Don’t fret. We’ve compiled a FAQ for you below—dive in and explore.
Litecoin is a peer-to-peer cryptocurrency and open-source software project that’s a fork of the original Bitcoin protocol. It was released under the MIT/X11 license in October 2011. While it’s mostly similar to Bitcoin, it has a 2.5 minute block time and an 84 million upper cap instead of the latter’s 10 min block time and 21 million cap.
Litecoin’s main utility is in making rapid payments. While Bitcoin is the store of value, Litecoin can be your day-to-day utility crypto.
Being one of the most popular coins, you can store your Litecoin on most well-known crypto wallets. You can safely store your LTC in your CoinSmart account as well.
Charlie Lee created Litecoin in 2011. His idea was to create the “digital silver” to Bitcoin’s “digital gold.”
Litecoin has a throughput of 56 transactions per second, making it considerably faster than Bitcoin (7-10). It also has a block time of 2.5 mins.