Litecoin (LTC) is a peer-to-peer cryptocurrency and one of the first altcoins to be created. LTC was released in 2011 as a fork of the pre-existing Bitcoin core client but differs by possessing a reduced block generation time, higher maximum cap of coins and different hashing algorithm. The cryptocurrency has been likened to silver when compared to Bitcoin’s gold.
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Litecoin’s creator, Charlie Lee, said the token was developed to be complementary to Bitcoin and not necessarily to compete with the original cryptocurrency. LTC was created with the intent that it would be utilized for the transaction of smaller ticket-items, prioritizing speed from reduced block generation time. Additionally, the lower price of LTC makes it more accessible to the market.
Litecoin was created by MIT graduate and former Google employee, Charlie Lee in 2011. The creation of the LTC blockchain technology was based on existing Bitcoin core client and made in Lee’s spare time. After the launch of Litecoin, Lee was employed at Coinbase as an engineering manager before becoming the Director of Engineering. Since then, he has established the Litecoin Foundation, a non-profit organization aiming to promote global Litecoin adoption
LTC can be used for several different purchases and at Travala.com, LTC can be used to book over 3,000,000 travel products, including hotels, homes, flights, and activities. With accommodation in over 230 countries and territories, 600+ airlines, and more than 400,000 activities, Travala.com’s selection provides travellers with extensive choice when booking with LTC.
Litecoin possesses lower transaction fees and can handle four times the number of transactions when compared to Bitcoin. This is primarily due to the shorter block generation time and makes the cryptocurrency ideal for transferring cryptocurrencies between wallets and for small transactions.
Store your LTC securely with the following wallets:
The main differences between Bitcoin and Litecoin are their block generation times, proof-of-work algorithms and maximum coin supplies. The block generation time of Bitcoin is approximately 10 minutes whilst Litecoin’s block generation time is roughly 2.5 minutes. Bitcoin uses the SHA-256 algorithm whilst Litecoin uses Scrypt. Lastly, Bitcoin’s supply is limited to 21 million whilst Litecoin has a supply of 84 million.