Litecoin (LTC) - A Digital Currency For Everyday Transactions
What is Litecoin?
Litecoin was created to be used as an everyday transactional currency - something you would use to buy stuff with. It has many of the same benefits as Bitcoin, but improves on Bitcoin’s transaction speed and fees. Litecoin runs on an algorithm called Scrypt, which is faster and simpler than Bitcoin’s SHA-256 algorithm. Due to faster speeds, the idea is that Litecoin is a more practical coin to be used for everyday transactions (like buying a coffee or ordering something on Amazon).
Often referred to as the “silver to Bitcoin’s gold”, Litecoin was seemingly created to be a compliment (not competition) to Bitcoin, with the hope that Bitcoin would be more of a store of value and Litecoin would be used for the everyday transactions. Unlike some of the other coins that are still just concepts, the Litecoin platform is fully functioning today. You can sign up on litecoin.org and start sending "instant, near-zero cost payments to anyone in the world" today.
We note that Bitcoin Cash, a recent hard fork off of Bitcoin, now appears to be a direct competitor of Litecoin. Similar to Litecoin, Bitcoin Cash is made to have faster transaction speeds than Bitcoin. However, the coins remain different in that Bitcoin Cash takes Bitcoin’s algorithm and expands the block size, while Litecoin uses a completely different algorithm. You can read more on Bitcoin Cash here.
History of Litecoin!
Founded in 2011, Litecoin is one of the oldest cryptos in the market. The coin reached a $1 billion Market Cap. for the first time in 2013 and has continued to grow since, remaining in the top 10 coins by Market Cap. Litecoin has a fully functioning platform and is one of the few coins that has proven itself as truly useful in the real world.
Who is on Litecoin's Team?
Unlike the founder of Bitcoin who remains anonymous, the founder of Litecoin is very open and public about his coin. Charlie Lee created Litecoin in 2011 after leaving his job at Google and remains the CEO today. Charlie is one of the most influential people in crypto. Learn more about the Litecoin team here.