10 facts about Litecoin (LTC) you should know
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Answer 10 facts about Litecoin (LTC) you should know
Many believe that cryptocurrency bitcoin is the “new gold” in the cryptocurrency world. While supporters of Litecoin (LTC) call it the “silver” of the cryptocurrency world.
This name comes from the fact that Bitcoin and Litecoin are among the first digital currencies in the field, and no one can ignore their great role in the widespread proliferation of digital currencies today. So today we will present to you the most important facts about Litecoin (LTC) and learn more about this currency.
The name: Litecoin
Date created: 2011 ADRead:The hacked BitPoint platform begins to compensate all affected
founder: Charlie Lee
Max number of coins: 84 million LTC coins
The most important facts about Litecoin (LTC)
- Litecoin (LTC) was created by Charlie Lee. Charlie was a former Google employee who also worked as an engineer at Coinbase. Charlie is currently the managing director of the Litecoin Foundation.
- Litecoin (LTC) is an open source currency based on blockchain technology. The currency aims to make instant payments available to anyone around the world for very low fees.
- Litecoin (LTC) is one of the oldest currencies in the world of digital currencies, and it occurred as a result of the (hard fork) split of Bitcoin, and some improvements were added that were lacking in Bitcoin.
- Litecoin is created through the mining process, which means that anyone can mine it.
- Unlike the SHA256 protocol used in bitcoin, the Litecoin protocol is based on Scrypt and is based on the Proof of Work system.
- Thanks to the use of the Scrypt protocol, the security of Litecoin is more secure than Bitcoin.
- The algorithms used in Litecoin will not allow to produce more than 84 million coins (LTC) which is 4 times the maximum number of bitcoins (21 million BTC).
- The highest price of Litecoin (LTC) was $375.29 on December 19 last year, and the market size at that time was $19.52 billion.
- The transaction execution time on the Litecoin network is 2.5 minutes compared to Bitcoin at 10 minutes, which makes it 4 times faster than Bitcoin and an ideal choice for transferring funds online.
- In September 2017, Litecoin and Vertcoin made Atomic Swap, which means you can exchange the two currencies without using a third-party platform or platform.
Read:Senators Loomis and Wyden Present a Project to Protect Crypto Business from President Joe Biden’s Infrastructure Act
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