Litecoin - still rocking into 2024

Litecoin was created in 2011 by Charlie Lee, a former Google engineer. It was designed to be a peer-to-peer digital currency that offers faster transaction confirmations and a different mining algorithm than Bitcoin, its more well-known counterpart. This was problematic of course as all algos suffered from the gpu farm / asic 'attack'. I call it an attack because it was solely people with money who made it unfeasable for regular folks to mine crypto. Anyway... One of Litecoin's main objectives was to improve upon the shortcomings of Bitcoin. It achieves this by using a different hashing algorithm called "Scrypt," which allows for faster block generation times and a more efficient mining process. Litecoin also has a larger maximum supply of coins, with a limit of 84 million compared to Bitcoin's 21 million. Litecoin shares many similarities with Bitcoin, including its fairly solid decentralization. It operates on an open-source protocol, allowing anyone to participate in its development or use it for transactions which I find to be a feature that is disappearing in the private sector. 

One of the key features of Litecoin is its faster block generation time. While Bitcoin produces a new block approximately every 10 minutes, Litecoin's block time is reduced to 2.5 minutes. This results in quicker transaction confirmations, making Litecoin more suitable for day-to-day transactions. Litecoin is so nice for transferring money, much like Digibyte, which I personally think is another amazing crypto but for smaller transactions. It is becoming more and more widely accepted by various online merchants and can be used for purchasing goods and services, just like traditional currencies. 

Lastly, with the approval of the BTC ETF, it's entirely possible that LTC will be next on that list, or at least I hope.

Stay safe, and don't just HODL, find a defi project!

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Justin Spencer
Justin Spencer

Just a regular Joe, trying to get ahead. I love the crypto space and I'm handy with computers, I work in a hospital and I love cheeseburgers

Experiences of a Crypto Newb
Experiences of a Crypto Newb

This blog will simply be about my experiences as an inexperienced crypto trader and how to avoid the same rookie mistakes I made. I hope to help people ease into their experience instead of running head first into a brick wall like me.

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