What is Litecoin (LTC)?

Deep Dive

1. Purpose and use

Launched in 2011, Litecoin was created as a “lite” version of Bitcoin, with a focus on everyday transfers and payments. New blocks are targeted about every 2.5 minutes, and the network is designed for low transaction fees, though fees can vary. (CoinMarketCap)

2. How it works

Litecoin has its own blockchain, a shared record of transactions. Miners use computing power to validate transactions and secure the network through proof–of–work. LTC is the currency used to transfer value on that network, and its maximum supply is 84 million coins. Litecoin also offers MWEB, an optional feature that can conceal certain transaction details; it does not make every transaction private. (Litecoin, CoinMarketCap)

Conclusion

Litecoin is a payment-focused cryptocurrency: LTC moves value across a proof–of–work blockchain designed for quicker, lower-cost transfers. How useful can its payment and optional privacy features be for everyday transfers?