What is Litecoin?
Litecoin is one of the most reputable crypto coins that resemble BTC in several ways. It was introduced by Charlie Lee, who was already working on crypto and the blockchain. So, when he saw a golden opportunity of launching a new token, he didn’t delay. It was released on the open-source platform GitHub on October 7, 2011. Since the codes were released first, they came into existence five days later, on October 13, 2011. Once the coin was released, its demand skyrocketed and soon was counted amongst the top ten cryptocurrencies.
Due to the similarities of Litecoin with bitcoin, it was proven that the token was conceptualized based on BTC. But LTC is considered a light version with differences in the hash block, block timing of 2.5 minutes, and hard cap. According to a report published in 2021, around 66 million LTC are there in circulation, with a maximum supply of approximately 84 million. With such high demand, Litecoin is now accepted in many stores globally, and over 2000 merchants have already been trading using this token actively.
After the LTC genesis block was introduced into the crypto market, over five hundred thousand coins were mined, and luckily, Charlie Lee was one of the first miners. In May 2021, LTC hit the all-time high price of $386.45, making it one of the best crypto tokens to be invested in. To deal with the growing demands, Lee introduced the Litecoin organization, where the developers, miners, and other professionals from the entire team are behind the management of Litecoin blockchain, tokens, and other aspects of the crypto.
One of the best things about Litecoin is its versatility. The token is not just a similar version of bitcoin. Instead, it’s modern-day crypto that has solved several drawbacks of BTC like limited market cap valuation, the difficulty of mining, excess loads on the blockchain, and so on.