Litecoin is an electronic peer-to-peer cryptocurrency created in 2011. Litecoin is faster for confirmations than Bitcoin as less computing cycles are needed to confirm a transaction.
The main reason for the introduction of Litecoin was the need to make mining more accessible by decreasing investments in specialized equipment. The problem has not been completely solved as mining with a standard PC is currently impossible. The process of adding new blocks of transactions to the blockchain requires high computational burden and much electrical energy.
Just like Bitcoin, Litecoin is also a decentralized digital cryptocurrency that allows making anonymous and secure payments within a confirmation time of about 2.5 minutes.
The price of Litecoin is determined by the market factors of supply and demand. Its supply is limited to 84 million compared to 21 million of Bitcoins.
The advantaged of using Litecoin:
- Litecoin transactions are confirmed faster than the Bitcoin ones – within 2.5 minutes on average.
- Low price makes the currency accessible to a wide range of users.
- The number of Litecoins is set to 84 million currency units (4 as much as Bitcoin).
- The reward earned by Litecoin miners seems reasonable comparing to a relatively low cost of mining.
Learn more about Litecoin.