By adopting a different mining algorithm and processing transactions more quickly than Bitcoin, the cryptocurrency and blockchain Litecoin sets itself apart. Charlie Lee first came up with the idea for Litecoin, which he later released in October 2011. While theoretically identical to Bitcoin, Litecoin uses a distinct proof-of-work mining method called "scrypt." The Litecoin network's digital asset token is called Litecoin, or LTC (similar to how bitcoin or BTC is the digital asset token of the Bitcoin network). The Litecoin blockchain contains a record of every LTC balance and transaction. The "litoshi," which is equal to 10-8 LTC or one hundred millionth of an LTC, is the smallest LTC subunit (0.00000001 LTC). You can buy and sell litecoin for fiat money or other virtual currencies. A cryptocurrency exchange allows for the purchase of litecoin, which may then be kept in a wallet and a custodian.
Learn More