Released via an open-source client on Github, Litecoin was found by a Google employee, later becoming the engineering director of Coinbase.
A fork of the original Bitcoin Core client, Litecoin has a relatively shorter block generation time. The time for generating a block in Litecoin blockchain is around 2.5 minutes, while it includes more coins and applies a different hashing algorithm.
Litecoin saw a surge in price when it got a 100% growth in November 2013. Litecoin made it into the top 5 cryptocurrencies regarding trade volume to adopt segregated witness in 2017. A turning point for Litecoin, the first Lightning Network transaction took place in May of 2017, transferring 0.00000001 LTC from Zürich to San Francisco, in under one second.
Both Litecoin and Bitcoin require a digital or a hardware wallet for storage. Lastly, both cryptocurrencies have a very volatile nature as their prices might spike up overnight.
Trading volume: With a market value of over 128 billion dollars, Bitcoin has a total value almost 45 times larger than that of Litecoin with a market capitalization of under 3 billion dollars.
Distribution: Although Litecoin has less trading volume than Bitcoin, it can generate way more coins than Bitcoin. As it is known, there are only 21 million Bitcoins for miners, while Litecoins offer up to 84 million coins. It might seem like Litecoin has a real advantage over Bitcoin, but it does not work in the real world that way.
Litecoin's smaller price per unit in comparison to Bitcoin might make it seem more appropriate for making smaller purchases, but as Bitcoin and Litecoin both are divisible into tiny amounts, holders of both cryptocurrencies will not face a problem when purchasing low-priced goods.
The speed of making transactions: Transactions on both Litecoin and Bitcoin occur in the matter of a minute, but there is also additional time required for confirming those transactions. Litecoin's motto was to fasten transactions, and it has fulfilled its promise.
The average time for a transaction to be verified and added to blockchain on Bitcoin is under 9 minutes, while Litecoin offers complete transactions in about 2.5 minutes. The transaction speed makes a huge difference to merchants because they have to wait nearly four times more to receive their money with Bitcoin.
Are you a new-comer to the world of cryptocurrency? Litecoin is the best option for you as it offers accessible mining, costs less, and does not require sophisticated mining software and methods. Keeping your hard-earned LTC coins is only possible through the purchase of a Prokey hardware wallet:
Superior security: Prokey LTC wallet protects your coins not only against cyber threats but also against any possible physical menace.