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Learn about Litecoin
Litecoin was founded by Charlie Lee in 2011. While Bitcoin and Litecoin have a lot of similarities, there are few differences between them. Lee said Litecoin was a “lite version of Bitcoin.” Litecoin was designed to be a faster version of Bitcoin, using a different algorithm, known as “Scrypt.” Bitcoin’s time for processing is on average 10 minutes, while Litecoin is only about 2.5 minutes.
Segregated Witness (SegWit) was a big upgrade to Litecoin’s blockchain that was implemented back in 2017. The goal of SegWit was to improve the speed and capacity of the network by increasing the block size limit. This also changed the way transactions were verified, allowing for more transactions to be processed faster. SegWit also has another key factor, its ability to allow for atomic swaps with other cryptocurrencies. Atomic swaps are a way for users to exchange one currency for another without having a third party involved.
The Lightning Network is a layer-2 scaling solution for blockchain networks. Litecoin was one of the first cryptocurrencies to implement this in 2018. This increased the speed of transactions and also reduced the fees for smaller transaction sizes. The Lightning Network allows users to transact with each other instantly, without having to pay high fee amounts. The network can handle a much higher volume of transactions because the transactions are only settled on the blockchain when the channel is closed.
Litecoin is currently one of the top 10 cryptocurrencies by market capitalization. This is measured by the total value of all the coins in circulation. With Litecoin being in the top 10 cryptocurrencies, that means it is considered to be a significant player in the industry. Litecoin has a large community of users, investors, and developers because of this.
Litecoin has been accepted by a growing number of merchants and payment processors, making it easier for users to spend their cryptocurrency on services and goods. As more merchants and payment processors accept Litecoin, it becomes more useful to people who are interested in utilizing it as an everyday payment method. This could eventually lead to the increase in its adoption and utility as a cryptocurrency.
Where can I get Litecoin?
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