What is Litecoin

Litecoin is a peer-peer digital currency, inspired by the bitcoin. The creation and transfer of litecoin is based on an open source protocol and is not managed by any central authority. There will be only 84 million litecoins in the world, four times of what bitcoin will have. Litecoin is the third-largest true cryptocurrency by market capitalization, after Bitcoin and Ethereum.

Litecoin was released on October 7, 2011 by Charles Lee a former Google employee. Like bitcoin, it is also generated by mining but a different process to the former. As of February 2015 there are many exchanges that deal with Litecoin, e.g Nigeria’s Largest Exchanger – https://instantexchangers.net

Litecoin offers faster transaction confirmation times and improved storage efficiency than the digital currency it copied, Bitcoin. Though users have continued to increase, there is still the challenge of gaining wide acceptance and getting more people to use the currency.

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