Why was Litecoin created?

As its name suggests, Litecoin was originally created to improve several of Bitcoin’s perceived shortcomings, such as slow transaction processing speeds and mining monopolies. LTC is built to be used in everyday transactions, whereas Bitcoin has evolved into more of a “store of value.” What Is Litecoin?

What is Litecoin (LTC)?

Created by former Google engineer Charlie Lee, Litecoin was one of the first “altcoins”—a name given to cryptocurrencies other than Bitcoin (and sometimes other than Ethereum). “Litecoin is the second-oldest cryptocurrency, forked from the Bitcoin protocol in 2011,” says Jay Blaskey, digital currency specialist at BitIRA.

What is a Litecoin halving?

Like Bitcoin, the creation of Litecoin tokens involves a process called mining. For participating in the act of mining, miners are rewarded with Litecoin. A Litecoin halving refers to an instance of halving the amount of Litecoin rewards that miners are given for each block. Litecoin halvings aim to preserve Litecoin’s purchasing power.

What is the difference between Bitcoin and Litecoin?

Litecoin is a cryptocurrency founded in 2011, two years after Bitcoin, by a former Google engineer named Charlie Lee. It shares similar features with Bitcoin but has a different algorithm. The cryptocurrency's goal is to become a medium for daily transactions. Litecoin has a faster transaction processing time compared to Bitcoin.