Litecoin (LTC) is an alternative coin which is a simplified version of Bitcoin.
Litecoin (LTC) is a crypto asset designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology. Litecoin has a shorter block distance of only 2.5 minutes, while bitcoin’s is 10 minutes, which means that the transaction rate is faster than Bitcoin and Litecoin has a larger supply of coins.
The use of the algorithm is also different where Litecoin uses Scrypt, and Bitcoin uses SHA256. This digital asset discovered by Charlie Lee, was released via an open-source client on GitHub on October 7, 2011.
As of January 2021, Litecoin is one of the most widely accepted cryptocurrencies, and more than 2,000 merchants and shops now accept LTC worldwide. Its main benefits come from its speed and cost effectiveness. Litecoin transactions are usually confirmed in just a few minutes, and transaction fees are almost negligible. This makes it an attractive alternative to Bitcoin in developing countries, where transaction fees may be a determining factor in which cryptocurrency to support.
In late 2020, Litecoin also released the MimbleWimble (MW) testnet, which was used to test Mimblewimble-based secret transactions on Litecoin. Once this feature is available on the mainnet, Litecoin users will also benefit from greatly improved privacy and equivalence.
The reason Litecoin was developed was to fix Bitcoin’s shortcomings, and now Litecoin has gained a lot of support as seen from its high trading volume and level of liquidity over the years. When this video was made, there were already about 63 million litecoins in circulation in the world, and will be launched to reach 84 million litecoins. To get Litecoin, you can go through mining just like bitcoin. But it will be much faster and easier if you buy it through Indodax!