It is the little brother of the big brother of Bitcoin. Litecoin is a peer-to-peer cryptocurrency, just like Bitcoin. However, it was designed to be faster at processing transactions than Bitcoin, hence the term ‘lite’.
did you know
Unlike the creator of Bitcoin, the mysterious Satoshi Nakamoto, the creator of Litecoin, Charlie Lee, is well known and active on Twitter.
Who invented it?
A former Google employee named Charlie Lee. He was a big fan of Bitcoin, but he thought he could make a better version of it, so he created Litecoin!
A brief history
?Charlie Lee released Litecoin software in a coding community on October 7, 2011.
⚡Two days later, it started up.
?By November 2013, it was worth $1 billion.
?️ Today it is considered one of the largest currencies in the world of cryptocurrencies.
What’s so special about it?
In addition to the benefits of blockchain:
? Decentralized: no one person or group owns or controls it
?Trustless (peer-to-peer) – No more third parties
↔️Borderless: no need for exchanges to move currency across borders
Immutability: it can never be changed or reversed unlike all current financial systems.
?♂️Double Spend – Solved the problem that many digital currencies had tried to crack
? It is a proof of concept for block chain a technology that will change literally everything.
On top of all that, Litecoin features make it:
? Super fast. With Bitcoin, the average amount of time it takes to create a block on the blockchain is 10 minutes. With Litecoin it takes only 2.5 minutes.
☕Designed for Everyday: It was designed for small transactions, like buying coffee, and thanks to its faster processing speeds.
⛏️Uses a slightly different mining method to produce currency than Bitcoin.
did you know
Only 84 million LTC can be mined. Currently, two-thirds have been ‘unearthed’, and the rest of the coin will take approximately 100 years to mine.