A Peer-to-Peer Digital Currency
Often hailed as the silver to Bitcoin’s gold, Litecoin is a powerhouse digital currency in today’s developing digital currency market.
The digital token was founded in 2011 by ex-Google engineer Charlie Lee. Before founding Litecoin, Lee worked on various Google projects, including YouTube. In his time in the digital currency space, Lee also served as the Director of Engineering at Coinbase. In 2017, Lee left Coinbase to focus solely on the development of Litecoin.
Lee's active engagement in the digital currency space helped Litecoin amass its own group of loyal followers. In the nascent days of the digital currency market (2008–2012), Litecoin gathered supporters who defected from Bitcoin. In 2017, it became a major talking point for new investors trying to find the next Bitcoin.
That said, it's important to point out that Litecoin and Bitcoin are very different despite being based on the same protocol. Both are intended to act as peer-to-peer currencies, but Litecoin offers users unique benefits.
The first of those benefits is transaction speed.
According to Litecoin’s developers, Litecoin is faster than Bitcoin. It takes 10 minutes to generate a new block on the Bitcoin blockchain. Litecoin can do the same task in 2.5 minutes. This speedy transaction time has helped Litecoin capture the interest of true digital currency enthusiasts seeking the optimal peer-to-peer currency.
Outside of transaction speed, the two digital currencies also operate using different mining algorithms.
The mining algorithm is how transactions are validated and then added to a block within the digital currency's blockchain. This is certainly a more technical topic, but it matters to investors because a digital currency’s mining algorithm can influence adoption and long-term survival.
Litecoin uses the computing language scrypt in its proof-of-work algorithm. Because of this mining algorithm, the hardware (ASIC chips) needed to mine Litecoin can be more cost-intensive to produce than the ASIC chips used to mine Bitcoin.
Outside of these structural differences, the Litecoin community also appeals to many investors. Over the last couple of years, the Bitcoin community has existed in a state of discord. Grappling with scaling issues and bloated by miner opinion, the Bitcoin Core struggled to reach consensus on multiple major decisions. Litecoin, on the other hand, adopted scaling solution SegWit2x without issue.
Investors interested in learning more about Litecoin can visit the website here.
How to Buy Litecoin
Litecoin is available on a wide range of exchanges, including Coinbase, Poloniex, Bittrex, and Binance.
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