactions. For this reason, the Transaction Confirmation time in Litecoin is about 2.5 minutes, which is much faster than bitcoin, which lasts 5 minutes.

Litecoin uses the SCrypt extraction algorithm, which means that it requires less powerful hardware than bitcoin. One of the important features of the LTC is its limited supply, similar to bitcoin, only 5 million units of this currency will be available. Since the LTC has found a variety of uses over time, it is still considered one of the most popular codes on the market, and many exchanges offer it for sale.