Introduction to Litecoin (LTC)
Litecoin (LTC) is a decentralized, peer-to-peer electronic cryptocurrency created as an open-source software project under the MIT/X11 license. Often referred to as the "silver to Bitcoin's gold," Litecoin shares Bitcoin's foundational technology but introduces key improvements for faster transactions and broader accessibility.
Key Features of Litecoin
- Decentralized Network: Operates without central authority.
- Faster Block Generation: Processes blocks every ~2.5 minutes (vs. Bitcoin’s 10 minutes).
- Higher Total Supply: Cap of 84 million LTC (four times Bitcoin’s supply).
- Scrypt Algorithm: Memory-intensive mining algorithm favoring GPUs initially.
How Litecoin Works
Transaction Processing
Litecoin transactions are validated via Scrypt proof-of-work, making it resistant to ASIC dominance early on. Miners earn LTC by solving cryptographic puzzles, with rewards halving every 840,000 blocks (approximately four years).
Supply and Divisibility
- Total Supply: 84 million LTC.
- Smallest Unit: 1 Litoshi (0.00000001 LTC).
Litecoin vs. Bitcoin: Key Differences
| Feature | Litecoin (LTC) | Bitcoin (BTC) |
|---|---|---|
| Block Time | 2.5 minutes | 10 minutes |
| Total Supply | 84 million | 21 million |
| Algorithm | Scrypt | SHA-256 |
Historical Milestones
- 2011: Launched via GitHub.
- 2013: Mt.Gox planned LTC support but delayed due to DDOS attacks.
- 2014: Mt.Gox bankruptcy; Hive wallet added LTC support.
How to Use Litecoin
- Wallets: Store LTC in software (e.g., Litecoin Core) or hardware wallets.
- Exchanges: Trade LTC for fiat or other cryptocurrencies on platforms like OKX.
- Merchants: Spend LTC at businesses accepting crypto payments.
👉 Buy Litecoin (LTC) securely on OKX
FAQs About Litecoin (LTC)
Is Litecoin faster than Bitcoin?
Yes, Litecoin’s 2.5-minute block time enables quicker confirmations.
What makes Litecoin unique?
Its Scrypt algorithm and higher supply cap differentiate it from Bitcoin.
Can I mine Litecoin with a GPU?
Initially, yes—though ASICs now dominate Scrypt mining.
Where can I spend LTC?
Many online retailers and crypto-friendly services accept Litecoin.
How do I store Litecoin safely?
Use reputable wallets like Ledger or Trust Wallet.
Conclusion
Litecoin remains a top-tier cryptocurrency due to its speed, low fees, and strong community. Whether for transactions or investments, LTC offers a compelling alternative to Bitcoin.