What is LiteCoin?
Litecoin is the first altcoin ever created, the oldest and most solid. In 2011, Charlie Lee left his job at Google to devote himself entirely to LTC. Two years later, in November 2013, with unprecedented success, Litecoin reached a market capitalisation of $1 trillion. Litecoin has always defined itself as a clone of Bitcoin, created from its own source code, but with the ambition of breaking down its inherent limitations in terms of scalability and speed of transaction validation.
Why buy LiteCoin?
Litecoin is able to add a block in 2.5 minutes compared to bitcoin’s 10, mainly because it was built with a different purpose in mind. Like many cryptos born right after BTC, Litecoin is meant for everyday, small payments. Only 84 million Litecoins will be mined, two-thirds of which are already in circulation. It will take 100 years for the entire amount of currency to be issued.
How it began?
Charlie Lee, former Google developer, programmed Litecoin in 2011 by modifying the Bitcoin code. He wanted to foster microtransactions and to create a cryptocurrency representing silver, alongside the digital gold, represented by Bitcoin. Since they are similar, many BTC updates have been “beta-tested” on LTC first.
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