After Bitcoin shocked the world in 2009, it began to draw numerous critics from competitors who thought they could do better. Charlie Lee -- the founder of Litecoin (LTC) -- is one such example of this. In essence, there are many similarities between Litecoin and Bitcoin with a few significant exceptions.
Just like BTC, LTC is a peer-to-peer digital currency that enables transactions anywhere in the world quickly and affordably. Also like Bitcoin, Litecoin is open-source and decentralized. No central bodies control Litecoin, just complex algorithms that help to verify the network. The main difference between Bitcoin and Litecoin is the speed.
Litecoin is far faster in terms of transaction time than Bitcoin and also far more efficient for storage efficiency. Litecoin can do this due to a higher frequency of block generation. The Litecoin network was designed in a way that can support more transactions without the need to alter the software in any way. Hence, merchants get quicker confirmation times.
Both these qualities are the inspiration behind the name Litecoin. Despite the advantage of being a superior method of translation, Litecoin has failed to surpass Bitcoin’s popularity over the years but still maintains a loyal following.
YouHodler aggregates prices from top centralized exchanges to provide an accurate Litecoin price and charts.
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