Litecoin (LTC) is a digital currency created in 2011 by former Google employee, Charlie Lee. It was designed to be an alternative to Bitcoin and has gained popularity as the second most valuable cryptocurrency. Litecoin uses a different algorithm than Bitcoin, known as Scrypt, which is designed to make it more accessible for miners with less powerful computers.
Unlike Bitcoin’s 10-minute block times, Litecoin blocks are mined every two-and-a-half minutes — this makes transactions much faster than those on the Bitcoin network. Additionally, there are four times more Litecoins than Bitcoins in circulation: 84 million compared to 21 million for BTC. This means that smaller amounts of money can be sent without having to worry about fees associated with fractional transfers or low balances due to high transaction costs.
The current price of LTC hovers around $60 USD and its market capitalization is ranked at 4th all time highest across crypto assets; behind only Bitcoin (BTC), Ethereum (ETH), Ripple (XRP). The coin’s value has been fairly stable over time since its inception making it an attractive option for investors looking for stability and wide acceptance within the crypto community.
One major advantage of using LTC instead of other cryptocurrencies is its availability on numerous exchanges worldwide such as Coinbase Pro, Kraken, Binance etc., allowing users access from various countries where other coins may not yet be available or accepted. Furthermore, many businesses now accept payments made in Litecoin including some large companies like Microsoft Xbox Store and Overstock among others – making it easier for consumers who want to buy goods online using their digital currencies but don’t have access traditional payment systems like credit cards or PayPal accounts.
Finally, one unique feature of LTC that sets it apart from other cryptos is Atomic Swaps – allowing people who don’t trust each other directly exchange different coins peer-to-peer without involving third parties such as exchanges or brokers – thus reducing risks associated with potential hacks or security vulnerabilities often present when dealing with centralized services providers / custodianships!
