Litecoin (LTC)
A long-running proof-of-work cryptocurrency designed for faster and cheaper payments than Bitcoin.
Overview
Litecoin is one of the oldest cryptocurrencies and was created as a faster, lighter version of Bitcoin. It is primarily used as a payment coin and transfer asset, with lower fees and quicker block times than Bitcoin.
Key Features
- Speed: About 2.5 minutes per block
- Fees: Low — generally inexpensive for transfers
- Security: High — mature proof-of-work network with long operational history
- Consensus type: Proof of Work (Scrypt)
- Smart contracts: No — focused on payments rather than smart contracts
- Ecosystem size: Moderate — strongest identity as a payments and transfer coin
History & Background
Litecoin launched in 2011, created by Charlie Lee. To create a lighter and faster cryptocurrency for payments while retaining Bitcoin-like simplicity and security principles
- 2011: Litecoin launches as one of the earliest Bitcoin alternatives
- 2017: Litecoin adopts SegWit ahead of Bitcoin and supports Lightning-related experimentation
- 2022: MimbleWimble Extension Blocks add optional privacy-related transaction features
- 2024: Litecoin remains a widely recognized legacy cryptocurrency for payments and transfers
How It Works
Litecoin follows a Bitcoin-like design but with faster block times and the Scrypt mining algorithm. It is optimized for relatively quick, low-cost peer-to-peer transfers rather than complex smart contract logic.
Consensus Mechanism
Litecoin uses proof of work secured by miners using the Scrypt hashing algorithm. Blocks are produced more frequently than on Bitcoin, which helps reduce confirmation wait times for everyday transfers.
Tokenomics
- Total supply: 84 million LTC
- Circulating supply: Circulating supply increases over time toward the fixed maximum
- Issuance schedule: New LTC is issued through mining rewards that halve on a scheduled basis
- How new coins are created: Minted as block rewards to proof-of-work miners securing the network
- Utility: Payments, transfers, exchange settlement, merchant acceptance, and long-standing crypto market exposure
Use Cases
Payments
Useful for peer-to-peer payments and low-cost crypto transfers
Exchange Transfers
Often used to move value between exchanges thanks to lower fees and broad support
Merchant Use
Accepted by some merchants and payment processors as a digital payment asset
Legacy Market Asset
Maintains value as one of the longest-running and most recognized cryptocurrencies
Strengths
- Long operating history and strong brand recognition
- Faster and cheaper transfers than Bitcoin in many cases
- Broad exchange and wallet support
Limitations
- Less innovation and ecosystem growth than newer smart contract chains
- Narrative can feel less compelling in a market focused on DeFi and application platforms
- Primarily a payments coin, with limited broader ecosystem utility
Supported Networks
- Litecoin Mainnet: Native blockchain for LTC payments and transfers
How to Store It
LTC can be stored in Litecoin-compatible wallets, hardware wallets, multi-asset wallets, or on supported exchanges. Learn more on our wallets guide.
Top Exchanges to Buy, Trade & Sell Litecoin
Platforms that support LTC, ranked by rating and featured status.
No exchanges found
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