Among the many cryptocurrencies in the market, there’s one that has always remained in the top 10 for its market cap: Litecoin (LTC).
Let’s see together how it works, and what are the main differences with Bitcoin.
The Litecoin protocol was released in October 2011 by Charlie Lee, a Google employee whose goal was to improve Bitcoin. While Litecoin basic structure and operation is the same as Bitcoin, there are some key differences between Bitcoin and LTC.
Like Bitcoin, Litecoin was born to create a decentralized and secure currency, whose transactions are validated by decentralized subjects called miners. Miners “discover” the blocks in which transactions are entered and are paid each time a new block is discovered.
However, there are some significant differences:
Ps: Before continuing, remember that you can find some more general information about Litecoin HERE1) Time between Litecoin blocks
The time between Litecoin blocks is a quarter of that of Bitcoin: one block is produced every 2.5 minutes instead of 10. This makes the transactions confirmed more quickly. This is a factor that makes Litecoin much more efficient as a currency, giving the possibility to manage a number of transactions equal to 4 times those managed by Bitcoin. Because of this, Litecoin has often been perceived by the market as a “better copy” of Bitcoin. It has often been imagined that Litecoin could be Bitcoin’s successor, given its greater efficiency as currency. This was seen in particular in December 2017, when Bitcoin network clogging led many users to use LTC, with a huge price increase. This was the proof that the market perceives a rather important potential in LTC.The price rise of LTC/BTC pair was in part a common market movement of all the altcoins and in part the result of a better usability of Litecoin as mean of payment. In December 2017, as Bitcoin network was clogged, Litecoin daily transactions skyrocketed from 39...