Welcome to a brief summary of Litecoin, these are meant to be short and to the point to give you an idea of what you are investing in. I alway recommend you read the whitepaper for a more detailed explanation of the coin. Let’s get to it.
The first thing you should know about Litecoin is that it has a “face” to put behind the coin, Charlie Lee. While Bitcoin’s founder, Satoshi Nakamoto still remains anonymous.
Litecoin, is in fact, a “fork” of Bitcoin. This fork occurred in 2011 by Charlie Lee. If Bitcoin is considered digital gold, Litecoin is considered digital silver. Compared to Bitcoin, it’s has faster transaction times, and cheaper transaction fees, with a total coin supply of 84 million versus Bitcoin’s 21 million. Litecoin transactions takes 2.5 minutes, versus Bitcoin’s 10 minute.
While Litecoin is faster then Bitcoin, it will soon become faster as it will be implementing a scaling solution called the Lightning Network. This scaling solution will significantly increase speed times of transactions and make transactions cheaper.