What is Litecoin?

Although the most popular cryptocurrency is bitcoin, there are many alternatives, such as Litecoin

Litecoin was created in 2011 and is an open source software project and peer-to-peer cryptocurrency. The creation and transfer of the coins are based on open source cryptographic protocol, which is not managed by the central authority.

Litecoin is reported to be quicker and cheaper than bitcoin.

Bitcoin and Litecoin are often compared; however, Litecoin transactions are 1/50th of the size. To many, this means it is a more sustainable option. The price of Litecoin changes to reflect the demand on the currency. Much like supply and demand in many other industries.

Litecoin has purchasing power, and it is possible to mine it as well. You’ll need a high powered computer to mine Litecoin. These high powered computers will solve the mathematical equations that support the blockchain. 

The limit for Litecoin is around 84 million. This figure was created as bitcoin has 21 million, and Litecoin was intended to be 4x faster. In December 2019, there had been approximately 63 million Litecoins mined, which makes up roughly 74% of the total available. The reason for the fixed amount when it comes to cryptocurrency is that unlike other currencies, inflations will not impact the value. 

Litecoin was created by Charlie Lee, who attended MIT and graduated with a Master’s degree in computer science in 2000. Using the core code from bitcoin, along with some code and protocol modifications, should allow for large-scale adoption of Litecoin. 

Want to know more about Litecoin? Open up an online bank account, deposit your crypto, and start using your BlockCard as soon as your application is complete.