Find out how Litecoin differs from Bitcoin, such as its faster transaction speed, larger supply, and different hashing algorithm.
Just like Bitcoin , Litecoin runs on an open-source blockchain that isn’t controlled by any central authority. Every Litecoin node operator has a copy of each blockchain to ensure that new transactions do not contradict its transaction history, and miners help process new transactions by including them in newly mined blocks.
In this article, you will find answers to various questions surrounding Litecoin, such as how do you buy, store and mine Litecoin? Is Litecoin proof-of-work or proof-of-stake ? And is Litecoin a good investment?No central authority can freeze your money in Litecoin because it is an entirely decentralized network. Only users haveAs a result, Litecoin can be used as a peer-to-peer payment system to pay people all over the world without the need for an intermediary.
But why was Litecoin created? In an announcement by Litecoin’s creator published in October 2011 on the Bitcointalk forum, Lee noted that he wanted “to make a coin that is silver to Bitcoin’s gold,” using the best innovations of Bitcoin and other alternative cryptocurrencies active at the time. A week before LTC launched, Lee released its source code and binary so people could test mining it before it went live. The time of launch was decided through a poll on the Bitcointalk forum so members could choose the time “that best” suited them. Everyone was able to start mining at the same time, as they knew the launch date and only had to make a simple change to their files to start mining real LTC.
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