Fun Facts About Litecoin

Useful Information

CoinDragon

2 minute read

Litecoin is one of the first “altcoins” that appeared on the market. The main idea was to create a “silver” coin that would be a “lite version” of the “gold” Bitcoin. And now you know where the name came from, if you ever wondered.

Litecoin was launched in October 2011 by a former Google employee Charlie Lee. He wanted to create a coin that would be similar enough to Bitcoin, but easier to get your hands on and faster when it comes to the usage.

Fun Facts

Did you know?

  • Litecoin, although one of the oldest “altcoins” has only about 100.000 users, comparing to Bitcoin that has a bit under half a million of users.
  • Litecoin transactions are much faster, because they aim to have blocks that last 2.5 minutes, while for Bitcoin it is 10 minutes.
  • There is a Maximum Supply defined, and it is 84.000.000 LTC, not a single Litecoin over that.
  • Although we can see its price going from $50 to $80 lately, Litecoin’s all time high was in December 2017 when it reached $375!
  • Years after it was launched, in the beginning of 2015, the price went as low as $1.11.
  • Still, comparing to Bitcoin, Litecoin is considered a cheap version of the main crypto currency.

Litecoin! Source: CoinMarketCap

  • Everyone who’s into crypto currencies and markets knows that Bitcoin uses the famous SHA-256 protocol. Litecoin uses a different algorithm - Scrypt. Scrypt appears to be more accessible for those users that like to mine via CPUs or GPU, and it also makes Litecoin safer than Bitcoin according to some research done in that field.

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