All About LiteCoin IRA
What is Litecoin?
Litecoin is a peer-to-peer digital currency that enables instant, near-zero payments to anyone in the world on an open source, global payment network.
Litecoin is often described as the “silver to Bitcoin’s gold.” Litecoin was created to complement Bitcoin rather than wholly compete with it.
5 Things to Know About LTC
- Litecoin has quick transaction confirmation – The Litecoin network processes a new block every 2.5 minutes, 4x faster than Bitcoin’s process.
- Litecoin will produce 84 million litecoins – Miners are awarded with 25 new litecoins per block, an amount that gets halved every four years and will cap at 84 million coins.
- Litecoin is decentralized – It is not managed by any central authority, Litecoin’s value comes from the network of people using it.
- Litecoin uses SegWit- SegWit removes signature data from transactions in order to increase capacity on the blockchain.
- Litecoin is backed by an algorithm called “Scrypt” – This algorithm incorporates the SHA-256 algorithm that Bitcoin uses, but it’s calculations are much more serialized. Scrypt is highly memory-intensive as well as high-speed.