Sunday, December 26, 2021

Litecoin – Bitcoin’s Younger Cousin

What is Litecoin?

Litecoin (LTC) is an early fork of Bitcoin that was intended to have lower transaction fees 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.

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Litecoin – Bitcoin’s Younger Cousin 3

Litecoin vs. Bitcoin

Litecoin was created to resolve some of Bitcoin’s notorious issues, such as high fees and issues with scalability. To achieve that, it was decided to decrease the block generation time from 10 to 2.5 minutes, to use a simpler and less energy-intensive mining algorithm called script, and to expand the limit of circulating coins four times. This has also brought about faster transaction confirmation.

SegWit & the Lightning Network

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

Where to store Litecoin?

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

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