Litecoin was created in 2011 and has been dubbed the next Bitcoin on several occasions. Litecoin has been waiting to boom for a few years and who knows what the future holds for this crypto currency.
Below is a chart detailing Litecoins journey over the last 4 years.
Litecoin has been almost dead and buried for the last 3 years and has made a resurgence since May 2017 and has reached an all time high.
The difference between Litecoin and Bitcoin is that:
- The Litecoin Network aims to process a block every 2.5 minutes, rather than Bitcoin’s 10 minutes, which its developers claim allows for faster transaction confirmation. A drawback is a higher probability of orphaned blocks. Advantages can include greater resistance to a double spending attack over the same period as Bitcoin. However, total work done is a consideration. For example, if the Litecoin Network has comparatively ten times less computing work done per block than the Bitcoin network, the Bitcoin confirmation is around ten times harder to reverse, even though the Litecoin Network is likely to add confirmation blocks at a rate four times faster.
- The Litecoin Network will produce 84 million Litecoins, or four times as many currency units as will be issued by the Bitcoin Network.
If you would like to learn more about trading Litecoin and practice trading, try a free demo trading account.