What is Lite Coin ? (LTC)
Litecoin is a cryptocurrency that was created as a lighter, faster, and cheaper alternative to Bitcoin. It was designed to address some of the limitations and scalability issues faced by Bitcoin and provide a faster and more efficient means of payment.
Like Bitcoin, Litecoin is a decentralized digital currency that operates on a peer-to-peer network without the need for intermediaries. It uses a different proof-of-work algorithm (Scrypt) than Bitcoin (SHA-256), which allows for faster block times and lower computational requirements for mining. This makes Litecoin more accessible for everyday users to mine and use.
Litecoin has a maximum supply of 84 million, four times that of Bitcoin's 21 million. It also has faster block times (2.5 minutes compared to Bitcoin's 10 minutes) and lower transaction fees, making it a more efficient and cost-effective means of payment.
In summary, Litecoin was created as a more accessible and efficient alternative to Bitcoin and has since established itself as one of the top cryptocurrencies in the world by market capitalization.