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What is Litecoin

Litecoin is a peer-to-peer cryptocurrency created by former Google employee Charlie Lee in 2011. LiteCoin was created based on the Bitcoin protocol, but differs from Bitcoin in its hashing algorithm, hard cap, block transaction times, and some other factors. on October 7, 2011, LiteCoin completed its release on an open source client on GitHub, and five days later, on October 13, the LiteCoin network went live.

Lee created Litecoin with the intention of creating a streamlined version of Bitcoin. Litecoin developers often say that Bitcoin is gold and Litecoin is silver. Litecoin differs from Bitcoin in terms of transaction confirmation speed, with blocks coming out roughly once every two and a half minutes. However, due to network congestion, users may have to wait about half an hour for their transactions to be processed.

LiteCoin is already accepted by many merchants, and you can check the updated list on the LiteCoin Foundation website.

How do I store Litecoin?

You can store it in a cold wallet or a hot wallet.

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