Often referred to as the lighter version of Bitcoin, Litecoin is a peer-to-peer cryptocurrency that has gained fairly widespread adoption since its inception in 2011. A form of digital money that utilizes a blockchain to easily maintain a public ledger of all transactions, Litecoin is used to transfer funds directly between individuals or businesses without the need for an intermediary such as a bank or payment processing service.
What Makes Litecoin Different?
Some Say that if Bitcoin is gold then litecoin is silver
Number of Coins
Litecoin is based on the same technology behind Bitcoin, with some notable differences. Created by engineer Charlie Lee to be the silver to Bitcoin’s gold, one of the main disparities between the two cryptocurrencies lies in their transaction speeds.
Because it generates blocks about four times faster than Bitcoin, Litecoin can confirm the legitimacy of transactions a lot quicker as well as process a much higher number of them over the same time frame.
Number of Coins
One of the reasons that cryptocurrencies are deflationary by nature value is because of their limited supply. Once a certain number of Bitcoin (BTC) or Litecoin (LTC) are created, that’s it.There can be no more new coins at that point.While Bitcoin has a limit of 21 million coins, Litecoin will max out at the 84 million mark.
Although its market cap pales in comparison to Bitcoin, Litecoin still ranks among the top 5 cryptocurrencies. These rankings fluctuate based on the value of the total coins in circulation.