What is Litecoin cryptocurrency? | Beginner's Guide

What is Litecoin cryptocurrency? | Beginner's Guide

Litecoin is an internet peer-to-peer cryptocurrency that was released on October 7, 2011. and has been operating since October 13, 2011. Was created by engineer Charlie Lee.

What is Litecoin cryptocurrency? | Beginner's Guide

LTC allows you to send money very cheaply and immidietly around the world. Litecoin is a decentralized, open source transaction system without administrators. Based on the same source code as Bitcoin, with a few significant differences, the main difference is the speed of the transaction. It is one of the oldest cryptocurrencies, strongly inspired by BTC. The creators guided the goal of creating "digital silver", just as Bitcoin is "digital gold" - you can see it even in the colors of both coins.


Litecoin is able to handle more transactions, much faster than Bitcoin. Why? It’s because BTC is generating new blocks almost four times slower. As a result, paying Litecoin is much faster, than Bitcoin.

The final amount of coins is planned for 84 million. The reward for the block is reduced by half for every 840,000 blocks and is currently 25 LTC. Another reduction of the reward to 12.5 LTC is estimated on August 20, 2019.

  • ICO - NO
  • Premining - NO

Litecoin Wallets

Differences between Bitcoin - Litecoin (June 30, 2018)

Bitcoin Litecoin
Excavated coins 17 124 312 BTC 57 207 146 LTC
Maximum number of coins 21 000 000 BTC 84 000 000 LTC
Speed of confirmation 9m 44s 2m 17s
First block 2009-01-09 2011-10-08
Amount of blocks 529 945 1 448 590
Reward for block 12.50 BTC 25 LTC
Size of blockchain 203.58 GB 17.64 GB
Algorithm SHA256 Scrypt