A Basic Guide To Understand Litecoin

What is Litecoin?

Litecoin is described as a ‘peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. It is the 3rd largest trading currency next to Bitcoin and Ethereum and has introduced a new wave of innovative technology for Cryptocurrency. Discovered by Charlie Lee, the purpose of Litecoin is to support the Bitcoin gold with silver as well as a way for faster transactions and new processes. For instance, if mom wanted to send cryptocurrency to dad, it would take roughly 10 minutes to process a Bitcoin transaction, but for Litecoin, it would take a speedy 2.5 minutes!

It might be a little tricky for a newbie to fully understand what Litecoin is and the differences between the two online currencies. Here’s a guide to help better explain Litecoin.

Comparison

Charlie Lee, the creator of Litecoin, wanted to change the rules of Bitcoin. He wanted it to be more beneficial. He focused on faster transactions and mining of Bitcoin algorithms which used to take a considerable amount of time to complete. So thus he created Litecoin and changed the process so that it will make things easier for anyone to be part of the network. Here is a basic breakdown between Bitcoin and Litecoin

Bitcoin

  • Concept – Digital Currency (Gold)
  • Transaction – 10 minutes
  • Market Cap – ~19 Billion
  • Total Supply – 21 Million
  • Founder -Satoshi Nakamoto
  • Release Date – January 2009
  • Mining – Processor intensive

Lite Coin

  • Concept – Digital Currency (Silver)
  • Transaction – 2.5 minutes
  • Market Cap – ~4 Billion
  • Total Supply – 12 Million
  • Founder – Charlie Lee
  • Release Date – January 2010
  • Mining – Processor intensive

Future

One thing to know about Charlie Lee is that he actively participates in the cryptocurrency community. Having the founder available is important when it comes to helping others understand and rally behind Litecoin’s vision. He even wrote a letter to the Litecoin mining community to convince them to support SegWit.

It is exciting to see what Litecoin can now serve in conjunction with Bitcoin!

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