Litecoin was created in 2011 by former Google engineer and MIT graduate Charlie Lee. As an alternative coin, or altcoin, it arrived two years after Bitcoin.
Litecoin also uses the decentralized ledger that powers bitcoin, blockchain, but it varies significantly in availability, network rules and the speed of transactions.
What is litecoin’s value and what is its upside?
Because LTC is among the older cryptos, it has stood the test of time for its utility and potential.
Mining cryptocurrency at a rate worthwhile to the miners requires ungodly processing power, courtesy of specialized hardware. To mine most cryptocurrencies, the central processing unit in your Dell Inspiron isn’t anywhere near fast enough to complete the task.
Which brings us to another point of differentiation for litecoins. They can be mined with ordinary off-the-shelf computers more so than other cryptocurrencies can. Although the greater a machine’s capacity for mining, the better the chance it’ll earn something of value for a miner.
Litecoin vs. other cryptos
Litecoin by function is digital cash to Bitcoin’s digital gold.
Litecoin will also have 84 million in circulation. That’s more than the 21 Million of Bitcoin and less than the infinite supply of Ethereum.
Whereas bitcoin transactions can take anywhere from 10-20 minutes to settle, litecoin achieves that in under 3 minutes.
But Litecoin’s value proposition boils down to speed and smaller transaction fees.
Bitcoin transaction fees are roughly $1.77 per transaction, while litecoin fees average $0.025.