What is Litecoin?

Litecoin (LTC) is an early hard fork of Bitcoin that was intended to have cheaper transactions and easier mining than the original. It was released by Charlee Lee, a Google employee, in 2011. The project had quickly become one of the most popular cryptocurrencies in the world.

What is a hard fork?

A hard fork is a code modification that creates a duplicate version of a cryptocurrency without backward compatibility, and it is usually done to bring radical changes that are otherwise impossible to make, which was the case with Litecoin.

Litecoin vs. Bitcoin

Litecoin was created to resolve some of Bitcoin’s notorious issues, such as scalability and high fees. To achieve this, Lee decreased the block generation time from 10 to 2.5 minutes, used a simpler and less energy-intensive mining algorithm called scrypt, and expanded the limit of circulating coins four times. This has also brought about faster transaction confirmation.

SegWit and Lightning Network

The currency was an early adopter of Segregated Witness (SegWit) and Lightning Network technologies. SegWit increased the block size limit on the Litecoin’s blockchain by removing signature data from transactions. The Lightning Network allows transactions to be passed back and forth before being added to the underlying blockchain.

Where to store Litecoin?

Litecoin is a great alternative to Bitcoin and Ethereum when it comes to both investment and everyday use. Choosing a good wallet for storing your cryptocurrencies is the best way to secure your digital assets. Our Magnum Wallet provides you with a user-friendly interface to buy, sell, send and receive your LTC. Some of the features include an instant built-in exchange with low fees and support of over 700 different tokens.

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