What is Litecoin


In previous videos, we discussed other
cryptocurrencies like Ethereum, but today, we’re going to be talking about yet another one called Litecoin. What’s up, crypto peeps! It’s your girl Maria, here to delivery your daily dose of Bitcoin news! Litecoin was released on October 7, 2011 through an open source client on Github. It officially went live on October 13 of
the same year. It’s basically a fork of the Bitcoin core network and some even call Litecoin the “little brother” of Bitcoin. Just like Bitcoin, Litecoin
utilizes the blockchain network to easily maintain a public ledger of all
transactions. It works the same way and is used in the same way as a Bitcoin. While Bitcoin’s creator remains hidden in the shadows, Litecoin’s creator is very
much active on social media. Charlie Lee is an ex-google employee.
His goal, to create a lighter version of Bitcoin. Get it? Litecoin? Good one, Charlie. Often times, Bitcoin has been compared to gold. So Litecoin is sort of the “silver” in that aspect. It was created for everyday and cheaper
purposes. There are many differences between the two. So let’s break down the main ones. Number one: number of coins. While Bitcoin has a limit of 21 million
coins, Litecoin actually caps out at 84 million. This gets applied to the
existing demand, arguably making it less volatile. Number two: market cap. Although it’s market cap may not be as high as Bitcoin’s market cap, Litecoin still ranks among the top 5 cryptocurrencies at the time of this video. Number three: speed. Although Litecoin uses the same open source code as Bitcoin, there are some notable differences. Litecoin generates blocks around four times faster than Bitcoin, Allowing you to confirm the legitimacy of transactions a lot quicker. Number four: the mining process. Litecoin uses a different hash algorithm to solve each block, as well as to compute how many coins are distributed each time a solution is found. In short, Litecoin is a cheaper and faster version of Bitcoin. But the catch is, it’s not nearly as popular. Thinking about investing in Litecoin? Well, we’d love to know what you think! So let us know in the comment section down below. Don’t forget to like this video, subscribe to
our channel, and of course, click that bell button to get notified whenever we post a new video. Follow us on Facebook, Twitter, and Instagram! And once more, my name is Maria and this is We The Cryptos.

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