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What is Litecoin and how does it work?

DEFINITION of 'Litecoin'. Launched in the year 2011, Litecoin is an alternative cryptocurrency based on the model of Bitcoin. Litecoin was created by an MIT graduate and former Google engineer named Charlie Lee. Litecoin is based on an open source global payment network that is not controlled by any central authority.

What is the price of Litecoin (LTC)?

Litecoin (LTC) hit an all-time high of $412.96 on May 10, 2021, and an all-time low of $1.15 on Jan. 14, 2015. 22 On March 22, 2022, one litecoin was trading at $121.48 with a market capitalization of $8.6 billion—which put LTC in the No. 20 spot on the list of largest digital currencies by market cap. 23

What is the difference between Bitcoin and Litecoin?

Like Bitcoin, Litecoin is based on an open-source global payment network that is not controlled by any central authority. Litecoin differs from Bitcoin in aspects like faster block generation rate and use of Scrypt as a proof of work scheme. It is considered to be among the first altcoins, derived from Bitcoin's original open-source code.

Why did Lee Lee sell his Litecoin?

In December 2017, Lee posted on Reddit that he had sold or donated all his Litecoin holdings (except for a few physical coins to keep as collectibles) to avoid any possible conflict of interest from his position as a social media influencer.

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