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What is Litecoin?
Litecoin (LTC) is a peer-to-peer cryptocurrency created by Charlie Lee in 2011. It is often referred to as the 'silver to Bitcoin's gold.' Litecoin aims to provide fast and low-cost transactions, making it suitable for everyday transactions and payments.
How does Litecoin work?
Litecoin operates on a decentralized blockchain and uses a proof-of-work consensus algorithm similar to Bitcoin. However, Litecoin has a shorter block generation time and employs a different hashing algorithm called Scrypt. This allows for faster transaction confirmations and efficient mining by regular users.
History of Litecoin
Charlie Lee, a former Google engineer, created Litecoin in October 2011. It was introduced as a 'lite' version of Bitcoin, with faster block generation times and a different hashing algorithm. Litecoin gained popularity as one of the early altcoins and is now widely used for various purposes.
How to buy Litecoin (LTC)?
You can buy LTC in the Bitcoin.com Wallet app in a few taps. Pay with credit card, bank transfer, or payment app and receive LTC directly in your self-custody wallet. Litecoin can also be purchased directly on this page and sent to the Litecoin (LTC) wallet of your choice.
How to use Litecoin for transactions?
Litecoin is designed for quick and cost-effective transactions. It can be used for various types of payments, online purchases, and transfers. Many merchants and online platforms accept Litecoin as a form of payment, making it suitable for everyday use.
