Litecoin (LTC) Price

What Is Litecoin (LTC)?

Litecoin (LTC) is a decentralized cryptocurrency that enables fast, secure, and cost-effective transactions using blockchain technology. Created as a "lite" version of Bitcoin (BTC), Litecoin was designed to offer a streamlined alternative to Bitcoin with a focus on speed and affordability, making it ideal for everyday use and smaller transactions.
Litecoin was launched on October 7, 2011, as an open-source software project on GitHub, and the Litecoin network went live five days later. Since then, it has gained widespread adoption and maintained a strong presence among the top cryptocurrencies by market capitalization.

How Does Litecoin Work?

Litecoin operates on a peer-to-peer network similar to Bitcoin but with a few important differences. While it’s based on Bitcoin’s code, Litecoin uses the Scrypt hashing algorithm instead of Bitcoin's SHA-256, which allows for faster transaction processing. Litecoin’s block time is 2.5 minutes, significantly shorter than Bitcoin’s 10-minute block time, enabling quicker confirmation of transactions. Additionally, it has a capped supply of 84 million coins—four times the supply limit of Bitcoin.
Litecoin's low transaction fees and fast block generation make it suitable for microtransactions and point-of-sale payments. This efficiency has made it appealing to both merchants and users, especially for everyday purchases.

Litecoin’s Founding Team

Charlie Lee, the creator of Litecoin, is a pioneering software engineer and influential entrepreneur in the cryptocurrency world. Born in the Ivory Coast and later educated at MIT, Lee developed Litecoin as a faster, more efficient complement to Bitcoin, describing it as “silver to Bitcoin’s gold.” His vision was to address Bitcoin’s transaction speed limitations, and he implemented key modifications to Bitcoin’s code to create a cryptocurrency suited for everyday transactions. Under Lee’s leadership, Litecoin has maintained a strong market position despite the volatility that has challenged many early altcoins.

Litecoin’s Tokenomics

Litecoin has a capped supply of 84 million coins, quadrupling Bitcoin's maximum limit. As of the 28th of October 2024, approximately 85% of Litecoin’s total supply has been mined, leaving a circulating supply of around 71 million coins in the market.

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