### Litecoin is part of the “OG” crypto. Forbes describes it as the “oldest crypto after Bitcoin.” 

Litecoin was created way back in 2011 and is presently the top 13th cryptocurrency by market capitalization. Litecoin’s marketcap as of December 11, 2022 is $5.5B and it has a daily trading volume of $260M, as per [coinmarketcap](https://coinmarketcap.com/currencies/litecoin/). 


When bitcoin was created, it was envisioned as a peer to peer currency that could be useful for payments. Litecoin was created to solve the problem of slow transaction speeds of bitcoin. While bitcoin’s transactions needed significant waiting time for confirmation, litecoin’s transactions can generally be be settled almost immediately. 

Litecoin is faster because it is designed to produce four times as many blocks when compared with bitcoin. There is one new litecoin block every 2.5 minutes. For bitcoin, there is one new block every ten minutes. Litecoin can be thought of as an innovated version of bitcoin. Similar to bitcoin, it is a decentralized peer to peer currency that is built on blockchain technology. 

Litecoin also uses a proof-of-work (POW) consensus mechanism but uses a different algorithm than bitcoin’s. Litecoin utilizes the Scrypt algorithm instead of bitcoin’s SHA-256. Incidentally, the scrypt algorithm is also used by the popular meme token, Dogecoin (DOGE). 

Litecoin was created in October 2011 by a former Google engineer, Charles “Charlie” Lee. In 2017, Charles Lee sold his stake in Litecoin. This event coincided with a crash in the price of LTC as well ask considerable backlash from the LTC community. It is argued that the community lost faith in both Charlie and in litecoin after he ‘dumped’ his shares when the price was high. 

Even so, the market capitalization and large daily transactions still show that there is even until now strong support for LTC, which is one of the first altcoins. 

The most recent high of LTC was just above $400 on May 2021. Today (December 11, 2022), LTC is trading at around $77. LTC wicked down to below $40 marking the most recent local bottom on June 13, 2022.

Litecoin is part of the “OG” crypto. Forbes describes it as the “oldest crypto after Bitcoin.” 

Mon Dec 12 2022

What is Litecoin?

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Mon Dec 12 2022 What is Litecoin?

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Mon Dec 12 2022

What is Litecoin?