What is Litecoin?

Litecoin is a cryptocurrency that was created to be the ‘silver’ to Bitcoin’s ‘gold’. In other words, it was designed to be a lighter, more agile version of Bitcoin.

One of the key ways in which Litecoin achieves this is by having a faster block time. Whereas Bitcoin has a block time of 10 minutes, Litecoin’s is 2.5 minutes.

This means that transactions are confirmed faster on the Litecoin network, and new blocks are generated more frequently. This also makes Litecoin more suited to small, everyday transactions rather than Bitcoin’s more heavyweight use cases.

Litecoin also has a different mining algorithm to Bitcoin, called Scrypt. This is designed to be more memory-intensive and as a result, more ASIC-resistant.

So it is still possible to mine Litecoin with a regular computer rather than specialized mining hardware. Litecoin is designed to be a more user-friendly and accessible version of Bitcoin. It is faster, cheaper, and more suited to everyday transactions.

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