In today's episode of our sixty second Coin Clip mini series we will be talking about some of the basics every cryptocurrency enthusiast should know about Litecoin (LTC), another top-10 market cap coin.
It currently sits as the sixth most popular cryptocurrency and has been a contender since the early days of crypto. Back in 2011, the Litecoin network went live under the development of Charlie Lee. Lee also made some waves in the crypto space on December 20th, 2017 by stating on Reddit that he had sold off his Litecoin and “divested from the project.” While alarmists cried foul, Lee maintains that his decision was meant to show that he has an ongoing devotion to the project for the purpose of growth, not profit.
Like many cryptos that came after Bitcoin, Litecoin aimed to address a number of the core issues seen within the BTC network. Hashed on the Scrypt algorithm, Litecoin boasts a two and a half minute block time, a quarter that of Bitcoin. This decreased block time allows for higher volume transaction processing and faster transactions confirmations for users.
The big hard hitting point for Litecoin is certainly centered around its transactions. Along with the transactions having proven themselves to be far more expedient than Bitcoin, the Litecoin network fees are also much lower, oftentimes by a factor greater than ten!
I hope you enjoyed this little snippet on Litecoin. If you have another crypto us to cover, let us know in the comments below!
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