What is Litecoin (LTC)?
Litecoin (LTC) is a cryptocurrency that was founded in 2011, two years after Bitcoin, by a former Google engineer named Charlie Lee. Like Bitcoin, Litecoin is based on an open-source global payment network that is not controlled by any central authority. Litecoin differs from Bitcoin in aspects like faster block generation rate and use of Scrypt as a proof-of-work (PoW) scheme. Litecoin, delivers greater efficiency and speed of transactions, and provides more supply for the market with a limit of 84 million coins (as opposed to Bitcoin’s 21 million) while still being inflation-proof. Consequently, some argue that Litecoin has greater potential for everyday purchasing of goods and services. Litecoin also has many attractive qualities for investors. Pricewise, compared to Bitcoin, Litecoin is far cheaper to invest in. Bitcoin may have more experience and reputation at this point, but Litecoin’s greater ease of use could make it an attractive option for mainstream retailers and merchants, particularly those involved in global transactions, in the long run.