Litecoin
Litecoin was developed in 2011 by a former Google employee, Charlie Lee. Although it basically has the same working principle as Bitcoin, there are some differences between them. It emerged in order to eliminate some errors in the Bitcoin system and has been successful in this area.
It is a cryptocurrency value that is decentralized and traded on an open-source blockchain system. Furthermore, it achieved great success in its first period and gained an important place among other crypto money values.
Litecoin, which is the first altcoin, currently has a market value of over $1 billion. It has emerged with the aim of transferring money at very low costs. It offers more storage possibilities than other cryptocurrencies.
Unlike the Bitcoin blockchain, the Litecoin blockchain creates blocks faster. The blocking speed allows Litecoin to be faster in confirming transactions.
What are the Differences Between Litecoin and Bitcoin?
While each block takes 10 minutes in Bitcoin transactions, it is 2.5 minutes in the Litecoin system. This difference significantly affects the transaction approval speed.
Thanks to the algorithm used by the
Litecoin system, continuous mining can be done with personal computers. In Bitcoin mining, mining cannot be done with your personal computers.
While the total number of Bitcoins in circulation is limited to 21 million, this limit is 84 million in Litecoin.
