What Is Litecoin (LTC)?

What Is Litecoin (LTC)?

Litecoin (LTC) is a cryptocurrency created in 2011 to be faster than Bitcoin. Blocks are processed 4x faster than Bitcoin, and less (although still impressive) usage leads to a leaner overall ledger. LTC is harder to mine than BTC, but it’s faster to spend. It is compatible with Lightning and has a lot going for it.

Who Is Litecoin?

Litecoin was created by Charlie Lee and is now maintained and operated by the Litecoin Foundation.

Use Cases of Litecoin

Litecoin can be used as an investment vehicle or spent as a cryptocurrency. It’s widely accepted on cryptocurrency markets.

Some cryptocurrency projects have forked off Litecoin or used it to sync their proprietary blockchain networks. The open-source code is widely copied and tweaked.

How to Mine LTC

LTC is mined using a Scrypt algorithm and Segregated Witness (SegWit) verification. You’ll need to join a mining pool or purchase several high-end ASIC mining rigs to mine.

Litecoin Investors and Partners

Litecoin is second only to Bitcoin in businesses that accept it as a form of payment. It’s used around the world as a currency, thanks, to these retail partnerships. The Litecoin Foundation is also partnered with GLORY kickboxing, Beam, Travala, and many more.

Learn More About Litecoin

If you want to learn more about Litecoin, I wrote a full coin intro guide at Crypto Briefing. Or you can learn more about other cryptocurrencies across Thought for Your Penny.

Versability

Brian Penny is a former Business Analyst and Operations Manager at Bank of America turned whistleblower, troll, and freelance writer.

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