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What is a Litecoin ?

Litecoin (Abbreviation: LTC; sign: Ł) is a decentralized peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Inspired by Bitcoin, Litecoin was among the earliest altcoins, starting in October 2011. In technical details, the Litecoin main chain shares a slightly modified Bitcoin codebase. The practical effects of those codebase differences are lower transaction fees, faster transaction confirmations, and faster mining difficulty retargeting. Due to its underlying similarities to Bitcoin, Litecoin has historically been referred to as the "silver to Bitcoin's gold." In 2022, Litecoin added optional privacy features via soft fork through the MWEB (MimbleWimble extension block) upgrade. Litecoin is different in some ways from Bitcoin: The targeted block time is every 2.5 minutes for Litecoin, as opposed to Bitcoin's 10 minutes. This allows Litecoin to confirm transactions four times faster than Bitcoin. Scrypt, an alternative proof-of-work algorithm, is used for Litecoin. It differs from Bitcoin's SHA-256 algorithm in part by including a sequential memory-hard function, requiring asymptotically more memory than an algorithm which is not memory-hard. Due to Litecoin's use of the scrypt algorithm, FPGA and ASIC devices made for mining Litecoin are more complicated to create and more expensive to produce than they are for Bitcoin, which uses SHA-256. Litecoin is merge mined with another prominent cryptocurrency (Dogecoin), increasing miner compensation and network security for both blockchains. Litecoin has a maximum circulating supply of Ł84,000,000, which is four times larger than Bitcoin's maximum circulating supply of ₿21,000,000. Both Litecoin and Bitcoin retarget their mining difficulty every 2016 blocks. However, due to the 4x faster block speed for Litecoin, mining difficulty retargets occur approximately every 3.5 days. This compares to approximately every 14 days for Bitcoin. MWEB optional privacy was added to Litecoin's base layer in May 2022 via soft fork.This allows amounts held within wallets and transaction amounts within MWEB to be private.

Litecoin (Abbreviation: LTC; sign: Ł) is a decentralized peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Inspired by Bitcoin, Litecoin was among the earliest altcoins, starting in October 2011. In technical details, the Litecoin main chain shares a slightly modified Bitcoin codebase. The practical effects of those codebase differences are lower transaction fees, faster transaction confirmations, and faster mining difficulty retargeting. Due to its underlying similarities to Bitcoin, Litecoin has historically been referred to as the "silver to Bitcoin's gold." In 2022, Litecoin added optional privacy features via soft fork through the MWEB (MimbleWimble extension block) upgrade. Litecoin is different in some ways from Bitcoin: The targeted block time is every 2.5 minutes for Litecoin, as opposed to Bitcoin's 10 minutes. This allows Litecoin to confirm transactions four times faster than Bitcoin. Scrypt, an alternative proof-of-work algorithm, is used for Litecoin. It differs from Bitcoin's SHA-256 algorithm in part by including a sequential memory-hard function, requiring asymptotically more memory than an algorithm which is not memory-hard. Due to Litecoin's use of the scrypt algorithm, FPGA and ASIC devices made for mining Litecoin are more complicated to create and more expensive to produce than they are for Bitcoin, which uses SHA-256. Litecoin is merge mined with another prominent cryptocurrency (Dogecoin), increasing miner compensation and network security for both blockchains. Litecoin has a maximum circulating supply of Ł84,000,000, which is four times larger than Bitcoin's maximum circulating supply of ₿21,000,000. Both Litecoin and Bitcoin retarget their mining difficulty every 2016 blocks. However, due to the 4x faster block speed for Litecoin, mining difficulty retargets occur approximately every 3.5 days. This compares to approximately every 14 days for Bitcoin. MWEB optional privacy was added to Litecoin's base layer in May 2022 via soft fork.This allows amounts held within wallets and transaction amounts within MWEB to be private. Third party vendors providing point of sale infrastructure for Litecoin include companies such as Verifone, BitPay, and Coingate. BitPay added support for Litecoin in 2021, with Litecoin initially accounting for less than 3% of BitPay transactions. As of June 2023, Litecoin surpassed Bitcoin as the #1 most used method for transactions by payment count with 34.9%.

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