LTC – Litecoin

Litecoin (LTC) is a cryptocurrency designed to be a faster and more scalable alternative to Bitcoin. Here’s a breakdown of key points about LTC:

Origin: Launched in 2011 by Charlie Lee, a former Google engineer and early Bitcoin adopter.

Technical Differences:

Hashing Algorithm: Litecoin uses a different hashing algorithm (Scrypt) compared to Bitcoin’s SHA-256. This makes Litecoin mining less susceptible to specialized hardware (ASICs) and allows for a more decentralized mining process.
Block Halving: Litecoin halves its block reward every 840,000 blocks, compared to Bitcoin’s halving every 210,000 blocks. This means new Litecoin are introduced into circulation at a faster rate initially, but will eventually reach a fixed maximum supply.
Faster Transactions: Litecoin has a faster block confirmation time (around 2.5 minutes) compared to Bitcoin (around 10 minutes), enabling quicker transactions.
Market Performance: As of June 21, 2024, the price of one LTC is around $74.29 with a market capitalization of over $5.5 billion. While not as dominant as Bitcoin, Litecoin has established itself as a well-regarded cryptocurrency within the market.