Litecoin (LTC) Price Statistics

Litecoin (LTC) is a peer-to-peer cryptocurrency created by Charlie Lee. It was created based on the Bitcoin protocol but differs in terms of the hashing algorithm used. Litecoin uses the memory intensive Scrypt proof of work mining algorithm. Scrypt allows consumer-grade hardware such as GPU to mine those coins.

Litecoin was the first to alter Bitcoin and the most significant difference is that it takes 2.5 minutes for Litecoin to generate a block, or transaction, in comparison to Bitcoin's 10 minutes.

Litecoin can handle a higher volume of transactions compared to Bitcoin because the transactions can be processed faster. Litecoin's faster block time reduces the risk of double-spending attacks, which is theoretically possible if the two networks have the same hashing power.