What is Litecoin (LTC)

What is Litecoin?
​Developed in 2011 as a fork of the Bitcoin network, Litecoin (LTC) aimed to improve upon Bitcoin's shortcomings.  It was the first altcoin, and its goal was to offer a decentralized peer-to-peer (P2P) currency with faster transaction processing times and lower fees than Bitcoin.

Built with payments in mind, Litecoin outperforms Bitcoin in terms of transaction and confirmation speed.  While Bitcoin can process approximately five transactions per second, Litecoin has a capacity of 56 transactions per second.  The network's confirmation time is also significantly shorter, taking approximately two minutes and 20 seconds compared to Bitcoin's nearly 10 minutes per block.

Even after over a decade, Litecoin remains committed to offering users low-cost, private, secure, and borderless payment solutions.  Its vision is to enable individuals to make payments anywhere in the world at any time, making it a practical and accessible digital currency for everyday transactions.  Litecoin's adoption as a payment method has grown over the years, widely accepted by various merchants and organizations, including the American Red Cross, Newegg, and Twitch.

Wallet Encryption

Wallet encryption allows you to secure your wallet, so that you can view transactions and your account balance, but are required to enter your password before spending litecoins.

This provides protection from wallet-stealing viruses and trojans as well as a sanity check before sending payments.

Mining Reward

Miners are currently awarded with 25 new litecoins per block, an amount which gets halved roughly every 4 years (every 840,000 blocks).

The Litecoin network is therefore scheduled to produce 84 million litecoins, which is 4 times as many currency units as Bitcoin.

Note: The project introduction comes from the materials published or provided by the official project team, which is for reference only and does not constitute investment advice. Some of the content may be out of date, error, or omission. HTX does not take responsibility for any resulting direct or indirect losses.