Q: How does Litecoin (LTC) Work?

Litecoin (LTC) seeks to improve on some of Bitcoin's shortcomings by offering lower transaction fees, faster block times, higher transaction throughput, and better decentralization.

Question 1

What is Litecoin (LTC)?

Accepted Answer

Litecoin (LTC) is a decentralized peer-to-peer virtual currency created from a copy of Bitcoin’s (BTC) source code. Founded in October 2011 (two years after BTC) by former Google engineer Charlie Lee, Litecoin (LTC) is considered one of the first successful altcoins in the industry.

Question 2

How does Litecoin (LTC) Work?

Accepted Answer

Litecoin (LTC) seeks to improve on some of Bitcoin&#x27;s shortcomings by offering lower transaction fees, faster block times, higher transaction throughput, and better decentralization.

Question 3

What is Litecoin (LTC) Used for?

Accepted Answer

Bitcoin (BTC) and Litecoin (LTC) are both secured by the proof-of-work (PoW) consensus mechanism but use different hash functions. Litecoin’s (LTC) Scrypt hashing algorithm is more memory-intensive than Bitcoin’s SHA-256, making it less susceptible to ASIC mining dominance.

Question 4

What Is the Market Cap of Litecoin (LTC)?&nbsp;&nbsp;

Accepted Answer

Additionally, Litecoin has a shorter block generation time compared to Bitcoin, allowing for faster transaction confirmations and quicker network updates.

Question 5

What is Litecoin’s (LTC) Circulating Supply?

Accepted Answer

Due to its fast block times and low transaction costs, Litecoin is widely considered a good fit for microtransactions and point-of-sale payments.

Question 6

What is Litecoin (LTC) Mining?

Accepted Answer

Litecoin (LTC) currently has a market capitalization of $5,609,939,592.00

Question 7

How to Buy Litecoin (LTC)?&nbsp;

Accepted Answer

The current circulating supply of Litecoin (LTC) is $75,178,051.98

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