Litecoin (LTC): A Beginner’s Guide to Understanding and Investing in Litecoin

Introduction to Litecoin (LTC)

Cryptocurrencies have gained immense popularity in recent years, and one of the prominent players in the digital currency market is Litecoin (LTC). In this beginner’s guide, we will explore what Litecoin is, how it works, and how you can invest in it.

What is Litecoin?

Litecoin, often referred to as “the silver to Bitcoin’s gold,” is a decentralized cryptocurrency that was created in 2011 by Charlie Lee, a former Google engineer. It was designed to address some of the concerns surrounding Bitcoin, such as transaction speed and scalability.

Understanding Litecoin (LTC)

Litecoin’s Unique Algorithm

One of the key differences between Litecoin and Bitcoin is the algorithm used for mining. While Bitcoin uses the SHA-256 algorithm, Litecoin utilizes a modified version of Scrypt. This algorithm was chosen to make Litecoin more resistant to ASIC mining and promote greater decentralization.

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