What is Litecoin?
Litecoin is a cryptocurrency that was created in 2011 as an alternative to Bitcoin.
It is based on the same open-source code as Bitcoin, but with some modifications to make it faster and more efficient. Litecoin is designed to be a global payment system that can be used for everyday transactions. It has a maximum supply of 84 million coins, four times the amount of Bitcoin, and uses a different mining algorithm called Scrypt.
This makes it easier for people with regular computers to mine Litecoin without needing specialized hardware. Litecoin also has faster transaction times than Bitcoin, making it more suitable for everyday purchases. It also has lower fees than Bitcoin, making it more attractive for merchants who want to accept cryptocurrency payments.
Additionally, Litecoin has implemented SegWit (Segregated Witness) technology which helps reduce transaction fees and speeds up the processing time of transactions. Overall, Litecoin is a cryptocurrency that was created as an alternative to Bitcoin with faster transaction times and lower fees. It is designed to be used as a global payment system for everyday transactions and has implemented SegWit technology to help reduce fees and speed up processing times.
