When many people think about cryptocurrency, the first, and potentially only, currency that comes to mind is Bitcoin. However, there are other options out there, as well, including Litecoin. In fact, most of the time, people refer to Litecoin as being the silver to Bitcoin’s gold, and that is not a bad way of looking at it. Litecoin has been growing in popularity and value, and it is nearly as accepted as Bitcoin today. However, most people still know very little about this digital currency. The following are some facts about Litecoin that are interesting, and that you will want to know.
Litecoin Is Growing Fast
A few years ago, a single Litecoin could be had for a little more than a dollar. Today, however, the value of one of these coins is hovering right around $74.69. There are currently 52.7 million of these coins circulating. While it is growing quickly, you will find that these coins are still affordable when compared with Bitcoin, and they tend to be relatively easy to mine when you have the right equipment and rigs set up for the mining operation. This makes it a great choice for those who want to get started, but who do not want to try to mine Bitcoin.
Who Created Litecoin?
This cryptocurrency was one of the earliest altcoins that was made available, and it came onto the market in October of 2011. It has a lot of similarities to Bitcoin, even from a technical standpoint, which makes sense because this was a fork of the Bitcoin core client. Litecoin was released by an employee of Google named Charlie Lee.
Litecoin Has a Fast Transaction Time
When making transactions for Bitcoin, it will take ten minutes. For many, this is simply too long, and it is one of the things that separates Litecoin and even makes it a better option than Bitcoin. With Litecoin, you will find that the transaction time is only two and a half minutes. That means that it is four times faster than Bitcoin. While this might not sound like a big problem, think about what it might mean for virtual shopping. The transactions are going to be faster, which is going to give it a nice advantage. For this reason, you might start seeing even more online retailers accepting this coin.
How Many Coins Will Litecoin Have?
We already know how many coins are ultimately going to be available with Litecoin. There is a cap of 84 million coins, and after they have been created, there will be no more added. This can help to allow for protection from inflation.
These are some of the most important facts that you will want to know about Litecoin when you are making a decision as to which type of cryptocurrency you want to use or mine. There are some great options out there, but if you are looking for one of the best known altcoins, you are going to want to consider Litecoin.