What is LTC? Litecoin Explained
Litecoin is a fork of Bitcoin core and was introduced as ‘Silver’ to Bitcoin’s ‘Gold’. The reason for this unique name is that Litecoin is based on the same code of Blockchain as Bitcoin but is more suitable for everyday consumer use.
Introduction
Launched in 2011, Litecoin or LTC’s transactions are cheaper and almost 4 times faster than Bitcoin. To mine a Litecoin, the miners do not require any special hardware as is the case to mine a Bitcoin. LTC can be mined using consumer grade hardware and at a faster speed.
Founder Charlie Lee
Litecoin has Charlie Lee, a former Google engineer as its creator. Lee is often heard joking that he created LTC just for fun and with the mind to have a lighter version of Bitcoin. However, LTC enjoys the 6th position in the market. The current market capitalization of almost $37 Million is the main factor for this rank.
Being a lighter version of Bitcoin and having a faster mining speed makes LTC more suitable for everyday use at consumer stores. When adapting to the world of cryptocurrencies, merchants can verify the transaction in 4x less time than when payments are done in Bitcoin.
Money for Internet Age
We are switching to the internet age of money. Making use of applications, mobile banking, and internet banking for payments has become more common. Litecoin is considered the “money for internet age” because of its feasibility and faster speed of transaction approval.
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