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Litecoin is a peer-to-peer cryptocurrency that is used for instant payments at very low cost. It uses a decentralized system, without a central authority, and thus allows users to manage their finances autonomously via open source software.
Litecoin is a digital payment method that looks somewhat like Bitcoin. If the Litecoin is less known than the latter, it is still a cryptographic currency that exists since 2011, directly exchanged between users. Like Bitcoin, it uses several encryption systems that not only regulate the generation of Litecoin units, but also verify the transfer of funds and ensure the security of transactions.
Litecoin uses the same process as Bitcoin, the blockchain, but proves to be more efficient. Indeed, its blockchain generates blocks more frequently and the system allows to carry out more transactions than Bitcoin. Confirmations of transactions are also transmitted 2.5 times faster. Litecoin offers a more optimized system than that of Bitcoin and allows faster transactions.
Although the two digital payment methods are very similar, the Litecoin still has some differences. The first of these is the number of litecoins available. Litecoin can indeed generate 84 million currency units while Bitcoin will be available only 21 million copies. However, the main advantage of Litecoin is the speed of its transactions since they are only carried out in 2.5 minutes. In comparison, a bitcoins transaction requires 10 minutes. However, since Litecoin is less common than Bitcoin, it is accepted by fewer online stores.