What is LTC?
Litecoin (LTC) is an early copy of Bitcoin that started in 2011.
As a fork of Bitcoin, Litecoin aimed to set itself apart from the original blockchain. In comparison, Litecoin offers faster transactions with an average block production of 2.5 minutes compared to Bitcoin’s 10 minutes
Just like with Bitcoin, the cost of blockchain transactions increase with demand by people wanting to send transactions. Therefore Litecoin’s transaction costs are a tenth cheaper than Bitcoin’s.
Where does LTC come from?
The history of Litecoin starts in 2011 when Charlie Lee, a former Coinbase and Google employee releases the blockchain.
Technically speaking, Litecoin is a fork of the Bitcoin Core client, set apart only through the few tweaks: Faster blocks, more coins and different hashing algorithm.
How can I store my Litecoin?
Just like Bitcoin, Litecoin blockchain produces cryptocurrency coins for every new block that is added to the blockchain. The resulting Litecoins can be purchased and sold in exchanges and held in wallets.
While exchanges are fast set-up storages, funds are out of the user’s control and can be hacked. Software and hardware wallets on the other hand offer the user to hold Litecoins on their own devices: Laptops, desktop or mobile phones. imToken offers a mobile wallet app to securely store your Litecoin as well as other currencies on your own phone. Download and try it yourself!
How can I use my Litecoins?
Compared to Bitcoin, Litecoins are more convenient for everyday purchases. Since each Litecoin transaction is confirmed within 2.5 minutes, a merchant can confirm the money being received in a short period of time.