When Was Litecoin Created?90

Litecoin (LTC) was created on October 7, 2011, by Charlie Lee, a former Google engineer. It was based on the Bitcoin protocol, but with several key differences. Litecoin has a faster block time of 2.5 minutes, compared to Bitcoin's 10 minutes. This means that transactions on Litecoin are confirmed more quickly.

Litecoin also has a different hashing algorithm, called Scrypt, which is more resistant to ASIC mining than Bitcoin's SHA-256. This makes it more difficult for large-scale mining operations to dominate the Litecoin network. Litecoin also has a larger maximum supply of coins than Bitcoin, with 84 million LTC in circulation compared to Bitcoin's 21 million.

Charlie Lee

Charlie Lee, the creator of Litecoin, is a former Google engineer who worked on the Google Chrome project. He left Google in 2011 to focus on Litecoin full-time. Lee is a strong advocate for Litecoin and has been instrumental in its development. He is also a regular speaker at cryptocurrency conferences and has been featured in numerous publications.

Features of Litecoin

Here are some of the key features of Litecoin:
Faster block time of 2.5 minutes
Different hashing algorithm (Scrypt) that is more resistant to ASIC mining
Larger maximum supply of coins (84 million LTC)
Lower transaction fees than Bitcoin
Strong community support

Uses of Litecoin

Litecoin can be used for a variety of purposes, including:
Making payments for goods and services
Sending and receiving remittances
Trading on cryptocurrency exchanges
Investing in a long-term store of value

Conclusion

Litecoin is a well-established cryptocurrency with a strong track record. It is one of the most popular altcoins and is widely used for a variety of purposes. Litecoin is a good choice for those who want a faster, cheaper, and more scalable alternative to Bitcoin.

2025-01-01

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