What is Litecoin [LTC]

The Litecoin (LTC) Network provides faster transaction confirmation (~2.5 min) and uses the Scrypt hashing algorithm. Based on the Proof of Work type of confirmation, Litecoin is available for mining on ordinary computers that many people have. Its mining accessibility is the main difference from Bitcoin. The Litecoin has a capacity of 84,000,000 LTC (Bitcoin's limit is 21M). LTC was created by a Google employee Charles Li. Litecoin is literally the second version of Bitcoin. It's being developed by a group of 6 coders.

In May 2017, Litecoin had performed the first transaction of 0.00000001 LTC using the Lightning Network. The money were transferred from Zurich to San Francisco in less than a second.

The Litecoin network can handle a higher transaction volume than Bitcoin because of more frequent block generation. As a result, sellers receive transaction confirmations faster.

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